Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORANGE, TX-A 104-unit complex, damaged in last year’s Hurricane Rita, has a new owner, TriPro Development Inc. of Dallas, which specializes in repositioning distressed multifamily properties. The turnaround pro has acquired the class C complex from the Bank of New York Trust Co. for slightly more than $1 million.

The 35-year-old Chivas Square Apartments at 3819 N. Meeks Dr. previously was in the portfolio of San Antonio-based American Agape Foundation. It’s been on the market since summer 2005. “We had a lot of interested parties interested in this before the storm and it was actually under contract,” Michael Miller, associate partner with Hendricks & Partners in San Antonio, tells GlobeSt.com. “But, Hurricane Rita came through 30 days before the date of closure and significantly damaged the property. The buyer decided not to go through with it.”

Miller says the 30%-leased complex ended up falling into foreclosure. “No one wanted to do renovation to this after the storm,” Miller says, “but it’s in a pretty good area.”

TriPro, though, was working on a nearby retail property which, in Miller’s opinion, is why it was willing to take on Chivas Square. “They saw a good opportunity in a good area for a distressed property,” he adds. “They thought they could renovate it and end up with a good return.”

Chivas Square is made up of one- and two-bedroom units, with monthly rents running from $600 to $700. Chip Nash, an associate partner with Hendricks & Partners’ Houston office assisted in the sale.

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. Multifamily Spring 2022 (Formerly APTS)Event

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

Get More Information


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
Live Chat

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