Allan Sweet, AMLI president, tells GlobeSt.com that AMLI had a 15% ownership stake in both properties. "The Houston dispositions are consistent with our strategy of selling older assets to improve the overall quality of our portfolio and re-deploying the proceeds into new investment opportunities," he says. AMLI owns six other apartment communities in Houston.
AMLI at Champions Park is an 11-year-old, 246-unit complex located at 13050 Champions Park Dr. AMLI acquired the property in 1994. Although the details of the sale were not disclosed, Harris County tax records put the value of the complex at more than $12 million.
AMLI at Champions Centre is an eight-year-old, 192-unit complex at 13222 Champions Centre Dr. It too was bought in 1994. According to Harris County tax data, the complex is valued in excess of $9 million.
AMLI received $239,000 in disposition fees in addition to its proportionate share of net sale proceeds. Both properties are located in the Champions area of FM 1960.
Buyer Shoptaw Group is real estate investment management company specializing in the ownership and management of multifamily properties throughout the southeastern US and Texas.
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