(Read more on the multifamilymarket.)
HOUSTON-Birchmont Capital Advisors LLC has continued its hardpush in Texas, buying two multifamily portfolios totaling 3,596units. The Los Angeles-based buyer, teaming with two unrelatedpartners, has spent about $172 million for the portfolios.
In the larger portfolio totaling 2,488 units, Birchmontpartnered with JRK Asset Management, also from Los Angeles, toacquire 1,768 units in Houston, 496 units in Dallas and 224 unitsin San Antonio for $102 million. Matt Rotan, principal withApartment Realty Advisors' Houston office, says the buyers' planfor the nine-property portfolio is to invest $3,000 to $5,000 perdoor into upgrades. He says the new owner expects to raise monthlyrents by $75 to $100 per unit once the renovations are done.
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