(Read more on the multifamily market.)

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

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.