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

HOUSTON-In a six-week start to finish, a Washington, DC investment group has sold the 408-unit Indian Springs Apartments for slightly less than the $13.75-million ask. The buyer, San Francisco-based Rupert Pupkin Properties LLC was up against nine other bona fide offers for the northwest Houston property.

“The buyer was in an exchange and wanted to close very quickly so he was willing to do what he could to make it happen,” explains Russell Jones, vice president with Apartment Realty Advisors in Houston. He says the deal closed in 75 days.

Jones tells GlobeSt.com that Indian Springs Apartments at 3700 Watonga Blvd. was the seller’s only asset in Houston, a 1980-constructed complex acquired in 1996. “He’s looking to upgrade his portfolio and wanting to buy closer to home,” he says, adding that the deal closed at a very aggressive cap rate. Jones and ARA Houston’s David Oelfke represented the seller, Titan Real Estate Investment Group. The buyer’s representative was Dan Lem of LEM Real Estate in San Francisco.

The first-time market buyer got an 85%-occupied, class B complex in the Brookhollow submarket. Jones says the new owner will invest another $300,000 to handle some deferred maintenance. Despite the repair work, Jones says the asset attracted a lot of attention because demand for class B complexes with value-add potential is on the rise in the area.

The complex, situated on 12.54 acres, has a mix of one- and two-bedroom apartments. Units range from 622 sf to 1,022 sf while monthly rents go from $465 to $680. Chancellor Property Management Co. Inc. of Houston, which has handled leasing and property management for the seller, will continue doing the same for the new owner.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.