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About $7M Buys 232 Units in Clear Lake

CLEAR LAKE, TX-The Village Green Apartments sell to a Miami buyer, who puts up nearly $7.4 million for a value-add holding with deferred maintenance. The new owner assumes a Fannie Mae loan and plans to spend $1 million on improvements.

By Jennifer Brenner Andrade | Updated on March 09, 2004

CLEAR LAKE, TX-The 232-unit Village Green apartments has brought close to $7.4 million for a Dallas-based investment group that’s dissolving the partnership with the disposition.

Sitting in the Clear Lake/NASA submarket, the complex at 2305 Bay Area Blvd. was sold to Village Green Associates LP, an investment group from Miami. Jim Hearn with the Houston office of Hendricks & Partners tells GlobeSt.com that the new owner will need to put about $1 million into renovations. He says the seller, Meridian Village Green Investors LP, wanted to dissolve the partnership so it sold the holding as a value-add with deferred maintenance. He says the class C complex will fall into a class B category when the work’s done.

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