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Gables Gets $43M Cash for Houston Pair

WEBSTER, TX-United Dominion Realty Trust buys the Gables Bradford Place and Gables Bradford Pointe complexes, a 732-unit pair that's less than a mile from two of its multifamily properties. The seller walks away with a $20-million net gain.

By Jennifer Brenner Andrade | Updated on November 23, 2003

WEBSTER, TX-United Dominion Realty Trust of Richmond, VA has paid $42.5 million for Gables Bradford Place and Gables Bradford Pointe, a 732-unit pair situated on 26 acres in Webster, southeast of Houston.

Marvin R. Banks, senior vice president and CFO for Boca Raton, FL-based Gables Residential, tells GlobeSt.com that the 95%-occupied properties attracted a number of potential buyers before selling in an all-cash deal. Gables, which developed the properties in the late 1980s, netted $20 million from the sale.

In the past two years, Gables has sold more than 3,400 units for $225 million in Houston. Since the disposition began, “real property net operating income multiples have climbed to historic highs,” Chris Wheeler, Gables’ chairman and CEO, says in a press release. “Combined with property NOI growth in Houston during the last three years, our dispositions have capitalized on an arbitrage between multiples and growth to generate out-sized gains.”

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