Bidding Heated for 337-Unit Houston Complex

HOUSTON-CNC Investments, a local multifamily owner, ended up paying more than the $6.5-million asking price for the 337-unit, class C Park West complex at 8047 Grow Lane in Houston. In fact, the top four offers peaked above the asking price, GlobeSt.com is told.

More than 15 offers were received in the 30 days it was on the market, says Todd Marix, first vice president in Houston for CB Richard Ellis Inc. He’s not disclosing the final price, but the 26-year-old northwest Houston complex was marketed as a fixer-upper with upside potential by sellers, Chicago-based TVO Realty Partners.

Marix says CNC will perform an “extensive” renovation, inside and out. The end result most likely will be the realization of the upside potential in rents and occupancy. The 90%-occupied complex, which has an average unit size of 713 sf, earns about 70 cents per sf or $500 per month. Nearby renovated properties of the same caliber are bringing 72 cents to 76 cents per sf, Marix says.