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HOUSTON-Right Place Properties makes its second area acquisition, taking possession of the 136-unit Carter’s Grove Apartments. The $3.7-million acquisition puts the Phoenix investor on the road to its 2,000-unit year-end acquisition goal.

Right Place bought the asset at 3405 N Shepherd Dr. from local seller Sam Pinter and plans to invest more than $5 million in renovations and upgrades. The 37-year-old asset, situated on 5.4 acres, had numerous violations from the City of Houston, and has been vacant since spring 2007.

Natan Jacobs, broker and managing principal with Red Door Commercial in Phoenix, says renovations will begin immediately, should take anywhere from six to nine months. Extensive interior and exterior work is planned, as well as a name change to Garden Oaks Apartment. Jacobs, who represented Right Place in the acquisition, says the units will be ready to market as condominiums by Q4 ’08.

“We’ve seen a huge demand on Braesforest,” says Jacobs, discussing Right Place’s first Houston acquisition from last fall, the 94-unit Braesforest Apartments at 8100 Creekbend Dr. “There’s a lot of demand for affordable condominiums in Houston.”

Jacobs tells GlobeSt.com that to meet the demand, Right Place already has between 500 and 600 units in escrow, with closings scheduled every two weeks between now and early June 2008. The company’s ultimate goal is to have 2,000 units acquired by the end of the year.

Not all the properties will end up as immediate conversions, however. “Because Carter’s Grove was vacant, and because we’re investing so much into it, it made more sense to bring that directly to market,” Jacobs explains. He adds that the assets currently in escrow will mainly be held as rentals, with conversions taking place based on market conditions.

Brooks Spilsbury and Kevin Peck with Red Door Commercial worked with Jacobs on behalf of Right Place Properties for the sale. Herb Shapiro and Mark Villanueva of Herb Shapiro and Associates in Houston represented the seller.

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