The Dallas-based Brama Ventures acquired the West Pointe Apartments at 3000 Las Vegas Trail from an investment group in Houston that had the 35-year asset on and off the market for a year or slightly more, Christopher A. Thomson, a partner on the buy side, tells GlobeSt.com. The 65%-leased, class C complex on 12 acres carried a $5.4-million asking price, with the closing marking the 10th time that it's sold since it opened.
With the deal done, Brama affiliate, Alpha-Barnes Real Estate Services, has taken over leasing and management for the one-, two- and three-bedroom apartments, which range from 860 sf to 1,288 sf and rent for $575 to $845 per month. The strategy to increase occupancy calls for an all bills-paid campaign as leases expire in a complex assessed at nearly $1.7 million. Thomson says the partners will pump about $750,000 into a rehab, mostly exterior work and possibly turn a vacant structure into an on-site daycare for residents.
The value-add deal came with risk, but Thomson says "they were bleeding. We were willing to absorb short-term difficulty for long-term promise."And that, he adds, is the kind of play that Brama is hoping to find to build a portfolio this year with properties in Houston, Austin, San Antonio and Dallas/Fort Worth.
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