Mark Hendricks of the Houston office of Hendricks & Partners tells GlobeSt.com that the Houston-based buyer, William M. Friedrichs, plans to put $3.1 million to $3.7 million into renovating the 28-year-old complex. That translates into $10,000 to $12,000 per unit. Hendricks isn't discussing the selling price, but the property was on the market for $3.5 million.
Friedrichs goal is to be open for business at the start of 2203. The average unit size is 894 sf. The projected monthly rent will be $575.
Hendricks says Friedrichs has one other apartment complex although he owns several commercial properties. Yvonne Lantz of Campbell Real Estate Services represented Friedrichs in the negotiations.
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