Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GALVESTON, TX-The 60-unit William B. Travis Apartments at 4818 Avenue R in Galveston, TX has been sold to private investors from Portland, OR.

Jeff Petrillo and Beth Estock acquired the historic property from Paul Breglio et al in Connecticut. The former elementary school carried an asking price of $1.5 million.

David Butler, senior vice president of the investment sales group at the Houston office of Boston-based Colliers International, represented the seller. He tells GlobeSt.com that the deal was a 1031 exchange in which the seller diverted proceeds to a Connecticut holding. Butler, a 1031 specialist in the region, says the seller’s strategy was to secure an investment closer to its homeport.

The William B. Travis Apartments represents a very stable investment, maintaining a 990% to 95% occupancy even in lean years, says Butler. The class B apartments currently are 100% leased.

The complex is a classic adaptive reuse project, having been built about 50 years ago as an elementary school. In 1985, the closed school was bought and converted into an apartment complex. There are 36 units in the main building and another 24 equally split between two supplemental buildings.

Butler says each apartment still boasts the long windows and high ceilings found in old school houses. His clients bought the property from a bank between 1987 and 1988.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

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

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.