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SAN ANTONIO-A Triple Net Properties-funded joint venture has closed the first of two multifamily property deals, picking up half of a portfolio from BES Westlakes Fund. Market sources say the first deal–325 townhouses in the western sector–cost about $15 million.

Triple Net and Richmond, VA-based ROC Realty Advisors took title to Westlakes Villas Apartments at 1455 Cable Ranch Rd. and will get their second deed from the portfolio sale in September–494 units in Dallas. “We got the two that we wanted the most,” says Gus Remppies, principal in ROC Realty.

Remppies tells GlobeSt.com that $700,000 has been earmarked for upgrades to Westlakes Villas, consisting of 26 buildings on 10 acres. The class A property, developed in 1985, was 94% leased at sale time. It has one- and two-bedroom units ranging from 448 sf to 900 sf. Monthly rents go from $504 to $774.

Remppies says the upside is the ongoing market recovery and a possible post-renovation rent bump. The tenants-in-common acquisition is an anticipated five- to seven-year hold.The JV’s negotiating team for Westlakes consisted of Michael Trieman with Triple Net, ROC principal Jay Olander and Remppies. The portfolio was marketed by CB Richard Ellis, with Charles Cirar in Austin taking the lead for Westlakes. Charlotte, NC-based Wachovia Bank provided acquisition financing.

With 12 multifamily properties under its belt, the JV is working the Texas markets to find more to buy. The plan is to acquire 3,000 to 4,000 rental units in each of the state’s four major metros. “We expect to have substantial assets in all the major Texas cities in the coming years,” says Louis Rogers, president of Triple Net Properties LLC. “Right now, all the investors love the Texas markets and we expect to be active buyers.”

The JV is targeting complexes with 250 to 400 units, class A and class B. Pragmatically, the sweet spot is more focused on manageable size than price, according to Remppies.

Triple Net, as always, will manage the assets, but day-to-day leasing will be in the hands of a third-party provider. Triple Net also owns multifamily properties in Tomball, south of Houston, and Plano in far north Dallas.

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