The 42-year-old property's buyer of record is 1648 West Alabama LLC. The fully leased complex at 1648 W. Alabama brought more than its marketing price of $975,000, Kevin McCarthy with the Houston office of Hendricks & Partners tells GlobeSt.com. The selling price, boosted by several offers on the table, clearly is indicative of the hyped interest for Inner Loop multifamily properties. McCarthy says Inner Loop holdings have been trading at a brisk pace these days. He negotiated for the buyer while the seller, another Houston investor operating as West Alabama Place Ltd. was represented by an in-house management firm.
Bought as a long-term investment, the complex gets an average rent of $427 per month for units that average 509 sf. McCarthy says the only capital improvements planned for now will be a $25,000 repair to the sewer lines.
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