X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

HOUSTON-Atlanta-based Shoptaw Group has sold its only two multifamily assets in the area, disposing of 438 units to a local buyer, who has anted up close to the $34.1-million ask.

KC Venture Group has laid claim to Champions Centre Apartments and Champions Park Apartments in the northwest submarket. Though built by separate developers at different times, Champions Centre and Champions Park were offered as a portfolio, but one-off offers weren’t ruled out.

“The seller was coming to the end of an investment partnership and wanted to take advantage of a healthy market,” explains Todd Marix, senior vice president with CB Richard Ellis’ Houston office. The seller’s CBRE team included executive vice presidents Craig LaFollette and Todd Stewart and senior associate Tre Banks.

Marix tells GlobeSt.com that KC Venture Group ended up beating 13 other offers for the 95%-leased assets with help from a competitive bid and a solid track record in the area. He credits investor interest to the class A assets location and upside potential. “These were great examples of what I think the market is looking for today,” he says. “The identifiable upside is upgrades to interiors and conversions from old brass hardware to brushed nickel and faux hardwood floors from tile in the entries.” And, he adds, KC Ventures is planning to do the upgrades for assets that it will manage and lease.

Champions Centre Apartments at 13222 Champions Centre Dr. was developed by Flagship Co. in 1994. The 192-unit complex is situated on 7.76 acres. The nine buildings have one- and two-bedroom apartments, ranging from 603 sf to 1,147 sf. The average rent is $1.03 per sf.

Down the road is the 246-unit Champion Parks Apartments at 13050 Champions Park Dr., which was built in 1992 by the Finger Cos. The nine-acre development has eleven buildings with one- and two-bedroom apartments. Its units measure 653 sf to 1,140 sf, with the average rent at 94 cents per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.