The 29-year-old complex at 3340 East Walnut St. was sold as the first leg of a 1031 Exchange, Robert Su in the Houston office of Marcus & Millichap tells GlobeSt.com. Seller Pearland Park Place Ltd. is tied to Houston-based Bryant Management. The syndicate buyer used the Park at Pearland LP to take over the deed.
Su says the property received five offers in the 36 days it was on the market. The escrow period, though, took 134 days because the new owners were assuming the Fannie Mae loan for the property, says Su.
The complex is a "well kept, well-maintained, middle-income property," Su explains, noting that it's the only class B minus in town. The Pearland market primarily contains class A product so the 93%-occupied Park Place is viewed as niche play. The new owners, says Su, will put about $46,000 into upgrades. Units average 777 sf, with rent bringing in $597 per month or 77 cents per sf.
Su says the Houston seller let go of the asset because it is considerably smaller and older than the rest of the portfolio, which contains at least five multifamily and retail properties in the Houston area. The plan is to apply the proceeds toward acquisition of a newer, larger multifamily project. Su and Kyle Johnson, also with Marcus & Millichap in Houston, represented buyer and seller.
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