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HOUSTON-La Petite Apartment Community, a 36-unit complex in the Spring Branch area of west Houston, has hauled in more than $30,000 per unit from a private investor from Denver.

The 32-year-old complex at 1250 Cedar Post Lane spent only two days on the market with a sticker price of $1.1 million before going under contract, Kyle Johnson with the Houston office of Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com. He says the buyer had capital sitting on the sidelines for a year that he had been trying to invest, but the motivation to chase the La Petite complex clearly came from the economies of scale to be gained on the management side from owning one nearby multifamily complex and another in southwest Houston.

The deal was financed with an $880,000 loan through ABN Amro, a lender based in the Netherlands. Keith Van Arsdale of BMC Mortgage in Houston closed the financing in a record 72 days, according to Johnson. As a part of the deal, seller Ingram Family LLC of Houston agreed to apply $25,000 from their gain to repair the roof and complete minor interior touch-ups.

Johnson says the seller snapped up the first and only offer placed for the property. The seller released the 92%-leased asset because one partner wanted to deploy the capital gain into a mobile home park that he owns.

Johnson says the upside comes from a rent now riding about 5% below market rates. One-bedroom units, ranging from 700 sf to 836 sf, rent for $440 to $465 per month; two-bedroom units, running from 937 sf to 1,037 sf, bring in $540 per month.

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