BES Properties of Chicago is Westlakes' buyer, beating 19 other offers for the 17-year-old complex that carried a $12.5-million price tag, Will Balthrope, now co-leader of the Cushman & Wakefield Multi Housing Group in Dallas, tells GlobeSt.com. In the past month, he and partner Don Ostroff have completed six of the 12 deals hanging fire at the time of their exit from Grubb & Ellis.
The Westlakes' seller is Asset Plus of Houston, which acquired the complex in 1999, did a value add and now is collecting the profit. Balthrope says it is the last multifamily holding in Texas for the seller, predominately an owner of office product.
The 96%-occupied Westlakes has an average monthly rent of $590 per unit. Balthrope describes BES Properties as "a yield buyer," whose plan is to hold and enjoy the cash flow with minimal cosmetic improvements. The complex is positioned near Loop 410 and Marbach Road on the west side of town.
The Gables is a 96%-occupied complex that generates an average of $650 per month per unit. "It's a class B property in an A-plus location....at the center of the activity in northwest San Antonio," Balthrope says. Built in 1984, it is situated in San Antonio's medical district.
A syndicator, headquartered in Austin, beat out 11 others vying for the class B property with a $9.3-million asking price. Don Gostylo of Providence Commercial in Austin and Brian Harris of REOC Partners in San Antonio represented the buyer while Balthrope and Ostroff brokered for the seller, a private investor from California.
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