Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

HOUSTON-Through continuing efforts to sell parts of his locally based multifamily portfolio, a local investor has sold the 30-unit, class B-plus Ann Marie Apartments to a San Diego buyer.

The first-time Texas buyer, Pamela Alexandra, got a 32-year-old complex, assessed at $1.08 million. The buyer used gain from a 1031 exchange in her homeport to acquire 935 Byrne St. Located on the city’s near northwest side, the four-building development sits on close to one acre. At the time of closing, it was 94% occupied.

The Ann Marie Apartments contains 18 one-bedroom units of 630 sf and a dozen two-bedroom apartments, each 820 sf. The monthly rents are $595 and $695.

“I’d done quite a bit of business with the seller in the past and when the buyer came from California, looking for property, it seemed like a good fit,” says Kevin McCarthy, a senior investment adviser with Hendricks & Partners Inc.’s Houston office.

The deal’s sole broker tells GlobeSt.com that the seller, Thomas Noons, principal in Heights Venture LLC, is slowly exiting the Houston market. He recently sold apartment properties located in the Heights area.

According to McCarthy, Ann Marie’s new owner isn’t planning any huge renovations to the property at this time. And, he says, she hasn’t shown any interest in purchasing additional properties in the area.

Sources note occupancy rates and rents among both class A and B properties increased slightly in the second quarter. And, they add, it appears the uptick is likely to continue.

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

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.