HOUSTON-A local investor has picked up 179 class C units for a repositioning plan seeded with a $500,000 to $700,000 renovation. Sources say Glenview Apartments brought $2.5 million to $2.9 million at the closing.

Trustee John Miller bought the 74%-leased complex at 8311 Winkler Rd. from the Schuhmacher Investment Co. of Houston. G. Wayne Reyes in the Houston office for Dallas-based Henry S. Miller Commercial tells GlobeSt.com that the property has significant upside potential in rents as well as occupancy. Rent averages 68 cents per sf, but Reyes says that could go up about 15% after the exterior is renovated. The interiors were completed prior to the sale, he says.

Reyes says the family-owned Schuhmacher Investment developed Glenview Apartments in 1955, selling now so its members could invest in other ventures. The six-acre holding is a mix of one-, two- and three-bedroom units ranging from 600 sf to 1,200 sf.

The asset went on the market in January, but didn’t garner any interest until a few months ago. Miller outbid three others for the complex. He was represented by Ashok Shah of Sunbelt Realty Advisors of Houston.

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