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HOUSTON-The 288-unit Silver Shadow Apartments at 3600 Woodchase in Houston have been sold to a partnership of real estate companies from California, Florida and Kansas.

The buyers, ELP Simon LP, plan to invest several thousand dollars per unit into a significant renovation of their new asset. Jim Hearn of the Houston office of Hendricks & Partners brokered the sale on behalf of buyer and the seller. He tells GlobeSt.com that the property presented a tremendous value-add opportunity for the buyers.

The apartments have an average unit size of 700 sf and average month rental rate of $520. Class A and B multifamily properties surround the complex. Hearn estimates the area’s average lease rates range from $520 to $1,000.

The deal’s broker was mum on the sales price, but the asking price was $7.7 million. Seller Silver Shadow Apartments LLC is part of the Richman Group of Greenwich, CT. Hearn says the property was sold in the normal cycling of the portfolio. The property went under contract after 60 days on the market.

The Houston apartment market was seemingly slow in the first quarter, but Hearn predicts the third and fourth quarters will pick up steam. In February, he had two of 15 listings under contract. Today, he has 16 of 19 listings in the due diligence stage by buyers. Those who are buying, he says, represent all segments of the investment community, entrepreneurs as well as institutions.

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