The class B, garden-style complex at 4603 Cypresswood Dr. in Northwest Houston, had an asking price of $10.2 million and received 11 offers, according to Todd Marix of CB Richard Ellis Inc.'s Houston office. He and CBRE's Craig LaFollette and Todd Stewart ran the sale for TVO. Trimark was represented internally.
"Over the past four years, TVO has been divesting its Houston assets," Marix says. "Like a number of other groups they think it's a good time to sell. They're taking advantage of the rich selling environment." Falcon Ridge, which traded at a 7% cap rate, is located in a heavily treed residential area near the Greenspoint Business District, Hewlett-Packard's campus and Bush Intercontinental Airport.
The 234-unit complex, built in 1982 on 9.4 acres, is 90% occupied. The 22-building complex boasts 178 one-bedroom units and 56 two-bedroom apartments. The average unit is 791 sf; average rent is $660 per month.
Marix tells GlobeSt.com Trimark plans to do some renovation to reposition the Falcon Ridge, but not much. "It's not a heavy-duty rehab," he says.
According to Marix, Trimark is very familiar with the city. "They feel that Houston is a good market where they can take advantage of the turnaround in 2005," he says about the several deals he's done in Houston with the Dallas investment group. In March, the company spent about $13 million for the Woodlake Townhomes on the city's west side.
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