Hawthorne Enterprises Ltd. had the multifamily properties at 1529 Bonnie Brae St. and 1609 Castle Court listed for a combined $789,000. A private investor from Venice, CA paid just south of the ask, according to Sheri Carey with Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office. She adds that both six-plexes had been on the market about three months.
The Bonnie Brae complex was built in 1963 and Castle Court completed in 1937. "Both were in very good shape," Carey tells GlobeSt.com. "The one built in 1937 had been destroyed by fire in 2001 and was completely rewired with new plumbing installed." Realty Associates of Houston represented the buyer on the six-plexes.
Each building has a quartet of two-bedroom units with 600 sf and a pair of one-bedroom apartments measuring about 1,000 sf. Monthly rents range from $575 to $800.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.