(To read more on the multifamily market, click here.)
AUSTIN-A Houston-based investment group has added to itsmultifamily portfolio, acquiring three class A-plus complexes with1,272 units. Market sources say the buyer has paid close to $170million for the "Mansion" portfolio.
CNC Investments Inc. has renamed the complexes to reflect itsbrand-name, Monterone. "He's actively seeking other deals,particularly in the Austin area," says Jim Richards, a principalwith Houston-based Live Oak Capital Ltd. "Austin's a market that'sin favor now. The fundamentals are good and job growth isgood."
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