(To read more on the multifamily market, click here.)
HOUSTON-A local private investor has acquired the 200-unitBayfront Apartments for just south of the $5.95-million ask. Thesame buyer recently spent close to $5 million for its 260-unitneighbor, Sundial Apartments.
Emery Jakab's newest acquisition is a 13-building complex at11710 Algonquin Dr. "The buyer already had Sundial in hand so hedecided to combine these. They're sister properties, built by thesame developer and sold by different owners," says DouglasLockwood, vice president with Grubb & Ellis Co.'s Texasmulti-housing group.
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