St. Croix Associates LP of Big Rock, IL sold the Farmington apartments at 2013 Fry Road, just west of Houston. The seven-year owner plans to deploy the sale proceeds into another multifamily acquisition, says Chip Nash with the Houston office of Hendricks & Partners tells GlobeSt.com. He and Kevin McCarthy, also with Hendricks & Partners, brokered the sale of a class B asset with an 8.5% cap rate.
On the market for six months, Farmington garnered eight offers. The sale included the assumption of a $6.6-million loan from Wachovia.
Nash says the buyer closed the deal 36 days after placing the contract despite obstacles presented by the assumption process. The private investment group from Houston sold a 15-unit multifamily property in San Diego and applied the gain toward the acquisition.The Farmington's units average 1,150 sf. Rent averages 78 cents per sf.
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