(Read more on the multifamily market.)
HOUSTON-A San Francisco-based investment group has sold a232-unit complex after a 1.5-year hold and nearly a $1-millionrenovation. The Related Cos. LP of New York City has paid close to$8.85 million for the class B asset.
The Arbor Court Apartments at 802 Seminar Dr., a 97%-leased HUDproperty, traded at a 6.9% cap rate. The deal went from offer toclose in 65 days, according to Jeff Eisenhardt, senior adviser inHendricks & Partners' Houston office.
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