"This was a perfect value-add play," comments seller brokerDavid Mitchell, principal with Apartment Realty Advisors' Houstonoffice. "It's in west Houston, was built by Marty Finger, has greatbones and is in a great location." Though the actual sales price ofthe 2828 Hayes Rd. asset was confidential, area sources note thatsimilar west Houston properties have traded for around $80,000 adoor.
Mitchell tells GlobeSt.com that the Chicago buyer will upgradethe complex's interiors in hopes of increasing rents by $100 to$150 a month. He adds that three or four similar apartmentacquisition deals in the west Houston market have gone the way ofthe value-add, and have done extraordinarily well. "Value-add isworking very well in Houston right now," he notes.
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