(To read more on the multifamily market, click here.)
HOUSTON-A Birmingham, AL company has broken into the market withthe acquisition of the 428-unit Remington Park Apartments. Localsources speculate the six-year-old complex most likely has sold for$35 million to $40 million.
According to David Wylie, vice president of Apartment RealtyAdvisors' Houston office, local seller Creekstone Cos. received 14bona fide offers for the class A asset at 5510 S. Rice Ave.,assessed at $28.7 million by Harris County. "This is in a very goodlocation and was aggressively sought after, both by private andinstitutional investors," he says.
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