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Just-Sold 264-Unit Complex Primed for Rehab

PASADENA, TX-A Houston investor is ramping up a plan for a major rehab, including individual meters, for the Vista Del Sol, an 82%-leased complex with an 48 cents per sf rent that is sure to change as the leases roll.

By Jennifer Brenner Andrade | Updated on May 18, 2003

PASADENA, TX-A Houston investor has stepped up to buy an 82%-occupied, 264-unit complex on the outskirts of Houston in a repositioning plan backed by a rehab that will cost in excess of $1.3 million.

The Vista Del Sol complex is situated at 701 Preston Ave. in Pasadena, 17 miles southeast of Houston’s city line. Buyer of record, South Preston LP, is planning to pump $5,000 to $6,000 per unit into the complex, Ed Cummins III with the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com. He says the buyer is experienced at renovation projects, having completed similar turnarounds for multifamily assets in Houston as well as Pasadena.

Cummins is hushed about the selling price, but did say it fell below the $4.8-million ask of its Dallas-based sellers, TBAN Properties No. 1 Ltd. and TBAN Properties No. 1 LLC. Cummins says the partnership sold the property in order to move capital to other deals.

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