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Backup Buyer Secures 178-Unit Multifamily Asset

LAKE JACKSON, TX-TVO Realty Partners turns to a Houston investment group, Ganga Properties, after the first contract falls out for the 93%-leased Sun Forest Apartments. Thirty days later, the seller is holding 90% of the $4.5-million asking price.

By Jennifer Brenner Andrade | Updated on February 18, 2004

LAKE JACKSON, TX-Chicago-based TVO Realty Partners has whittled the stock from a three-year sell-off of multifamily properties to one holding in Greater Houston as it continues to scour the market for assets to rebuild the portfolio. The latest to sell is the 178-unit Sun Forest Apartments in Lake Jackson, a Gulf Coast town 54 miles south of the Houston CBD.

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.

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