The locally based Right Place took the deed to the 92%-leasedcomplex 9616 Long Point Rd. for $3.2 million, closing the deal justweeks after it bought the 136-unit Carter's Grove Apartments at3405 N. ShepherdDr., also in Houston.

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Right Place Properties will make upgrade the exteriors ofMacArthur Park Apartments, according to Natan Jacobs, managingprincipal for Right Place's sister company Red Door Commercial. Theseller is Quintanilla Investment of Houston.

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Right Place's MO is to own complexes for a few years and convertthem to condominiums. Jacobs says the plan is the same forMacArthur Park Apartments, a mix of one-, two- and three-bedroomunits averaging 937 sf. Monthly rents hover 78 cents per sf.

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Jacobs tells GlobeSt.com Right Place is on track to meet itsyearend goal to acquire 2,000 units in Houston as it winds down amass-acquisition strategy that was launched several years ago inPhoenix. "We have one more property in escrow in Phoenix, but it'sa long escrow," he tells GlobeSt.com. "Nothing else is on tapthere."

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Jacobs says the company has turned toward Greater Houston andother Texas cities because Phoenix cap rates are lower and there'smore competition in the market. Another reason for the shift isRight Place already owns about 3,500 units in the Phoenix metro soit wants to geographically diversify.

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In addition to Houston, Right Place is putting out feelers inDallas and San Antonio for potential investments. Unlike Houston,however, Right Place doesn't have specific investment goals inthese other cities. "We're looking in those two cities, but nothingthere yet," Jacobs says. "But if we find the opportunity, we'llmake it work."

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