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HOUSTON-Within 30 days of coming to market, a Houston multifamily property sells to a New York investor, who specializes in buying class C product. The property’s asking price was slightly less than $4 million.

Sam Pinter of Brooklyn bought the 23-year-old Alameda Chateau, a 206-unit complex at 10802 Kingspoint Rd. The class C holding has an occupancy ranging in the mid- to low 90%. The average unit size of 800 sf brings in $600 per month in rent.

Pinter is a known buyer of middle income-generating properties, Jim Hearn of the Houston office of Hendricks & Partners tells GlobeSt.com. He represented the sellers, Alameda Chateau Apartments, an Overland Park, KS-based limited partnership. Cliff McDaniel of Southwest Residential Partners in Houston negotiated the acquisition for the buyer.

Hearn says his clients sold the property as a part of the normal cycling of their portfolio, which includes other Houston properties and other Texas cities as well as New Mexico and its homeport of Kansas. The sellers have owned the property since 1995, according to Harris County tax records.

The trading of multifamily properties remains fairly brisk because of today’s borrowing rates. “The apartment market is being propped up by low-interest rates,” Hearn says.

The trading is supported by Houston’s relatively solid occupancy rates, particularly in classes B and C. Hearn says the lack of job growth, though, may catch up with the Houston multifamily market. Then again, job growth could take off and keep the multifamily market going at an even stronger pace, but “that is a big if,” he says.

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