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HOUSTON-A local entity with experience in rehabbing apartment complexes has bought the 400-unit Greenbriar Park North from foreclosure. Aldine Greenbriar Apartments LLC acquired the class B complex from Bank of America.

Wade Schmitz with Hendricks & Partners’ Houston office tells GlobeSt.com that CNC Investments was the former owner and like many owners during the mid-2000s, had bought too much with too much debt that couldn’t be refinanced. Schmitz, who marketed the asset for Bank of America adds that the 1980s complex at 818 Richcrest Dr. attracted a great deal of interest.

“But this involved a major rehab, requiring the right person who had the equity to buy this all cash,” Schmitz tells GlobeSt.com. Though the buyer, who was represented by Thomas Dunn with Marathon Interests LLC did rely on debt to finance the acquisition, Schmitz says the local bank liked the fact that the buyer had a strong track record in rehabbing complexes.

“There were down units that needed to be brought back online,” Schmitz says. “The property had been neglected, and needed someone to take care of it.”

Greenbriar Park North is 15% occupied, with a mix of one- and two-bedroom units. The size range between 573 square feet for the one-bedroom apartments and 925 square feet for the two-bedroom units. Rents are from $492 to $702 per month. Working with Schmitz on behalf of the seller were Chip Nash and Greg Austin with Hendricks & Partners’ Houston office and Tom Burns and Jay Gunn with the company’s office in Dallas.

Schmitz suggests that Greenbriar Park North is the tip of the iceberg when it comes to distressed multifamily product. As servicers and banks are getting a better handle on pricing, more of these distressed assets will hit the market in the coming months in Houston.

“Houston has lagged behind the rest of the country in seeing this type of property on the market,” Schmitz says. “But now we’re starting to see more of this. Servicers are saying more and more will come to market and the pipeline is starting to fill.”

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