San Francisco-based SSR Realty Advisers is the seller of the 576-unit, 23.6-acre complex, located at 9801 Meadowglen near the intersection of Westheimer and Beltway 8. The average rental rate for the class-B complex is $670 per month, boasting a 5% vacancy rate at sale time.
Westchase is an area that's definitely going to show improvement in the coming six to nine months, G. Craig LaFollette, CB Richard Ellis Inc. broker tells GlobeSt.com. Office leasing is on the rise and, he says, that's a surefire leader for the multifamily market.
LaFollette estimates the Westchase area now has between 7.5 million and 8 million sf of available office space. Companies, such as BMC Software, already have settled there, and more are sure to follow. LaFollette believes the concentration of jobs and accessibility offered by Beltway 8 will catapult the area into one of this year's hotspots.
In addition to LaFollette, the CB Richard Ellis team consists of Todd Stewart and Todd Matrix, representing buyer and seller in the transaction.
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