The CB Richard Ellis multifamily team of senior vice presidents G. Craig LaFollette and J. Todd Stewart, and vice president Todd Marix represented Fairfield in the sale. Like other properties, the complex was a survivor of what Stewart tells GlobeSt.com was one of the most difficult times in American history. Offers originally were due Sept. 13, 2001, says Stewart. Needless to say, the deadline was extended. In reality, the complex was on the market for about 45 days. But, Stewart says, the rocky national environment required "serious perseverance on behalf of Fairfield and NBC to complete the deal."
The 30-acre, class A suburban complex has a density of just 14 units per acre. The complex features one- to three-bedroom units with attached garages. The average unit size is 1,000 sf. Rent averages 91 cents per sf or $900 per month. The complex had an occupancy of mid-90% at sale time.
As in other sales, Fairfield's reputation was a swaying factor. Another positive for the Kingston Villas transaction is its positioning in a submarket where the average household income is $99,000 annually. Buyer NBC Holdings owns 3,600 units in Houston plus has holdings in Austin, San Marcos and Waco.
Stewart says "the team's deal pipeline is robust." He believes the team is headed toward another record sales year. "Houston," he is quick to point out, "is a hotbed for investor activity.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
