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$171M Apartment Portfolio Comes to Market

HOUSTON-Longtime holder RCA Holdings decides to part with half of its multifamily properties. A portfolio buyer would have to assume $128.4 million in debt, with an average 7% interest rate and April 2011 maturity. The sweet spot is occupancies from 90% to 95%.

By Jennifer Brenner Andrade | Updated on April 15, 2004

HOUSTON-RCA Holdings Ltd. has put a 2,951-unit multifamily portfolio on the market at an asking price of $171 million. The properties, located in Texas, Nevada, California and Mississippi, have $128.4 million of assumable debt.

“RCA has rarely been a seller in its 30-year history, but having owned many of the properties a number of years, has decided to sell off a portion of its portfolio,” Don Ostroff, senior director of the Cushman & Wakefield Multi-Housing Group, tells GlobeSt.com. Besides Ostroff, the C&W sales team includes Will Balthrope, also a senior director, and Susie Kakos, associate director.

The Houston-based RCA, led by Bernard Aptaker, has about half of its multifamily holdings on the market. The portfolio consists of three properties, totaling 1,314 units, in Dallas/Fort Worth; three complexes with 1,196 units in Las Vegas; a 250-unit development in Sacramento, CA; and a 191-unit asset in Biloxi, MS.

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