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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.

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