(Read more on the multifamily market.)
HOUSTON-Six months after its launch, Mosaic Residential Inc. hastaken its first deed in its backyard: the 259-unit Mansions ofShadowbriar Apartments. Similar sales have closed at $35,000 to$45,000 per door.
The new owner is planning to spend $1.7 million to upgrade tothe 93%-leased, class B complex at 12200 Overbrook Lane. TheMansions of Shadowbriar was built in 1982 as a 328-unit condominiumproject, with 69 of the units now individually owned. Jay O'Connor,Mosaic Residential's founding partner, says the company will runthe complex as a rental just like the seller, Sendera InvestmentGroup of Austin.
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