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.
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.
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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