(To read more on the multifamily market, click here.)
HOUSTON-A Massachusetts investment group has bought the 270-unitRanch at City Park, paying close to the $23.5-million ask for a now90%-leased asset that has yet to mark its first birthday.
SMC Management Corp. of Watertown, MA took the deed for the11900 City Park Central Lane development from Guefen DevelopmentCo. of Houston. "This is their sixth acquisition in Houston," saysCraig LaFollette, senior vice president in Houston for CB RichardEllis, who represented the seller. The buyer acquired the 344-unitVillas at Coronado at 9111 Lakes at 610 Dr. in late 2005. And,LaFollette says, there's another one under contract, but he's notable to elaborate on the details just yet.
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