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LAKE JACKSON, TX-A Brooklyn, NY-based investor scored a run for the 107-unit Lakewood Manor Apartments before it could come to market in a suburb 52 miles south of Houston. The broker says he was ready to market the property for $1.3 million when the investor surfaced.

The complex at 302 Huisache St. in Lake Jackson was sold by Wolverine Lakewood LP of Katy, TX, who is unloading assets outside Houston’s immediate bounds. Jeff Eisenhardt of the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com that he was just about to put the 18-acre holding on the market when the buyer contacted him about another multifamily property that he is marketing. But, Eisenhardt spun the interest to Lakewood Manor. The buyer, Lakewood Suites LLC, owns another apartment complex in the Lake Jackson area, the broker says.

Eisenhardt says the deal moved along quickly, selling for less than the $1.3 million asking price. The 1950s complex resembles older-style military housing with one- and two- bedroom duplexes and freestanding three-bedroom designs. The upside lies in increasing occupancy, now in the low 80% range. Eisenhardt says the property traded with new financing. The holding, owned for several years by the seller, sits in a fairly upscale residential area of Lake Jackson.

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