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

HOUSTON-A local buyer has claimed the 101-unit Wakeforest Apartments from its 17-year owner. The final price for the $8.1-million listing is being kept under wraps due to confidentiality agreements, but similar properties in the Greenway submarket have sold for $70,000 per unit and higher.

The complex’s location at 3700 Wakeforest St. had drawing power because it’s situated in the Greenway submarket. According to CB Richard Ellis senior vice president Todd Marix, AON Inc. of Peterborough, ON received numerous queries and offers during the past several years. “This is a class C project, but an A location,” Marix says. “They never formally marketed it until recently, but still had a lot of inbound offers and interest.”

When AON did agree to market the property, it fielded 11 offers from a wide range of buyer types from townhouse developers to traditional investors. Marix tells GlobeSt.com that Cameron Management ended up with the 95%-occupied complex because of its experience and it had the most competitive offer.

Situated on just under three acres, the 44-year-old Wakeforest features one- and two-bedroom apartments, ranging from 575 sf to 1,328 sf. The monthly rent is $645 to $1,120.

AON has two other properties in Greater Houston that they acquired at the same time as Wakeforest. Marix, however, doesn’t see the company selling either the 648-unit Riveraine at 8181 Colony St. or 228-unit Granite Club at 8990 Richmond Ave. “They’ve been pretty happy in their experience here,” he adds.

In addition to Marix, CBRE executive vice presidents Craig LaFollette and Todd Stewart and senior associate Tre Banks brokered the deal. The buyer was self-represented.

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.