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LAKE JACKSON, TX-The 180-unit Raintree Apartments in Lake Jackson, a town 54 miles south of Houston, has sold to Raamco Raintree LP of Englewood Cliff, NJ, in a 1031 Exchange for both buyer and seller.

Ed Cummins III in the Houston office of Hendricks & Partners negotiated the sale of the 93%-occupied complex at 110 Lake Rd. He tells GlobeSt.com that the asset was “quietly marketed” among his contacts rather than brought out with the usual marketing push. He’s hushed about the price, but the Brazoria County Appraisal District assessment is close to $4 million.

The buyer turned around proceeds from the sale of a California holding while the seller is looking at several options, multifamily and retail, to reinvest the gain, according to Cummins. The seller is a private investor from Lufkin.

Cummins says the seller, Lake Jackson Raintree Apartments JV, did an excellent job of managing the complex and developed one of the best reputations in town. The complex, viewed as one of the best positioned in Lake Jackson, has units that average 688 sf and rents of 83 cents per sf. The asset did not have any deferred maintenance, but the new owner is planning to complete some minor upgrades, according to Cummins.

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