X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KATY, TX-A 92%-leased, 168-unit apartment complex in Katy has traded hands for close to $9.5 million. Both buyer and seller have elected to use 1031 Exchanges in the transaction.

St. Croix Associates LP of Big Rock, IL sold the Farmington apartments at 2013 Fry Road, just west of Houston. The seven-year owner plans to deploy the sale proceeds into another multifamily acquisition, says Chip Nash with the Houston office of Hendricks & Partners tells GlobeSt.com. He and Kevin McCarthy, also with Hendricks & Partners, brokered the sale of a class B asset with an 8.5% cap rate.

On the market for six months, Farmington garnered eight offers. The sale included the assumption of a $6.6-million loan from Wachovia.

Nash says the buyer closed the deal 36 days after placing the contract despite obstacles presented by the assumption process. The private investment group from Houston sold a 15-unit multifamily property in San Diego and applied the gain toward the acquisition.The Farmington’s units average 1,150 sf. Rent averages 78 cents per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.