Internacional Realty bought the 216-unit Seasons at 6969Hollister St. in the northwest submarket from San Francisco-basedRreef for slightly more than $13 million. The buyer also spent justa bit less than $13 million for the 180-unit Savoy at 5500 SampsonSt. in the Houston Medical Center District, taking that deed fromJenard Gross Investments of Houston. Internacional Realty isteaming with US Advisors of Napa Valley on the acquisitions, with ahard focus on Texas and Florida markets.

Frank Satterfield, senior vice president, and Matt Franke, bothwith Kinghorn, Driver, Hough & Co. in Houston arranged loansfor both acquisitions with PNC Real Estate Finance. The 92%-leasedSeasons, built in 1994 on six acres, leveraged a $10.5-million loanwhile the 98%-occupied Savoy stood as collateral for a$10.2-million transaction.

Satterfield tells that Internacional Realty made anoffer on the Seasons about a year ago, but it went under contractto another. When that deal fell through, Internacional Realtyjumped at the chance to buy the Seasons because it neighbored twoproperties--470 units at Beverly Wilshire and Hollister Place--thatit bought in the interim. The buyer, Satterfield points out, wasseeking the administrative economy of scale that goes along with acritical mass.

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