HOUSTON-The $6.1-million price tag hanging on the 166-unit Pagewood Place attracted 11 offers, with a Houston-based investment group winning the race for a value-add opportunity in a hot submarket.

G. Craig LaFollette, senior vice president with the Houston office of CB Richard Ellis Inc., tells GlobeSt.com that the $6.1-million ticket on 9767 Pagewood Lane represented a great deal for the Westchase submarket. Titan Management took the deed to the 93%-occupied, value-add property and now is in the beginning stages of adding individual meters in units to get away from owner-paid water bills. The immediate plan also calls for the replacement of exterior siding.

LaFollette says the buyer will update interiors as leases roll and then impose a rent hike. The improvements, he says, should raise rent by about a nickel per sf. Right now, the monthly rent is 77 cents per sf or $570 per month for an average unit of 738 sf. He estimates the buyer will be putting about $2,000 into each unit.

The Nashville-based seller, Freeman Webb Cos., is a medium-size syndicator that still owns two more Houston-area apartment complexes. Freeman Webb, which held the deed to Pagewood Place about six years, let go of the asset because the principals felt it was the right time to sell, according to LaFollette.

According to Harris County Appraisal District, the five-acre Pagewood Place was assessed at about $4.4 million for the 2002 tax rolls. The CBRE team handling the sale included J. Todd Stewart, senior vice president, and Todd Marix, first vice president, as well as LaFollette.

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