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144-Unit Houston Complex Earns $5M

HOUSTON-MBS Cos. of Metairie, LA, scratches off two more apartment properties from a nine-asset sale in Texas. The Cedar Pointe complex fetches about $5.3 million from Sterling Systems while deal details are pending for yesterday's late afternoon trade.

By Jennifer Brenner Andrade | Updated on April 06, 2004

HOUSTON-A Louisiana multifamily property owner, in the midst of a nine-asset disposition, has collected slightly less than the $5.3-million asking price for the 144-unit Cedar Pointe apartments in the northwest submarket. Meanwhile, yesterday afternoon brought another Houston trade on the company’s “to go” list.

Sterling Systems Inc. of Houston used 1031 Exchange funds from another multifamily sale in Houston and assumed a loan to take control of the 7610 Fallbrook Dr. property. Brokers on both sides of the deal declined to discuss details of the loan assumption. MBS Cos. of Metairie, LA is the seller.

Robert Su with the Houston office of Marcus & Millichap tells GlobeSt.com that Sterling Systems, eyeing a long-term hold, will invest about $25,000 into minor upgrades at the class B property. The 94%-occupied complex, situated on 5.2 acres near the intersection of Texas 249 and Sam Houston Tollway, has units that average 725 sf and a $500 per month median rent.

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