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438-Unit Complex Draws $30M

HOUSTON-A Louisiana syndication group lays down cash for the 92%-leased Serrano Apartments, a five-year-old gated community with rents up to $1,129 per month. Seller Jupiter Realty had several offers to weigh before giving the go-ahead.

By Bonnie Grota | Updated on July 27, 2004

HOUSTON-A Louisiana syndication group has paid $29.5 million for the 438-unit Serrano Apartments to Jupiter Realty Corp. of Chicago. The five-year-old complex was 92% leased at sale time.

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.

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