HOUSTON-Less than a week after selling the 375-unit Lofts at Ballpark , Sentinel Real Estate Corp. closed on the 510-unit City West Apartments. Buyer TVO Realty Inc. will invest approximately $5,000 per unit to upgrading the 12-year-old complex.

“This was a perfect value-add play,” comments seller broker David Mitchell, principal with Apartment Realty Advisors’ Houston office. “It’s in west Houston, was built by Marty Finger, has great bones and is in a great location.” Though the actual sales price of the 2828 Hayes Rd. asset was confidential, area sources note that similar west Houston properties have traded for around $80,000 a door.

Mitchell tells GlobeSt.com that the Chicago buyer will upgrade the complex’s interiors in hopes of increasing rents by $100 to $150 a month. He adds that three or four similar apartment acquisition deals in the west Houston market have gone the way of the value-add, and have done extraordinarily well. “Value-add is working very well in Houston right now,” he notes.

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