The Dallas-based buyer secured a $14.3-million loan from Protective Life Corp. of Birmingham, AL to buy and renovate the Woodlake Townhomes at 2600 Westerland Dr. J. Todd Stewart, senior vice president for CB Richard Ellis Inc.'s local office, tells GlobeSt.com that Walden Residential of Dallas received 16 offers for a $13.2-million ask during a 30-day marketing period of the class B asset.
As soon as the deal closed, Trimark Realty jumped into a $1-million, interior and exterior renovation of the 91%-occupied complex, says Susan Hill, senior vice president and senior director in the Houston office of NorthMarq Capital. Construction will be completed by year's end.
Hill arranged the loan, but she's not discussing the terms for the 23-year-old complex where apartments average 770 sf and the monthly rent is 81 cents per sf or a $621 per-unit median.
The 8.3-acre property, fronting Westheimer Road, sits in an affluent area with class A apartment complexes. The completed renovation could bump rent above 90 cents per sf, says Stewart who brokered the sale along with CBRE senior vice presidents G. Craig LaFollette and Todd Marix. Stewart adds that the upside potential could push rent as high as $1 per sf as the multifamily market and the economy strengthen.
Last year, Trimark bought the 424-unit Westfield Apartments at 14405 Rio Bonito Dr. in the far southwest submarket for $11 million and invested $1.3 million into a rehab.
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