(Read more on the multifamily market.)

HOUSTON-While looking for other assets to acquire, a privateinvestor from Southern California has made its first play in theregion, claiming the 256-unit Traces Loft Village Apartments forits portfolio. The $6.7-million deal, carrying a 7.5% cap rate, hasreeled in a 90%-leased, class B complex in the far northwestsubmarket.

Bill Forrest, senior adviser for Sperry Van Ness in Houston,says Smoketree Apts LLC of Villa Park, CA is looking for additionallong-term investments in stable markets. He says the investmentgroup liked Traces Loft Village at 5110 Azalea Dr. for itsstability and bones, which it bought from TLA Partners LP ofBrooklyn.

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