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SEATTLE-Olympic Investors, armed with a $150-million line of credit, has purchased the Oak Forest Apartments in the Houston suburb of Spring Branch from a housing investment group in a transaction valued at $12.5-million.

Located at 1370 Afton, near the intersection of the I-10 and I-610 highways in the west loop area, the 321-unit complex of two-story garden-style buildings was built in 1971 with stucco construction. The complex’s unit mix includes one-, two- and three-bedroom apartments, some with in-unit laundry facilities. Rents average 66 cents a foot with the average unit measuring 1,098-sf.

On-site amenities include two pools, a spa, playground, activities center and a large community building. The complex has surface parking throughout.

“We’re going to do a pretty significant renovation on the property,” says Rick Graf of Pinnacle Realty, which is managing the complex for Olympic Investors. “It’s in a redevelopment area. It’s an older area going through pretty dramatic redevelopment in both the retail and residential sector.”

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