The 3.7-million-sf, class B portfolio, which is about 82%occupied, is located within a mile radius encompassing ImperialValley Drive, Greens Road and Hardy Road. The properties, builtbetween 1977 and 1984, range from 881 units to 59 units.
"This is a serious value play because of the price per sf andthe price per unit," says Matthew Rotan, principal of the localoffice of Apartment Realty Advisors, who is marketing theportfolio. "This is an opportunity for someone who believes thatthe Houston market is poised for growth."
Rotan tells GlobeSt.com that the Greenspoint submarket hasimproved since Irving, TX-based Archon and Goldman of New York Cityacquired the properties in 1997. "Compared to seven or eight yearsago, this area has undergone a massive transformation over the pastseven to eight years," he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
