The Forestree Apartments, located at 265 El Dorado Blvd. in the southeastern Houston suburb of Webster, is one of 12 complexes remaining in the one-time 16-property portfolio. G. Craig LaFollette, a senior vice president of CB Richard Ellis in Houston, tells GlobeSt.com that the Forestree complex and recently sold Bayberrytree Apartments had been the only Houston assets in the disposition package. TriVest Real Estate II LP is Forestree's buyer.
Tyler Anderson and Sean Cunningham, both of CB Richard Ellis' Phoenix office, are heading up the sales on a national level. The team would not comment on the Forestree sale. In early May, they had told GlobeSt.com that buyers are being sought for properties in Tampa, Nashville, Michigan, Phoenix and the Texas cities of Austin, Corpus Christi, Webster and Tyler. LaFollette says a 782-unit complex in Corpus Christi is currently under contract.
In the previous GlobeSt.com interview, Anderson had said the properties were built in the early 1980s. The disposition is because Hall is ready to move them out of its portfolio and is not a sign of a retreat from the multifamily sector.
In addition to LaFollette, CB Richard Ellis' J. Todd Stewart, senior vice president, and Todd Marix, vice president, have represented the seller, NHP Bayberry LP, a Hall Financial affiliate in the transaction.
The CB Richard Ellis multifamily team along with Tommy Brennan of Allied Properties also had negotiated the sale of Seabrook Pirates Landing at 2727 E. NASA Rd. One in Clear Lake. The 196,434-sf, 230- unit, class A complex had been built in 1990.
LaFollette says Seabrook Pirates Landing Associates are locally based merchant builders who developed the project with an eye to eventually selling it. Until recently, market conditions had not been considered right for a sale, he says. Houston-based private investors, CNC Investments, is the buyer, taking its portfolio to more than 50 complexes.
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