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.

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