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42-Unit Complex Sells for $775,000

LA PORTE, TX-With the deed now passed, the new owner will pump another $200,000 into rehabbing the Bayside Oaks as part of a repositioning plan to capitalize on the upside of a complex that was just 64% leased at sale time.

By Jennifer Brenner Andrade | Updated on October 01, 2003

LA PORTE, TX-A new owner, eyeing the upside with a rehab, has taken over the 42-unit Bayside Oaks at 3003 South Broadway in LaPorte, a city southeast of Houston near the Gulf of Mexico. Laurent Leonard LLC, a Houston partnership, has paid $775,000 and is planning a $200,000 renovation.

The complex, which consists of 12 one-bedroom and 30 two-bedroom units, was on the market for just seven days and received a handful of offers, Kyle Johnson with the Houston office of Marcus & Millichap tells GlobeSt.com. He represented the seller, Minotaur LLC, Houston-area partners who are getting out of the apartment business.

Johnson says the $840,000 asking price attracted at least five offers because Bayside Oaks was just 64% occupied at sale time. The deferred maintenance and low occupancy translate into ample upside, when the work’s done.

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