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Brooklyn Investor Takes Over 107 Units in Lake Jackson

LAKE JACKSON, TX-The Lakewood Manor Apartments has upside in the occupancy, which is in the low 80% range. The buyer, who owns another multifamily property in the area, placed a contract before Lakewood Manor made it to the market for $1.3 million.

By Jennifer Brenner Andrade | Updated on September 29, 2003

LAKE JACKSON, TX-A Brooklyn, NY-based investor scored a run for the 107-unit Lakewood Manor Apartments before it could come to market in a suburb 52 miles south of Houston. The broker says he was ready to market the property for $1.3 million when the investor surfaced.

The complex at 302 Huisache St. in Lake Jackson was sold by Wolverine Lakewood LP of Katy, TX, who is unloading assets outside Houston’s immediate bounds. Jeff Eisenhardt of the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com that he was just about to put the 18-acre holding on the market when the buyer contacted him about another multifamily property that he is marketing. But, Eisenhardt spun the interest to Lakewood Manor. The buyer, Lakewood Suites LLC, owns another apartment complex in the Lake Jackson area, the broker says.

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