HOUSTON-The 288-unit Silver Shadow Apartments at 3600 Woodchase in Houston have been sold to a partnership of real estate companies from California, Florida and Kansas.
The buyers, ELP Simon LP, plan to invest several thousand dollars per unit into a significant renovation of their new asset. Jim Hearn of the Houston office of Hendricks & Partners brokered the sale on behalf of buyer and the seller. He tells GlobeSt.com that the property presented a tremendous value-add opportunity for the buyers.
The apartments have an average unit size of 700 sf and average month rental rate of $520. Class A and B multifamily properties surround the complex. Hearn estimates the area's average lease rates range from $520 to $1,000.
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