(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.

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.