HOUSTON—A two-property multifamily portfolio in Spring Branch has changed hands, according to Transwestern's Houston Multifamily Investment Services Group.

The seller of the 117-unit portfolio was OSD Ltd.; an undisclosed buyer purchased the portfolio. The off-market deal involved the sale of Spring Gardens, a 79-unit, garden-style community located at 1714 Wirt Road and Johanna Square, a 38-unit, garden-style community, located at 1715 Johanna Drive.

Transwestern managing director Ed Cummins and senior associate Ryan Mendez represented the seller. Terms of the deal are not being disclosed.

“Demand for well-located assets in the Spring Branch submarket remains high,” says Mendez. “Our team has completed three sales within the area in the last six months.

“Year-to date, there have been 10 B and C class properties trade in the Spring Branch submarket, mostly to value-add buyers,” Mendez told GlobeSt.com. “This has resulted in displaced tenants in the market as units are turned and subsequently, an over 7 percent increase in rental rates over the last three months. We expect this market success to build upon itself for the foreseeable future.”