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HOUSTON-Sterling American Property Inc. has sold the first of three assets from a $23-million listing with 623 units. The first to go is the 240-unit Crosswinds Apartments, which brought within 90% of its $7.75-million ask.

A Canadian investor has laid claim to the 24-year-old Crosswinds at 14810 Crosswinds Dr. The 84%-leased complex was sold with a pro forma cap rate of 8.3%.

Edward Nwokedi, director of Cushman & Wakefield of Texas Inc., says the Ontario buyer won the deal because it offered to do a quick close. “They plan to make some minor upgrades and see if they can manage the property a little better,” Nwokedi tells GlobeSt.com.

Nwokedi says the buyer is interested in acquiring more US assets due to the weakened dollar. “They see the US dollar as on sale right now,” he adds. “Their belief is that if they buy American assets with a weaker dollar, they’ll get a much stronger return on their investments when the dollar strengthens.”

Sterling American’s other portfolio pieces are under contract to a different buyer. Within 90 days, the deeds will turn to the 232-unit Seton Chase at 7702 Seton Lake Dr. and 151-unit Willowbrook Point at 14150 Tomball Pkwy.

“We took this offering on as one and two because Seton Chase and Willowbrook Point are close together and in the same submarket. Crosswinds is closer to Bush Airport,” says Nwokedi, who’s teaming with C&W associate broker Oliver Pereira for the disposition.

The class B Crosswinds Apartments, situated on 8.6 acres, has one- and two-bedroom units ranging from 479 sf to 1,033 sf. The monthly rents range from $419 to $700.

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