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HOUSTON-An Austin buyer has bought the 270-unit Bridges of Eldridge in West Houston. The off-market transaction represents the buyer’s second acquisition in the city, with hopes of more to come in the future.

“The buyer had a previous relationship with us, saw the property and asked if we could make a deal between the two groups,” says David Mitchell, principal in the Houston office of Apartment Realty Advisors. He and ARA colleagues David Wylie, David Oelfke and Matt Rotan represented the seller, MBS, a Los Angeles-area company with local partnership ties.

While Mitchell wouldn’t disclose the sale price for the 2250 Eldridge Rd. asset, industry sources say class A assets in the submarket are trading for $110,000 to $115,000 per door. Harris Central Appraisal District assesses the three-year-old complex at $20.3 million.

Mitchell tells GlobeSt.com that CWS Apartment Homes LLC will rename the 92%-occupied complex to Marquis at Eldridge Parkway. In June 2006, CWS acquired its first multifamily asset in the city, Pin Oak Green, which was renamed Marquis at Bellaire at 5454 Newcastle Dr. It’s situated just inside Interstate 610 and about 12 miles away from its newest purchase.

“They’re targeting potential properties inside the loop and along the Energy Corridor where a lot of job growth is,” Mitchell says. He adds that to his knowledge, CWS has nothing under contract at this time.

Situated on 8.6 acres and developed by Houston-based Dinerstein Cos., Bridges of Eldridge is predominately one- and two-bedroom units and just a few three-bedroom apartments, with the average being 1,059 sf. Rent averages slightly more than $1 per sf.

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