Condo Sale Attracts California Investors

HOUSTON-Two Pasadena, CA-based investors have purchased 30 units of the 167-unit Timberwood Condominiums at 13480 South Thorntree in Northeast Houston. This deal was listed at $795,000 and sold within 95% of the list price, Robert Su of the Houston office of Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com.

The buyers purchased the condo units in part with 1031 Exchange money from the sale of a West Coast multifamily property, says Su, who represented the seller, a Houston partnership called Thorntree Properties LLC. Su worked with Robert Chandler, also of Marcus & Millichap’s Houston office.

The property was on the market for about three and a half months, according to Su, and garnered several offers. He adds that the deal offered a low-maintenance investment since the condo association handles much of the maintenance at the property. The buyer was funded through Houston’s Southern National Bank.