HOUSTON-A locally based syndicate buyer of multifamily property has picked up a pair of apartment complexes from Aimco Capital, paying close to $4.7 million for 318 units in the greater Houston area.

Juniper Investment Group Inc. acquired the 164-unit Bristol Court at 8404 S. Course Dr. on the north side of town and the 154-unit Woods of North Park at 22720 Imperial Valley Dr. in Sharpstown in the southwest sector. The Denver-based Aimco owned the holdings about a year.

Juniper shelled out "just shy" of $2.3 million for the 23-year-old Bristol Court, positioned near Interstate 45 and FM 1960, and nearly $2.4 million for the 21-year-old Woods of North Park, Robert Su with Marcus & Millichap in Houston tells GlobeSt.com. Su, who brought the buyer to the table, was Aimco's representative and worked on the deal with Seattle-based Marcus brokers Spencer Hurst and Armand W. Tiberio. Juniper also was represented by Su. Harris County Appraisal District pegs the assessment for Woods of North Park at $2.5 million; information wasn't available for Bristol Court.

Juniper, which owns about 10 multifamily properties in Houston, San Antonio and Pasadena, specializes in buying class B and C assets. J. Douglas Rippeto, Juniper's founder and president, seeks value-add investment opportunities with a minimum 18% internal rate of return. Rippeto did not return telephone calls by publication time for comment on the repositioning plans.