Complex's Greenway Location Draws 11 Offers

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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.