(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.

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

  • 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
NOT FOR REPRINT

© 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.