Brays Village Associates Ltd., general partner of Attleboro, MA-based VBA Inc., has sold the 258-unit Brays Village to CNC Investments Ltd. LLP. The complex is situated at 4400 Boone Rd. Jeff Eisenhardt and Mark Hendricks, both with Hendricks & Partners, brokered the transaction.
The complex was built in 1984 by Strassburgh & co. of Wichita, KS, sold in 1986 to a local investor and sold again in 1988 to the Massachusetts investment group. Brays Village is assessed at $4.6 million, according to the Harris County Appraisal District.
The Houston economy is running countercyclical to the rest of the country and is faring better than most regions despite its woes from Enron, Compaq and Continental Airlines. Multifamily product, in particular, has been changing hands on a regular basis as investors, near and far, look to secure a piece of the action in light of predicted job growth.
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