REA Property LLC outdistanced five other would-be buyers for the 95%-leased complex at 6226 Valerie St. in the Bellaire neighborhood. Chip Nash with the Houston office of Hendricks & Partners tells GlobeSt.com that the complex, marketed for four months, has a history of staying full or close to it. The units, ranging from 629 sf to 920 sf, rent for $435 per month to $535 per month.
Seller John E. Gilmore of Houston used a 1031 Exchange intermediary to complete the sale. According to Nash, Gilmore will deploy the gain into another commercial acquisition.
Nash and Kevin McCarthy, also with Hendricks & Partners in Houston, negotiated the transaction. Nash says the buyer placed new debt with Citibank to close the deal.
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