Industry sources tell GlobeSt.com that the Sun Forest Apartments traded within 90% of its $4.5-million price tag. The buyer, Ganga Properties LP, is a private investor from Houston who used financing from Citibank to acquire the 420 Garland Dr. property.
M. Todd Marix, a senior vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com that a juicy offer from a 1031 Exchange buyer was placed before the Sun Forest marketing campaign began, but the deal fell through allowing Ganga to run the deal with a backup offer that brought a closing in 30 days. TVO acquired the 93%-leased, class B complex about six years ago in a portfolio acquisition.
The Sun Forest units average 711 sf and rent for 70 cents per sf. The complex, built in 1979, sits on slightly more than six acres in a mostly blue-collar town with a Dow chemical plant as the primary employer. The Brazoria County Appraisal District assesses the property at $2.4 million.
TVO's disposition, now into its third year, has pushed the sale of 10 properties via a CBRE team that also includes G. Craig LaFollette and J. Todd Stewart, both senior vice presidents. Marix says TVO has yet to decide if the last asset, the 234-unit Falcon Ridge at 4603 Cypresswood Dr. in the northwest submarket, will be brought to market as part of the series of sales put into play to take advantage of the highly favorable investment sales market that dominates the Houston scene despite ongoing poor performance indicators. Marix stresses TVO is "interested in buying in Houston," but has yet to find the right deal to replenish the portfolio.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
