The seller is Walden Residential Properties Inc. and the buyer, Venterra Partners VIV LP, with principals in Clear Lake near Houston and Canada. The traded properties are Bayou Oaks, a 210-unit complex at 13800 Ella Blvd.; 177-unit Ashton Woods at 17033 Butte Creek Rd.; and Wimbledon, a 161-unit multifamily property at 16222 Stuebner Airline Road.
G. Craig LaFollette, senior vice president in Houston for CB Richard Ellis Inc., says the sales strategy teamed two properties in good condition and one in need of rehab. Bayou Oaks, built in 1984, is the property in need, but LaFollette was unable to pin down the extent of the work that will be done. The North Houston property was 92% leased at sale time.
Terming the group as "a good mix," LaFollette says the deliberate teaming was done to alleviate a buyer being overwhelmed with capital improvements. The 94%-leased Ashton Woods and 96% occupied Wimbledon, both in the northwest submarket and both 1979 product, need cosmetic upgrades, he says.
Bayou Oaks generates a per unit average $586 monthly rent for apartments averaging 755 sf. Ashton Woods' units average 854 sf and bring in $633 per month apiece. Wimbledon, with 960-sf units, has an average rent of $706 per month.
Walden acquired Bayou Oaks, assessed at $5.5 million, in 1994. Ashton Oaks, also assessed at $5.5 million, was bought in 1998 and Wimbledon, valued at $5.3 million, was bought in 2000.LaFollette says Venterra has an appetite for multifamily product in San Antonio as well as Houston. As for the seller, he says Walden is looking for replacement product around town. Walden still owns 25 complexes in South Texas and fee manages six others. Still up for grabs is the 596-unit Laurel Creek in the southeast sector. LaFollette and CBRE's J. Todd Stewart and Todd Marix are handling the Walden dispositions.
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