Shoptaw Disposition Nets $34M for 438 Units

HOUSTON-Atlanta-based Shoptaw Group has sold its only two multifamily assets in the area, disposing of 438 units to a local buyer, who has anted up close to the $34.1-million ask.

KC Venture Group has laid claim to Champions Centre Apartments and Champions Park Apartments in the northwest submarket. Though built by separate developers at different times, Champions Centre and Champions Park were offered as a portfolio, but one-off offers weren't ruled out.

"The seller was coming to the end of an investment partnership and wanted to take advantage of a healthy market," explains Todd Marix, senior vice president with CB Richard Ellis' Houston office. The seller's CBRE team included executive vice presidents Craig LaFollette and Todd Stewart and senior associate Tre Banks.

Marix tells GlobeSt.com that KC Venture Group ended up beating 13 other offers for the 95%-leased assets with help from a competitive bid and a solid track record in the area. He credits investor interest to the class A assets location and upside potential. "These were great examples of what I think the market is looking for today," he says. "The identifiable upside is upgrades to interiors and conversions from old brass hardware to brushed nickel and faux hardwood floors from tile in the entries." And, he adds, KC Ventures is planning to do the upgrades for assets that it will manage and lease.

Champions Centre Apartments at 13222 Champions Centre Dr. was developed by Flagship Co. in 1994. The 192-unit complex is situated on 7.76 acres. The nine buildings have one- and two-bedroom apartments, ranging from 603 sf to 1,147 sf. The average rent is $1.03 per sf.

Down the road is the 246-unit Champion Parks Apartments at 13050 Champions Park Dr., which was built in 1992 by the Finger Cos. The nine-acre development has eleven buildings with one- and two-bedroom apartments. Its units measure 653 sf to 1,140 sf, with the average rent at 94 cents per sf.