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California Buyer Pays $9M for 145-Unit Complex

HOUSTON-A local investment group turns over the Greenbriar Chateau, a class B asset in a class A neighborhood, to a Beverly Hills investor who assumes a $7.2-million Freddie Mac loan to close the deal.

By Jennifer Brenner Andrade | Updated on March 07, 2004

HOUSTON-The 145-unit Greenbriar Chateau in southwest Houston has been sold for $8.7 million to a private investor from Beverly Hills, CA.

The new owner of 4100 Greenbriar St. assumed a $7.2-million Fannie Mae loan with a sub-6% interest rate through Boston-based Berkshire Mortgage Finance to close the deal, James Hearn, partner in Houston for Phoenix-based Hendricks & Partners, tells GlobeSt.com. The seller, Allied Greenbriar Ltd. of Houston, is an investment group with an equity fund as a partner.

Hearn says Greenbriar Chateau garnered 10 offers when it first came to market, but it took a year to sell because two contracts fell out due to last year’s downturn in the multifamily sector. To win the close, he says “the price was lowered just a shade” for buyer of record, FSC Greenbriar Chateau Ltd.

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