X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Dallas-based Hall Financial Group has found a buyer for the 268-unit Forestree Apartments in an ongoing disposition of a 4,342-unit portfolio valued at nearly $113 million.

The Forestree Apartments, located at 265 El Dorado Blvd. in the southeastern Houston suburb of Webster, is one of 12 complexes remaining in the one-time 16-property portfolio. G. Craig LaFollette, a senior vice president of CB Richard Ellis in Houston, tells GlobeSt.com that the Forestree complex and recently sold Bayberrytree Apartments had been the only Houston assets in the disposition package. TriVest Real Estate II LP is Forestree’s buyer.

Tyler Anderson and Sean Cunningham, both of CB Richard Ellis’ Phoenix office, are heading up the sales on a national level. The team would not comment on the Forestree sale. In early May, they had told GlobeSt.com that buyers are being sought for properties in Tampa, Nashville, Michigan, Phoenix and the Texas cities of Austin, Corpus Christi, Webster and Tyler. LaFollette says a 782-unit complex in Corpus Christi is currently under contract.

In the previous GlobeSt.com interview, Anderson had said the properties were built in the early 1980s. The disposition is because Hall is ready to move them out of its portfolio and is not a sign of a retreat from the multifamily sector.

In addition to LaFollette, CB Richard Ellis’ J. Todd Stewart, senior vice president, and Todd Marix, vice president, have represented the seller, NHP Bayberry LP, a Hall Financial affiliate in the transaction.

The CB Richard Ellis multifamily team along with Tommy Brennan of Allied Properties also had negotiated the sale of Seabrook Pirates Landing at 2727 E. NASA Rd. One in Clear Lake. The 196,434-sf, 230- unit, class A complex had been built in 1990.

LaFollette says Seabrook Pirates Landing Associates are locally based merchant builders who developed the project with an eye to eventually selling it. Until recently, market conditions had not been considered right for a sale, he says. Houston-based private investors, CNC Investments, is the buyer, taking its portfolio to more than 50 complexes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.