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TVO Realty Sells 400-Unit Complex

HOUSTON-CNC Investments bests 13 others for the 93%-leased Stancliff Park, a class B property with a strong track record due to a positioning within walking distance of two schools. The asset came to market with a $16.5 million price tag.

By Jennifer Brenner Andrade | Updated on November 10, 2003

HOUSTON-The 93%-leased Stancliff Park, priced for sale at $16.5 million, has been picked up by a local investment group vying against 13 others for the class B asset in the far southwest submarket.

CNC Investments Ltd. acquired the 400-unit complex at 10350 Lands End Dr. from Chicago-based TVO Realty Partners, marking its eighth sale in three years in the city.

Stancliff Park, which was on the market about 30 days, is a stand-out property with a strong performance record in a softening market, says M. Todd Marix, senior vice president in the local office of CB Richard Ellis Inc. “That is a rare thing,” he tells GlobeSt.com. He credits the complex’s performance–occupancy and ability to collect an average rent of 79 cents per sf–to its proximity to two schools, both within walking distance for tenants’ children.

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