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Walden Residential Hawks 548 Units

HOUSTON-Venterra Partners bests 10 others chasing a class B portfolio tagged for sale at $24.1 million. The sales strategy teams two properties in good condition and one in need of repair. Occupancy, though, surpasses 92% across the board.

By Jennifer Brenner Andrade | Updated on April 18, 2004

HOUSTON-A Dallas-headquartered seller and a South Texas-based buyer close a double-digit, all-cash sale of 548 apartments in three properties in the Houston area. The class B portfolio, tagged for sale at $24.1 million, attracted 11 offers in a 30-day marketing period.

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.

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