(To read more on the multifamily market, click here.)

HOUSTON-A local private investor has acquired the 200-unit Bayfront Apartments for just south of the $5.95-million ask. The same buyer recently spent close to $5 million for its 260-unit neighbor, Sundial Apartments.

Emery Jakab’s newest acquisition is a 13-building complex at 11710 Algonquin Dr. “The buyer already had Sundial in hand so he decided to combine these. They’re sister properties, built by the same developer and sold by different owners,” says Douglas Lockwood, vice president with Grubb & Ellis Co.’s Texas multi-housing group.

Lockwood, representing seller Bayfront National Associates LP of Dallas, says the 28-year-old, class C Bayfront Apartments was in pretty good shape. “The plan is to fix up both properties and to continue operating as is. Tenants will pay for utilities and the rent will drop a little in response,” Lockwood tells GlobeSt.com.

Lockwood says the 92%-occupied Bayfront Apartments was put on the market because of rising interest rates and low cap rates. “I suspect they saw a good opportunity to shed an asset they’d owned for a long time and redeploy the money,” he explains, adding the complex traded within 75 days of its listing. The broker says it had attracted two solid offers. David Fantin of local firm, Lifestyles Realty Inc., and Cliff McDaniel of Apartment Realty Advisors’ Houston office represented Jakab.

Situated on 7.74 acres, Bayfront Apartments has a mix of one-, two- and three-bedroom apartments measuring 700 sf to 1,200 sf. Monthly rents run from $590 to $860.

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