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(Read more on the multifamily market.)

HOUSTON-A local investment group has obtained a $10-million loan to buy the 145-unit Greenbriar Chateau in the near southwest submarket. Given the location, it could end up as a conversion into a higher-density project.

Bammelbelt LP bought the complex, built nearly 40 years ago at 4100 Greenbriar St., a prime infill location within minutes of Rice University, Hermann Park and the Texas Medical Center. Sources familiar with the area say rising land costs for infill sites could prompt similar deals by investors buying aging properties as land plays.

FSC Greenbriar Chateau Ltd. of Southern California owned complex four years before deciding to sell it. According to Hendricks & Partners’ website, the buyer made a pre-emptive offer for the asset, which was poised to be marketed for $13.5 million. Jim Hearn, principal with Hendricks & Partners’ Houston office brokered the transaction. John Burke, senior vice president and managing director of NorthMarq Capital Inc.’s Houston regional office, arranged financing through Allstate Investments LLC of Chicago.

Situated on 3.6 acres, Greenbriar Chateau has a mix of one- and two-bedroom apartments with rents ranging from $790 to $950 per month. Bammelbelt LP will manage and lease Greenbriar Chateau.

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