(Read more on the multifamily market.)

|

HOUSTON-Trimarchi Management and Capri Capital Partners havetopped a long list of bidders for 10 of 13 complexes in aTexasportfolio of Internacional Realty Inc. The joint venturehas paid close to $300 million for 3,041 units.

|

David Mitchell, a principal for Apartment Realty Advisors inHouston, says three complexes fell out of escrow because theydidn't fit the buyer's criteria. "The three that fell out werehigh-end, newer properties," says Mitchell, who worked with brokersin ARA's Houston, Austin and Dallas offices to market the packagefor the San Antonio-based Internacional Realty.

|

Mitchell tells GlobeSt.com that Schenectady, NY-based Trimarchiand its Chicago-based equity partner topped about 30 offers to winthe 94%-leased portfolio. Some would-be buyers made offers for oneor two assets while others bid on the entire portfolio.

|

"This particular buyer brought a combination of the pricing theseller was looking for as well as some hard money fairly early,"Mitchell explains. He says the all-cash deal was closed with aFreddie Mac loan.

|

The portfolio was introduced to market in May 2007, but severalissues delayed the closing, including approvals from differenttenant-in-common investors for the various properties. Mitchellsays the turmoil in the capital markets also prevented thetransaction from moving forward.

|

"I have to applaud the buyer and seller for working welltogether during these tumultuous times," Mitchell says. "They werepatient and it paid off for everyone."

|

Trimarchi, which will self-manage the portfolio, plans torenovate every unit, each undergoing several thousand dollars ofupgrades, according to Mitchell. Four complexes are located inHouston and so are the three that were pulled from the offering.Also sold were four properties in Dallas/Fort Worth and two in SanAntonio.

|

"I'd say the buyer is opportunistic," Mitchell says. "It'llreposition the properties and then probably sell them within athree- to five-year timeframe."

|

In Houston, the JV bought the 210-unit Beverly Wilshire at 7550Wilshire Place Dr.; 345-unit Meyer Park at 9701 Meyer Forest Dr.;296-unit Meyer Park Lakeside at 9550 Meyer Forest Dr.; and 216-unitSeasons at 6969 Hollister Rd.

|

In Central Texas, the buyer got the 314-unit Palermo at 12235Vance Jackson Rd. in San Antonio and 204-unit Westshore Colony at770 Interstate 35 N. in New Braunfels.

|

In Dallas/Fort Worth, the just-sold properties are the 280-unitCambria at Coyote Ridge at 4230 Fairway Dr. in Carrollton; 582-unitGardens at Vail at 17811 Vail St. in Dallas; 378-unit San Simon at3501 Walnut Hill Lane in Irving; and 216-unit Summerbrook at 7000N. Beach St. in Fort Worth.

|

As for the three assets that were pulled, Mitchell says theymost likely will be reintroduced to the market. They are the356-unit Calais at Courtlandt Square at 3210 Louisiana St.;252-unit Villas at River Park West at 21811 Wildwood Park Rd.; and288-unit Reserve at River Park West at 22155 Wildwood Park Rd.

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.