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84-Unit Bay City Complex Sells

BAY CITY, TX-The new owner's upside in the Wildwood Apartments is a 60%-leased complex delivering just 50% of the scheduled gross income, the broker says. The property passes to a Virginia physician, one of 15 chasing the deal.

By Jennifer Brenner Andrade | Updated on April 30, 2004

BAY CITY, TX-A physician from Clifton, VA, has bested 15 others for the 84-unit Wildwood Apartments in a Gulf Coast town about 83 miles southeast of Houston.

Buying as Clifton Bay LLC, the new owner got a 60%-occupied apartment complex delivering just 50% of its scheduled gross income, Jeff Eisenhardt in the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com. The Katy, TX seller of the Matagorda County asset plans to execute a 1031 Exchange in an exit of the multifamily sector as it steps up the push for its portfolio staple, ranch land.

The Wildwood complex at 2300 Hamman Road was on the market about six months at a $795,000 asking price, says Eisenhardt, who stood behind a strict confidentiality clause about the final price. According to the Matagorda County Appraisal District, the holding’s 2003 assessment was $600,000.

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