The 86% occupancy of the asset, situated on 69 acres at 8751Broadway Blvd., is providing upside for the new owners. "Thesubmarket fundamentals, typified by strong employment growth andcomparatively low vacancy, serve to mitigate the occupancy riskcharacteristic of multifamily investment," Jack R. Ehrman, Post'sacquisitions director, says in this morning's press release. "Weplan to stabilize the asset at 90% occupancy, which represents onlya 400 bps increase over current operations and is 300 bps belowmarket and property historical trends."

|

Post leaders were not available for comment by deadline, butadditional details will be forthcoming. G. Craig LaFollette,executive vice president in CB Richard Ellis' Houston office, led ateam of brokers in the transaction.

|

Farb built Broadway Square Apartments, located near HobbyInternational Airport, in 1975. It is the last complex to be soldby Farb's estate. In December, the estate sold the 1,326-unit NobHill Apartments at 5410 N. Braeswood Blvd. in the near southwestsubmarket and 1,280-unit West Point Apartments at 8600 Woodway Dr.on the west side. The buyer was Cypress Real Estate Advisors Inc.of Austin.

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.