Built in 1971, the two-acre development at 2606 Beatty St. consists of six two-story buildings in a mix of efficiencies, one- and two-bedroom units. The holding, listed for $2 million, was on the market only a short time yet it generated "a ton of activity," says Sheri Carey with Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office. "We had the contract signed within a week of introducing it to market," she tells GlobeSt.com. "We told the buyer he had seven days to look at it and he was down here, the very next day, doing that." She and Robert Su, also with Marcus & Millichap, represented the local seller, 2606 LLC, which is planning to use proceeds from the deal for real estate investments outside the US.
Carey says the seller liked the buyer, Lighthouse III LLC of Portland, because of his enthusiasm. "The buyer was very quick to do what was necessary," she adds, citing his flexibility about the price. "His offer wasn't the best in the beginning, but he really stepped up." She says the deal closed for close to the ask.
According to Carey, investment interest was fueled in part by the complex's condition. "She really stayed on top of the maintenance," Carey says, adding the seller will continue managing the complex. "There are some minor improvements the buyer wants to make, but nothing major." Victory Apartments' units average approximately 600 sf, with rents ranging from $450 to $650 per month.
Dan McDunn in Marcus & Millichap's Portland office represented the buyer, who is seeking additional multifamily assets in the area. Carey says negotiations already are under way for a second property in the region.
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