Canfield Houston is set to pay $10.9 million, or $30,478 perunit, for the 25-year-old development to FSF Tealwood AssociatesLP, a private investment company from Lake Forest, CA. "It has agood turnaround story," says Todd Marix, senior vice president inCB Richard Ellis Inc.'s local office. "It just needs some capitaland some closer supervision." The CBRE team also includes CraigLaFollette and Todd Stewart.
Situated on 14.6 acres at 990 Cypress Station Dr. in NorthHouston, Cypress Parke consists of 40 two-story buildings. It isundergoing exterior renovations, including paint and carpentry.
The 92%-leased Cypress Parke has 188 one-bedroom units, 126two-bedroom apartments and 32 three-bedroom floor plans. Unitsrange from 735 sf to 1,281 sf while rents run from $482 to $785 permonth.
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