HOUSTON-In back-to-back closings, a local investment group has grabbed title to a pair of class B apartment complexes. Sources say the just-sold 274-unit Cherry Creek Apartments and 256-unit Winchester Place were sold for close to their marketed price of $32,000 to $33,000 per door.

CNC Investments picked up the Cherry Creek at 5801 Hollister St. and Winchester Place at 10910 Gold Point Dr. from Don Mullins Interests, a local seller who's exited the multifamily industry with the sales. "They were good properties, they did well for them, but they are ready to pull out and focus on retail investments," David Mitchell, a vice president for Apartment Realty Advisors' Houston group, tells GlobeSt.com.

Mitchell says the one-month marketing generated 15 offers for each property. CNC beat out the other offers because of a solid prior track record and a competitive bid. "They never put a deal under contract that they didn't close," he says. "These guys are the most active buyers in Texas right now." CNC will take over property management from Mullins.

Mitchell, the sole broker for both sales, says CNC was interested in the properties because it already owns several properties in the far northwest submarket. "They already had the knowledge so it made a good fit," he explains. Mitchell says. Additionally, the complexes are generating strong cash flows. "Not many apartments right now have that type of cash flow so they were attractive investments," he adds.

Cherry Creek, situated on 10.7 acres has a 97% occupancy in a mix of one- and two-bedroom units, ranging from 576 sf to 1,172 sf. Its monthly rents run $455 to $730.

The 96.5%-occupied Winchester Place, also one- and two-bedroom apartments, has units of 574 sf to 1,156 sf. Its rents are $500 to $825 per month.