Ryan's Point Brings Close to $11.4M Asking Price

The complex at 19606 Park Row carried an asking price of $11.4 million. The buyer came reasonably close to the ask, Jim Hearn of Phoenix-based Hendricks & Partners' Houston office tells GlobeSt.com. He and Mark Hendricks, also in Hendricks & Partners Houston office, represented the seller. Hearn says the team started out by calling upon a few of their favorite buyers, a play that ended with CNC picking up the property before it hit the market at large.

Ryan's Pointe is a class B property with an average rent of $645 per month. Its occupancy is in the mid-90% range, Hearn says. CNC is planning a capital improvement program for the property, positioned near the intersection of Fry Road and Interstate 10.

Last year, CNC Investments purchased 1,389 units in four complexes in Houston. In April 2002, the company bought the 258-unit Brays Village in southwest Houston. In the fall, 794 units at Kings Crossing and Kingwood Lakes in north Houston were bought as was the 337-unit Park West complex in northwest Houston.

Hearn points out the brisk pace is continuing on the sales front despite the turned calendar. But he, like others, warns that job growth or a construction slowdown will be needed to maintain the Houston market's standing as one of the nation's healthier multifamily regions.