HOUSTON-CONTI Organization has acquired the 176-unit Villa Ana from Prudential for $2.8 million in an all-cash transaction. The 1970s-era apartment community was in foreclosure, with a $5.4 million mortgage.
Villa Ana is the second multifamily property the Dallas-based investor has acquired in the Bayou City and its 11th acquisition since March 2008. CONTI now owns more than 2,100 units in Texas.
CONTI works with banks to acquire distressed multifamily real estate assets. With the help of its private equity partner, Boston Real Estate Solutions, CONTI closed on the property only 18 days after executing the contract, according to the firm’s President and Founder Carlos Vaz. He tells GlobeSt that he purchased the asset at a significant discount since the previous owner paid $6.3 million for the class C property.
Situated on nearly six acres, Villa Ana is located at 10101 West Sam Houston Parkway S. The property is highly visible given its location on a very busy thoroughfare.
Formerly known as Star Crossing, the community consists of 13 buildings plus a pool. It offers a unit mix of one- and two-bedroom units ranging from 619 square feet to 1,000 square feet, with monthly rents ranging from $$519 to $739. It was 70% occupied at the time of sale.
Vaz says CONTI plans to invest $800,000 in rehabilitating the property through its newly launched construction division. Most of the funds will be spent on a new roof, but the firm will also make improvements to the unit interiors.
CONTI also recently re-launched its property management division. “Our main focus is to improve every aspect of CONTI including acquisition, operation, asset management and disposition,” Vaz explains.
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