Search
 

About $1.3M Claims 44 Multifamily Units

HOUSTON-A Houston investment group acquires the Ponderosa Apartments and Heights Terrace from a Newton, MA owner as both sides work 1031 Exchanges. About $15,000 per unit will go into upgrades so the rent can jump.

By Jennifer Brenner Andrade | Updated on July 14, 2003

HOUSTON-Two Heights-area apartment complexes in a historic neighborhood just northwest of Houston’s CBD were sold as a single package in 1031 Exchanges for both buyer and seller.

The traded properties are the 22-unit Ponderosa Apartments at 214 W. 17th St. and the 22-unit Heights Terrace at 1447 Heights Blvd. The Houston investment group of Heights Venture LLC purchased the two properties from Healy Properties Inc. of Newton, MA.

Kevin McCarthy with the Houston office of Hendricks & Partners tells GlobeSt.com that the properties sold for close to the package’s asking price of about $1.3 million. He says the buyer turned around proceeds from the sale of a 20-unit multifamily property whereas the seller intends to reinvest the gain in a Boston duplex. The seller wanted something closer to home, says McCarthy. Besides, he adds, the seller was ready to cash out on an asset acquired in 1982.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.