According to the Harris County Appraisal District, the complex at 9800 Hollock St., sold by John and Nancy Lerner, is assessed at $4.4 million. RNR Lakes is planning to spend about $250,000 on interior and exterior upgrades, David Aaronson of Live Oak Capital Ltd. in Houston tells GlobeSt.com. He says the permanent mortgage was packaged with a 10-year term, 30-year amortization and 5.34% fixed-rate interest through Credit Suisse First Boston. He says the borrower assumed a loan and took a prepayment penalty hit to get financing with a lower interest rate.
The garden-style Lakes Apartments, located in the southeast part of the city, contains 30 one-bedroom units and 132 two-bedroom apartments. The average unit is 833 sf; and the average rent is $639 per month. The 21-year-old complex is about 90% leased. The complex is being managed by CNC Properties.
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