HOUSTON-Four months after it hits the market, an 18-property, 4,471-unit multifamily portfolio has been acquired by TIAA-CREF. The class A portfolio, spanning Greater Houston and Phoenix, has been sold by LF Immobilien Portfolio KG, a German pension fund advised by European Investors Inc. of New York City.
In keeping with the nature of the deal, the price isn't readily available. But, industry sources previously valued the package at $500 million to $800 million.
Details about how the deal played out will be forthcoming. The seller was represented by Craig LaFollette, Todd Marix and Todd Stewart in CB Richard Ellis' Houston office and Tyler Anderson and Sean Cunningham with CBRE in Phoenix side.
In Houston, TIAA-CREF acquired 880 units along El Mundo Street-- El Mundo Park, Parque del Oro, San Marin and San Melia. It also got 512 units in the Mirage Apartments, Miramar Apartments and the Phoenician along Bering Drive. The balance of the Houston package was the 299-unit Montecito at 2300 McCue Rd.; 66-unit Plaza del Oro at 2700 Holly St.; 314-unit San Montega at 1600 Eldridge Parkway; and 224-unit Versailles Park at 7200 Almeda Rd.
In Phoenix, the New York City buyer got the 364-Unit Tradition at Kierland at 6633 E. Greenway Parkway; 276-unit Paragon at Kierland at 15440 N. 71st St.; and 360-unit Legends at Kierland at 6735 E. Greenway Parkway. Also included is the 208-unit San Brisas at 900 N. Rural Rd. and 240-unit San Palmas at 1111 N. Mission Park Blvd., both in Chandler. In Mesa, the hand-off was the 488-unit San Melia at 14435 S. 48th St. in Phoenix and 240-unit San Montego at 6745 E. Superstition Springs Blvd.
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