X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

HOUSTON-Following a three-year-hold, a Los Angeles owner sold the 364-unit Northwest Pines to a New York City buyer. The sales price was within 90% of the $11.4-million ask, and had a 8.5% cap rate.

“The seller had a tough run following Katrina, but was able to turn the asset’s performance around during the hold and prior to disposition,” says Edward Nwokedi, director with Cushman & Wakefield of Texas Inc. Nwokedi, who represented JRK Asset Management Inc., adds that the class B, 27-year-old complex at 5801 N. Houston Rosslyn Rd. was 94% occupied at closing, an increase from the 84% occupancy recorded when it first went under contract.

Buyer MNR Inc., which is new to the Houston market, has few repairs to make as the property is in good condition and JRK renovated extensively in 2002, Nwokedi says. He tells GlobeSt.com that MNR retained Asset Plus Corp. of Houston to take over management from JRK’s management arm AMD Property Management.

“The buyers exchanged out of a New Jersey apartment property they’d sold several months ago,” Nwokedi adds. “They’d like to purchase similar properties in Houston.” He says that JRK continues its search for value-add opportunities as well, which was one reason for the Northwest Pines sale.

Situated on 11.61 acres in the Brookhollow submarket, Northwest Pines has one- and two-bedroom units with rents ranging from $435 to $625 per month. Cushman & Wakefield associate brokers Oliver Pereira and Daryl Kadlecek worked with Nwokedi on behalf of the seller. MNR was self-represented.

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.