HOUSTON-A little more than three years after acquiring the 2386-unit Sendera Portfolio, an Austin-based limited partnership has sold eight out of the nine complexes in the collection to an Irvine, CA investment group. The portfolio was brought to market for $115.4 million, with the buyer paying close to the price for the class B and C purchase.
Seller GSS Lone Star LP liquidated the particular portfolio to dissolve the partnership after spending $8 million on renovations. James Hearn with Hendricks & Partners tells GlobeSt.com. "They sold a few in Dallas and the bulk of the portfolio here in Houston," he adds. There is one complex left to sell, the 121-unit Sendera Pointe at 6311 Beverly Hills St. in Houston, which is on the market for $3.1 million.
Hearn says one-off bids weren't considered during the 60-day marketing period. The buyer is a mix of three limited liability companies: KT Terraza-TX1, FJLC-TX1 and Bethany Lonestar Apartments. He says the winning offer was selected for the buying group's reputation for closing large deals.
"The prior owner spent good money renovating the portfolio in 2003. They didn't finish, but the properties were in pretty good shape," Hearn says. "This group is buying them with the goal of taking them to the next level." Hearn says the buyer most likely will spend several thousand dollars per unit for additional upgrades and changes the properties' names.
The Houston properties are the 200-unit Sendera Memorial at 600 Nottingham Oaks Trail; 169-unit Sendera Kimberly Park at 1000 Country Place; 384-unit Sendera WoodBridge at 14500 Empanada Dr.; 200-unit Sendera Champion Forest at 12801 Champion Forest Dr.; 279-unit Sendera Wyndham Oaks at 2410 South Kirkwood Rd.; 316-unit Sendera Westway at 10580 Hammerly Blvd. and 643-unit Sendera Briargrove at 6263 Westheimer Rd. The portfolio sale included the 74-unit Sendera Fountaingate Townhome at 12903 Sugar Ridge Blvd. in nearby Stafford.
The portfolio, consisting of mainly one- and two-bedroom units, boasts an average age of 30 years. The package's occupancy hovers 91%.
Hendricks & Partners' Ed Cummins and Ryan Terrell teamed with Hearn to represent the seller as did David Oelfke with Apartment Realty Advisors' Houston office. The buyer was self-represented.
© 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.