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268-Unit Forestree Cut from Hall Portfolio

HOUSTON-Hall Financial Group has sold the last of its Houston multifamily assets in an ongoing disposition of 16 older properties. The Forestree Apartments in the southeastern Houston suburb of Webster has been sold to a limited partnership.

By Jennifer Brenner Andrade | Updated on June 28, 2001

HOUSTON-Dallas-based Hall Financial Group has found a buyer for the 268-unit Forestree Apartments in an ongoing disposition of a 4,342-unit portfolio valued at nearly $113 million.

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.

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