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Chicago-Based Investor Exits Texas with $10M Sale

HOUSTON-TVO Southwest Partners sells the 234-unit Falcon Ridge Apartments to Dallas-based Trimark Realty Investments Inc. The 90%-leased asset in the northwest submarket had an asking price of $10.2 million.

By Jennifer D. Duell | Updated on October 18, 2004

HOUSTON-Chicago-based TVO Southwest Partners LP has exited the Texas market with the sale of Falcon Ridge Apartments to Dallas-based Trimark Realty Investments Inc.

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.

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