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GlobeSt.com EXCLUSIVE: NYC Buyer Antes Up $51M for 1,151 Units

HOUSTON-Canfield Houston, an affiliate of Cannon Development LLP, acquires a trio of class B multifamily properties in separate transactions, allowing one seller to exit Texas. Meanwhile, talks are underway for another 800 units for the Houston portfolio.

By Jennifer D. Duell | Updated on October 13, 2004

HOUSTON-Canfield Houston, an affiliate of New York City-based Cannon Development LLP, expands its presence with the acquisition of three multifamily properties in separate transactions for a total of $51 million. The class B complexes–Crystal Cove, Laurel Creek and Westbrae Apartments–are scattered throughout the metropolitan area.

“We like these assets because we were able to buy them at below replacement cost,” Shalom Lamm, a principal with Cannon Development, tells GlobeSt.com. “There’s a saying that the best time to buy is where there’s blood in the streets. There a big opportunity to buy in Houston because some owners are hurting. We are counter-cyclical in our acquisitions.”

Canfield Houston, which entered the Houston market in May, now owns five apartment complexes. And, the investment group is in negotiations to spend another $28 million for two more complexes with 800 units.

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