Sterling American is an investment fund of Sterling Equities Inc. and American Securities Capital Partners. The fund owns some 2,800 units in Houston, Austin, San Antonio and the North Texas town of Tyler.
Don Garrett of BH Equities took the deal to buying fund. BH Management Services Inc. of Dallas is a joint venture partner in the acquisition and will co-manage the property with Sterling American Property.
W. Jeffrey Smith, Sterling's vice president of acquisitions, says despite current economic swings "Sterling American sees Houston as having a more diverse economy than even 10 years ago. Houston's demographics and projected market conditions present a solid investment opportunity."
Smith says the 19-year-old Summerstone's value enhancement strategy includes improvements to management and property operations plus changing the tenant profile. A significant renovation is in the works. The holding, situated on eight acres, has an average rent of $542 unit per month.
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