(Read more on the multifamily market.)
HOUSTON-Stone Post Properties of Englewood, NJ and CMS Cos. ofPhiladelphia have banded together to acquire the 419-unit AMLIMidtown. Sources uninvolved with the transaction say that the classA units have traded hands for just over $100,000 per door.
According to SEC filings, Chicago-based AMLI Residential hadpaid $33 million in 2001 for the asset at 2350 Bagby St. DavidMitchell, principal with Apartment Realty Advisor in Houston, saysthe 96%-leased Midtown is the Chicago company's first dispositionin Houston since it was bought in 2006 by New York City-basedMorgan Stanley Group Inc. "I think their plan is to dispose of someof their properties that are more than four years old and to keepthe newer ones," the seller's broker says.
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