HOUSTON-A San Antonio-based investment group has brought a 3,937-unit, 13-property portfolio to market. The portfolio of Houston, Dallas and San Antonio assets are un-priced, but the class A collection is valued at slightly more than $400 million.
David Mitchell, principal with Apartment Realty Advisors Houston office, the seller has collected the complexes in the past three to five years through one-off acquisitions. He says Internacional Realty felt the timing was right for a sale because Texas is a target state for many investors.
"Ten of the 13 were developed on or after 2000 and all were built by high-end developers," Mitchell says, adding all are in high-growth locations. He tells GlobeSt.com that the seller would like to see the 94%-occupied portfolio sold in one fell swoop, but viable one-off bids will be considered.
Mitchell says Internacional Realty hopes to close out the disposition by the end of August. The call for offers is June 22. The properties are being offered on an all-cash basis.
Seven properties are located in Houston. They are the 210-unit Beverly Wilshire at 7550 Wilshire Place Dr.; 356-unit Calais at Courtlandt Square at 3210 Louisiana St.; 345-unit Meyer Park at 9701 Meyer Forest Dr.; 296-unit Meyer Park Lakeside at 9550 Meyer Forest Dr.; and 216-unit Seasons at 6969 Hollister Rd. Complexes in nearby Richmond are the 252-unit Villas at River Park West at 21811 Wildwood Park Rd. and 288-unit Reserve at River Park West at 22155 Wildwood Park Rd.
In the Dallas/Fort Worth area, Internacional Realty is selling the 280-unit Cambria at Coyote Ridge at 4230 Fairway Dr. in Carrollton; 582-unit Gardens at Vail at 17811 Vail St. in Dallas; 378-unit San Simon at 3501 Walnut Hill Lane in Irving; and 216-unit Summerbrook at 7000 N. Beach St. in Fort Worth.
The San Antonio metro properties are the 314-unit Palermo at 12235 Vance Jackson Rd. in San Antonio and the 204-unit Westshore Colony at 770 Interstate 35 N. in New Braunfels. The ARA team includes principals David Oelfke, David Wylie and Matt Rotan.
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