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HUMBLE, TX-A private investor from Los Angeles has entered the Texas market with $7-million purchase of the 114-unit Chateaux Fall Creek Apartments.

Located at 15116 Mesa Rd., Chateaux Fall Creek Apartments was sold by Greenwich, CT-based Chateaux Fall Creek LLC, which was represented by the Marcus & Millichap team of senior associate Robert Su and associate Russell Jones in the Houston office. Su tells GlobeSt.com that Chateaux Fall Creek Apartments received two offers–”less interest than anticipated”–and traded for 88% of its $8-million asking price to Kevin Pierce of Los Angeles.

“Houston is somewhat of a soft market, which explains the lukewarm response,” Su says. “The buyer recognizes that he is buying into a market that is at the bottom, but far northeast Houston is actually one of the healthier apartment markets.”

Built in 2003, the garden-style complex consists of 10 buildings situated on 4.5 acres. It is located on the east side of US Highway 59 near Beltway 8 across from the Fall Creek master-planned community and Redstone Golf Course. “It’s a class A complex in a class B location,” Su says.

The 88%-leased Chateaux Fall Creek complex boasts 24 one-bedroom units, 60 two-bedroom apartments, 18 three-bedroom floor plans and 12 four-bedroom layouts. Units average 1,067 sf while monthly rents range from $900 to $915.

Pierce, who was represented by Justin White, a senior associate with Marcus & Millichap’s Long Beach office, obtained financing from Chicago-based LaSalle Bank NA to acquire Chateaux Fall Creek Apartments. Michael Derk of Marcus & Millichap Capital Corp. arranged the financing.

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