(Read more on the multifamily market.)
HOUSTON-Triple Net Properties LLC has added a second multifamilyproperty in the region to its portfolio in an off-market deal withthe Lynd Co. If all goes as planned, the tenants-in-common buyerwill have a third complex earmarked to buy in 60 to 90 days in astepped-up focus to expand its Greater Houston footprint.
The Santa Ana, CA-based Triple Net secured a $12.45-million loanto close on the 243-unit Chartwell Court at 15100 Ella Blvd. in thenorthwest submarket about eight miles from the Texas Medical Centerand five miles north of Bush Intercontinental Airport. The92%-leased asset is collateralizing a 10-year loan with a fixedrate and five years of interest-only payments, says Gus Remppies,senior vice president of acquisitions for Triple Net. TheCharlotte, NC-based Wachovia Bank is the lender.
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