Former Houston Mayor Bob Lanier's firm, Landar Holdings, bested 26 offers from a cross-section of potential buyers, J. Todd Stewart, senior vice president with the Houston office of CB Richard Ellis Inc., tells GlobeSt.com. The roster of offers was dominated by private capital, continues Stewart, but the offers did include four REITs and one pension fund.
The property was marketed at $20.5 million. Stewart says the primo location and excellent quality of the building made it a hot pick among investors.
Mark Alfieri, AMLI's senior vice president of acquisitions, says the "investment was a joint venture that had matured." He explains AMLI typically structures its joint ventures on seven-year terms. When the financing comes due at the end of the seven years, the partners decide whether to reinvest or sell. In this case, the answer was obvious.
The eight-year-old, class A property was built by Houston-based Finger Cos. The complex has 316 units, with the average size standing at 984 sf. Average rent is $873 per month.
Stewart and fellow CBRE multifamily team members, G. Craig LaFollette, senior vice president and Todd Marix, first vice president represented the seller.
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