The closing marks another deal for CB Richard Ellis Inc.'s Houston multifamily team consisting of G. Craig LaFollette, J. Todd Stewart and M. Todd Marix. The trio represented the seller in the deal.
Stewart tells GlobeSt.com that Equity Residential owned the now 95%-occupied property for about seven years. Equity Residential owns or has investments in 1,076 properties, totaling 224,972 units, in 36 states.
TriVest's new buy is a garden-style low-rise complex located just outside the Galleria submarket. Stewart says Equity spent nearly $7.4 million or $16,000 per unit to renovate the 28-year-old holding in 1988.
Equity's decision to sell, says Stewart, is the result of the hot market. "It was time to harvest their profits," he explains.
Stewart said the property's condition and location were the "dealmakers" for TriVest, which has been on a buying spree in Houston since midyear 2001. TriVest is known for its interest in middle-market apartment communities.
In a slow and difficult year for the commercial real estate industry, Stewart, LaFollette and Marix have closed out the year with nearly double their 2000 dollar volume. Twenty-three multifamily deals in 2000 brought more than $203 million from buyers. At this year's close, 24 completed transactions have reaped $400 million, according to Stewart.
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