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HOUSTON-The offering of the 1,222-unit multifamily portfolio involving five properties in Houston and Conroe brought many potential buyers out of the woodwork. Though Abbey Residential ended up with the class B properties, it had to beat out nine other bonafide bidders for the deal. And that didn’t count the additional 30 or so one-off bids.

“These were competitive and sought after,” explains Ryan Epstein a senior vice president with CBRE, who represented the portfolio’s seller. “This gave someone the opportunity for good quality B assets in one of the fastest-growing markets in the country.” He explains that the properties were built in the mid-1980s, with portfolio occupancy at 95%.

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