Juniper Investment Group of Houston bought the holding, which was listed for slightly less than $6.9 million. The CB Richard Ellis Inc. team in Houston of G. Craig LaFollette, and J. Todd Stewart, both senior vice presidents, and Todd Marix, first vice president represented the Chicago-based seller and sourced the buyer.
Marix tells GlobeSt.com that the property took about nine months to sell because a not-for-profit buyer had it under contract twice and then it fell out. He said the difficulties of such a transaction ultimately killed the deal. The sale closed in 60 days once a conventional buyer came forward. According to the Harris County Appraisal District, the 24-year-old apartment complex's 2002 assessment is close to $5 million.
The 90%-occupied Williamstown has an average unit size of 755 sf. Rent runs a little more than 65 cents per sf or about $500 per month.
The class C property's high visibility along the Southwest Freeway was a prime selling point as was its positioning in the Alief Independent School District, according to Marix. Juniper also owns two neighboring properties to create some "direct synergies," he adds.
A month ago, TVO sold the 337-unit Park West at 8047 Grow Lane for more than its $6.5-million asking price. In October, a Houston-based limited partnership bought the 313-unit Regency Square at 7222 Bellerive Dr. It had a 2002 assessment of $7.4 million. And in September, the 458-unit Forrester Apartments at 12800 Woodforest Blvd. was sold to BGK Equities of Santa Fe, NM, which floated a $14.6-million loan for the acquisition.
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