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California Investor Picks Up Southwest Multifamily in 1031 Exchange

HOUSTON-Private investors from San Francisco have exchanged an apartment complex in their hometown for a 143-unit southwest Houston complex called Beckford Place. The buyers paid within 97% of the $4.9 million listing price.

By Jennifer Brenner Andrade | Updated on November 10, 2003

HOUSTON-The 143-unit Beckford Place apartment complex in far southwest Houston has been purchased in a 1031 exchange by San Francisco-based private investors 13150 Bissonnet LLC. The buyers paid within 97% of the $4.9 million listing price for the property.

The Beckford Place complex is located at 13150 Bissonnet St. and was sold by Sterling Systems Inc., a private investor from Houston. Robert Su with the Houston office of Marcus & Millicahp Real Estate Investment Brokerage Co. marketed the property on behalf of the seller. Su tells GlobeSt.com that the complex was on the market for 180 days and garnered approximately 12 offers. Additionally, the property fell out of contract once before going under contract to the buyer.

Once under contract, the deal took another 138 days to close. The reason for the long escrow period, explains Su, is that the complex had an existing mortgage with “sizeable prepayment penalties” thus the buyer had to assume the loan. Midland Loan Services of Overland Park, KS services the loan, which has about seven years left, says Su.

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