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HOUSTON-Speculation has ended as Los Angeles-based Post Investment Group LLC, with equity backing from a New York City firm, has officially closed on the 2,469-unit Broadway Square Apartments. The estate of Houston developer Harold Farb had the asset on the market since summer 2007.

The 86% occupancy of the asset, situated on 69 acres at 8751 Broadway Blvd., is providing upside for the new owners. “The submarket fundamentals, typified by strong employment growth and comparatively low vacancy, serve to mitigate the occupancy risk characteristic of multifamily investment,” Jack R. Ehrman, Post’s acquisitions director, says in this morning’s press release. “We plan to stabilize the asset at 90% occupancy, which represents only a 400 bps increase over current operations and is 300 bps below market and property historical trends.”

Post leaders were not available for comment by deadline, but additional details will be forthcoming. G. Craig LaFollette, executive vice president in CB Richard Ellis’ Houston office, led a team of brokers in the transaction.

Farb built Broadway Square Apartments, located near Hobby International Airport, in 1975. It is the last complex to be sold by Farb’s estate. In December, the estate sold the 1,326-unit Nob Hill Apartments at 5410 N. Braeswood Blvd. in the near southwest submarket and 1,280-unit West Point Apartments at 8600 Woodway Dr. on the west side. The buyer was Cypress Real Estate Advisors Inc. of Austin.

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