(Read more on the multifamilymarket.)
HOUSTON-The Geneva Organization, seeking value-addopportunities, has picked up the 307-unit Parkgreen Apartments and348-unit Parkway Apartments in unrelated transactions. Class Cassets are fetching $20,000 to $25,000 per door.
The Minneapolis-based Geneva Organization plans to put anadditional $4,000 per unit into upgrading and repositioning theassets to class B statuses. Steve Person, senior vice president ofacquisitions for Geneva, says the improvements and subsequentrental increases should be done in 12 to 24 months.
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