X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

BRYAN, TX-A Newton, MA-based buyer has entered the market with the acquisition of 547 units. While comparable class C units in the area have traded in the low $30,000 per door, Commercial Capital Partners LLC has obtained the two complexes for a considerably lower price in an off-market deal.

Jeff Patterson, vice president with Apartment Realty Advisors’ Secondary Markets Team, says the Houston-based WWK Ltd. bought the assets in 1998 and wanted to sell them as one, opting not to list them to simplify the process. The just-sold assets are the 248-unit Willowind Apartments at 2301 Broadmoor Dr. and 299-unit Willow Oaks Apartments at 3902 E. 29th St.

“I think they recognized an improvement in the market and they’d made improvements in the properties,” Patterson says. He and ARA transaction manager Kelly Witherspoon showed the properties to a few select buyers.

The Willowind Apartments, situated on 3.4 acres, is assessed at $1.8 million. Willow Oaks Apartments, situated on 18.4 acres, is assessed at $7.9 million.

“Occupancy is in the low 90s right now. The buyer will make physical improvements and self manage the property,” Patterson says. “The market is improving so they’ll have a good investment on their hands.” He says the complexes sold for less than the going rate for class C complexes.

The 29-building Willowinds was developed between 1977 and 1982. It has one-, two- and three-bedroom apartments, ranging from 732 sf to 1,370 sf. Its monthly rents are $525 to $800.

Less than a mile away, Willow Oaks’ 62 buildings rose between 1969 and 1971. The mix runs the gamut from studios to three-bedroom apartments. The rents go from $380 to $900 per month for units ranging from 435 sf to 1,317 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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.