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Houston Buyer Finishes First in 192-Unit Offering

HOUSTON-CNC Investments Ltd. beats 14 others lined up for the Forest Apartments, a gated community in North Houston. Seller AIMCO brought the complex to market without a minimum so the heated bidding set the stage for a good return.

By Beverly Ford | Updated on February 04, 2003

HOUSTON-Houston-based CNC Investments Ltd. won out over 14 other bidders to take ownership of the Forest Apartments, a 192-unit, gated community in a prime north Houston area.

Todd Marix, first vice president with CB Richard Ellis Inc.’s Houston office, tells GlobeSt.com that seller Denver-based AIMCO, the largest single multifamily owner in the country, put the 22820 Imperial Valley property up for offers about 30 days ago in order to divest of some of its holdings.

Interest in the two-story complex was intense right from the start, Marix said. “We had 15 offers almost immediately,” he said. “Houston has been one of the few markets in the country investors have gotten excited about. Compared to other markets we’ve held our own as far as job strength and growth are concern. Houston has really withstood the slowdown better than most and as a result we’ve seen an increase in investor traffic.”

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