Beaumont Complex Fetches $60,000 Plus Per Unit

BEAUMONT, TX-A San Francisco investment group has put up slightly more than $10 million for a class A, 152-unit complex in a plan to collect on the upside from a future expansion on 10.2 extra acres of developable land. The sale is believed to have set a record for a fast-growing suburb northwest of Houston.

Lynch Investments LLC bought the Pointe Apartments at 4165 Dowlen Rd. in Beaumont from Weston Apt. Homes Inc., a local custom homebuilder who spent three years developing the 14-building complex. The 14.3-acre project, finished earlier this year, was 99% leased at sale time.

“I could have had 20 offers, but the San Francisco buyer flew out and looked at it right away,” Gregory Keith, an investment specialist in Marcus & Millichap’s Austin office, tells GlobeSt.com. “This is the first verifiable apartment sale in the Beaumont area that was over $60,000 per unit.”