CONROE, TX-Low interest rates, outstanding cap rates andproperty stabilization prompted multifamilyproperty developer Apartment AdvisorsInc. to put a seven-asset, 1,440-unit portfolio up forsale. The Texas apartment portfolio includes three localmultifamily properties and is being offered at a $125 millionask.

The multifamily properties on the sales block are:

• The 200-unit Gulf Breeze Apartments at 6533 Patti Dr. in CorpusChristi
• The 240-unit Lookout Hollow Apartments at 16505 Lookout HollowCircle in Selma, TX; near San Antonio
• The 172-unit Stonebrooke Apartments at 5058 Paluxy Dr. inTyler, TX (about 70 miles east of Dallas)
• The 200-unit Walnut Ridge Apartments at 1900 Walnut St. inBastrop, TX; outside of Austin

Meanwhile, the following properties are in Conroe; approximately40 miles north of Houston:

• The 260-unit Hawthorne Ridge Apartments at 3300 N. Loop 336West
• The 176-unit Oak Creek Apartments at 2213 N. Frazier St.
• The 192-unit SkyTop Apartments at 2455 N. Frazier St.

Jones Lang LaSalle managing directorChip Nash says six of the seven properties are insecondary markets; areas in which "there's been so littlemultifamily construction they're outperforming." Nash, who ispartnering with JLL's managing director GregAustin to market the portfolio on behalf of the seller,adds that the portfolio-wide occupancy is 94%.

Though the relatively new multifamily properties are stable,Nash tells GlobeSt.com there upside through rentalgrowth. Furthermore, development opportunities come with theoffering. For example, a buyer can acquire a development siteadjacent to Hawthorne Ridge. Meanwhile, in Selma, there is anoption to develop a 116-unit build-to-suit property on 6.5 acresnear Lookout Hollow.