Search
 

1031 Exchanges Fuel 168-Unit Sale

KATY, TX-The Farmington sells for about $9.5 million to a Houston-based investment group. The 8.5% cap rate offsets a $6.6 million assumption to attract a buyer who closes the deal 36 days after placing the contract.

By Jennifer Brenner Andrade | Updated on April 28, 2004

KATY, TX-A 92%-leased, 168-unit apartment complex in Katy has traded hands for close to $9.5 million. Both buyer and seller have elected to use 1031 Exchanges in the transaction.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.