X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

The complex was part of a four-property package that TVO put on the market. The seller’s original game plan was to market the properties as a whole, but instead sold them individually. In recent months, TVO sold the 458-unit Forrester apartments at 12800 Woodforest Blvd. and 313-unit Regency Square apartments at 7222 Bellerive Dr. Marix confided the fourth property is under contract and set to close next month, but that’s all he’s saying until it’s done.

According to the TVO Realty Web site, it owns the 400-unit Stancliff Park at 10350 Lands End Dr. and 272-unit Williamstown at 9200 Bissonnet St. Seller and buyer were represented by Marix and G. Craig LaFollette and J. Todd Stewart, both senior vice presidents on the CBRE Houston multifamily team.

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 SPRING 2021Event

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

Get More Information
 

GlobeSt

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.