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HOUSTON-Dallas-based GenCap Partners LP has sold the last of three properties in a portfolio disposition to a Beverly Hills, CA buyer. The 384-unit Villages of Cypress Creek was on the market for $32.65 million.

Francis Property Management Inc. went up against 13 other potential buyers vying for the 10300 Cypresswood Dr. property. Todd Stewart, executive vice president for CB Richard Ellis in Houston, tells GlobeSt.com that the buyer’s aggressive offer and earnest money were the deal breakers.

Stewart says the Villages of Cypress Creek originally was marketed in 2005 with the 350-unit Mandolin at 10325 Cypresswood Dr. in Houston and 450-unit Villages of Sage Creek at 12820 N. Lamar Blvd. in Austin. “Two of the properties sold to separate buyers last year, but Cypress Creek did not. Ultimately, we remarketed it this year and it sold,” Stewart says.

Given the growing interest among national investors for Houston multifamily properties, Stewart wasn’t surprised at the number of offers received during the 30-day marketing period for the 92%-occupied Villages. “This is a nice class A property built in 2001, located near HP’s regional headquarters,” he says.

The complex has a mix of one-, two- and three-bedroom apartments, ranging from 770 sf to 1,388 sf. The monthly rent charged goes from $836 to $1,410.

The CBRE team included executive vice president Craig LaFollette, senior vice president Todd Marix and senior associate Tre Banks. David Joachim with International Realty Concepts Inc. in Houston represented the buyer.

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