Donald A. Smith, Jupiter Realty's chairman and CEO, tells GlobeSt.com that the buyer, MBS Serrano Ltd., put cash on the line for the 14723 W. Oaks Plaza, a gated community east of Texas 6 and Richmond Avenue near Interstate 10. "Because of the quality of the property, Serrano attracted quite a few potential buyers," he says.
The 23-building complex has a unit mix of one-, two- and three-bedrooms, ranging from 692 sf to 1,415 sf. Rents range from $729 to $1,129 per month.
Smith says Houston is a good investment. "In the past five years, we've bought and sold several times in the market and will continue to do so," he says, noting the company maintains an office in the metro because it's so active in the market. It also has offices in Charleston, SC, Atlanta, Los Angeles and San Francisco.
Greg Willett, vice president of research for Carrollton, TX-based M/PF Research Inc., says the Houston market is starting to firm up, driving an increase in listings and investors shopping for buys. "The activity level had been down because there wasn't that much product available. Lately there has been a noticeable upturn in terms of the product that's for sale," he says. "What we're starting to see happen is that as apartments begin to gain higher revenues, sellers can justify higher prices."
The Serrano Apartments was built with perks like gourmet kitchens, terraces and patios and covered parking. Premium features include private attached single- and double-access garages, additional storage space, wood-burning fireplaces, French doors and vaulted ceilings.
David K. Oelfke, principal of Houston-based Apartment Realty Advisors, represented Jupiter in the sale. The buyer was self-represented.
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