HOUSTON-Armed with a $14.6-million acquisition loan, BGK Equities of Santa Fe, NM has taken over the Forrester Apartments at 12800 Woodforest Blvd. in Northeast Houston. The financing came through Lend Lease Mortgage Capital’s Fannie Mae DUS program.

The buyer of record was Forrester Apartments Operating Associates LP. The seller was Chicago-based TVO Southwest Partners LP and TVO Woodforest Partners LP. According to Harris County tax records, the complex is assessed at $13.7 million.

Grady W. Roberts, senior managing director in Houston for Dallas-based Holliday Fenoglio Fowler LP, arranged the 10-year, fixed-rate loan. Roberts tells GlobeSt.com that the financing and acquisition market for multifamily product in Houston has been very strong. He attributes the strength to the city’s healthy occupancies. Houston doesn’t have the oversupply that many major markets are experiencing and its job market is better than most metros, he says. Many investors who bought in the late 1980s and early 1990s and then sold out are now back in town to buy once again, according to Roberts.

The Forrester Apartments were built in phases between 1981 and 1983. Today the 97%-leased complex, located in the Northshore/Wood Forest submarket, has 458 units. The gated complex has three swimming pools, playground and four laundry rooms. Average unit sizes range from 311 sf for a studio to 857 sf for three bedrooms.

The Northshore/Wood Forest submarket ranks has the lowest absorption in that part of town. According to CB Richard Ellis Inc., the area absorbed a mere eight units in the second quarter. The submarket contains 40 apartment properties, with an average occupancy of 86.3% and average rent of 68 cents per sf.

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