X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the TIC market, click here.)

TOMBALL, TX-Triple Net Properties LLC has made its first solo apartment buy in Greater Houston, putting up close to $15 million for the 252-unit, class A Park at Spring Creek Apartments.

“Triple Net is adding apartment product to its portfolio,” says Doug Lockwood, a vice president with Grubb & Ellis Co.’s Houston office. “This is the first apartment acquisition it has made alone and in this market.” Lockwood handled the marketing for the 92%-leased Park at Spring Creek Apartments at 29807 Tomball Parkway. The Santa Ana, CA-headquartered Triple Net was represented internally by Steve Corea.

The complex, completed in 1999, was sold by West Springfield, MA-based Aspen Square Management. “The Park fits Triple Net’s investment criteria,” Lockwood tells GlobeSt.com. “It’s in a fast growing area, it’s a new property and it’s well leased.”

According to Lockwood, Triple Net emerged with the highest offer in a field of 12 would-be buyers vying for the Park at Spring Creek Apartments. Eric Tupler of LJ Melody & Co.’s Denver office arranged the TIC group’s financing through Chicago-based LaSalle Bank.

Lockwood says the Park at Spring Creek Apartments has one of the best locations in the city for a multifamily development. The 18-building complex is designed with one- and two-bedroom apartments that range from 605 sf to 954 sf. Rents go from $584 to $831 per month.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.