(Read more on the debt and equitymarkets.)
ROUND ROCK, TX-Making its first buy in the area, Crest AssetManagement Inc. of Southlake has snagged the class A 324-unitSteeplechase Apartments from Cornerstone Real Estate Advisors LLC.The buyer also obtained an $18.6-million, three-year loan to coveracquisition and upgrade costs.
Built in 1996, Steeplechase Apartments at 515 Palm Valley Blvd.is 96% occupied. The average monthly rent at $825. "Their businessplan is to increase property performance through bettermanagement," says Lance Wright, director in Dallas for Norwalk,CT-based GE Real Estate, which provided financing to the buyer."They'll try to target some expenses, will perform minor upgradesto the interiors and hope to capitalize on the rental market, whichis strong there." He adds that Crest also will spruce up theexterior.
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