Jeffrey L. Patterson, vice president with Apartment Realty Advisors in Austin, represented the seller of the 95%-leased complex at 3207 E. Airline Rd. He says the company is divesting of some older, assets in tertiary towns to redeploy capital into newer complexes in major markets.
"We'd had this on the market in early 2007, but the seller pulled it off and was going to refinance it when this buyer came along," Patterson tells GlobeSt.com. "He was pretty persistent so in the end we accepted the offer from him." He adds that Yates Hawaii Inc. of Houston also is familiar with the area. Last summer, it acquired the 288-unit Autumn Park Apartments at 4405 Navarro St., which is about three miles northwest of its recent acquisition.
Patterson says BH Equities added value to the 1979 asset with extensive renovations during its 10-year hold. Victory Central Appraisal District has the property assessed at just under $2 million.
According to Patterson, the new owner will continue to improve the complex by renovating the exterior. Centra Asset Management of Houston has been tagged to handle leasing and property management.
Built in 1979 and situated on slightly more than four acres, Stratford Place Apartments has one-, two- and three-bedroom units, ranging from 729 sf to 1,299 sf. Monthly rents begin at $469 and tick up to $699.
Patterson worked with ARA's transactions manager Jonathan T. Boone for the disposition. Patterson says the city is starting to see more demand for rental units because it's the homeport for many petrochemical companies. "The area saw a good increase in rents and occupancies in 2007," he adds. "The growth is oil and gas-related and is evident in retail, multifamily and single-family developments."
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