J. Todd Stewart, a senior vice president in the Houston office of CB Richard Ellis Inc., tells GlobeSt.com that 22 offers were fielded in the marketing and buyer selection process, which took 45 to 60 days. The CBRE team--Stewart, senior VP G. Craig LaFollette and VP Todd Marix--sent out 2,500 e-mails announcing the listing, 2,500 color flyers and 98 full offering memorandums plus conducted 24 property tours. The Westchase submarket holding was 95% leased at sale time.
Stewart says the property garnered such tremendous interest because it is a "well-maintained property in a great location with value-add opportunities." The value-add opportunity is in a current rent of 78 cents per sf. That translates into a monthly stipend of about $650 per unit based on the average unit size of 833 sf.
Stewart confides that BH Equities is planning to renovate, action sure to boost the price. He says rent could go to the mid-90 cents per sf and still maintain its competitive edge. Class A properties in the area are getting close to $1 per sf. Renovations will likely include two-tone paint finish-outs, new cabinets, washers and dryers and crown moldings. BH Equities had officer, Brian Martin, negotiate the transaction.
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