X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A local investor has sold the 20-unit Galaxie Apartments to a limited liability company from San Francisco in an off-market transaction. Built in 1964, the complex was listed for $725,000.

Dauz Properties LLC will invest an additional $70,000 into addressing deferred maintenance issues and upgrading kitchens and bathrooms in the 1133-1149 Durham Dr. complex. “The buyer is looking to spruce it up a bit, get rents up a little and maybe sell this a couple of years down the road,” says Sheri Carey, investment specialist for Marcus & Millichap Real Estate Investment Brokerage Co. in Houston.

Carey, the deal’s sole broker, tells GlobeSt.com that some tenants have lived in the complex for 15 years. There was one vacancy at sale time.

“This is a somewhat unique property, as it has month-to month rentals, and no leases,” Carey says. “The buyers would like to put people on leases, but it’s uncertain if that can be done with this tenant base.”

The Galaxie has a dozen one-bedroom units, each 618 sf, and eight two-bedroom units, with 743 sf. Rents are $475 and $590 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.