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315-Unit Complex Trades in West Houston

HOUSTON-Trimark Realty Investments scoops up Woodlake Townhomes with a $14.3-million acquisition and renovation loan. The class B asset, with a 91% occupancy, ferrets out 16 offers.

By Jennifer Brenner Andrade | Updated on March 23, 2004

HOUSTON-Trimark Realty Investments Inc. has grabbed another multifamily deed in Houston, with the latest closing rolling in 315 value-add units on the west side of town.

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.

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