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RCA Holdings Bidding Adios to Multifamily Market

HOUSTON-RCA Holdings Ltd. hits the market with the balance of the portfolio, 2,432 apartments, all in Houston. The second wave, tagged at $99 million, comes just one month after it debuted a 2,951-unit portfolio in four states for $171 million.

By Jennifer Brenner Andrade | Updated on May 12, 2004

HOUSTON-In a hard-hitting multifamily exit, the locally based RCA Holdings Ltd. has brought another 2,432 units to market for $99 million just a month after it hit the streets with 2,951 apartments tagged for sale at $171 million. The latest round consists of 10 properties in Houston.

A month ago, RCA came out with 1,314 units in Dallas/Fort Worth; 1,196 units Las Vegas; 250 units in Sacramento, CA; and 191 units in Biloxi, MS. Don Ostroff, senior director of the Cushman & Wakefield Multi-Housing Group, tells GlobeSt.com that RCA planned a two-phase exit play from the onset of the decision to sell.

“RCA has held many of these assets for a long time,” Ostroff says, “and the owner intends to take the proceeds from the portfolio to help increase the scope and activities of his non-profit foundation.” The properties were acquired over the past decade.

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