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Houston Investment Group Spends $70M for 982 Units in Two States

HOUSTON-Creekstone Partners enters Northern Florida and North Carolina with the acquisitions of three multifamily complexes from separate sellers. The locally based investor is on track to take down $400 million to $500 million of assets by year's end.

By Jennifer D. Duell | Updated on November 03, 2004

HOUSTON-Creekstone Partners has advanced another step in this year’s goal to close $400 million to $500 million of apartment acquisitions, spending nearly $70 million on three class A complexes in Northern Florida and North Carolina.

The locally based Creekstone Partners, a division of Creekstone Cos., was created earlier this year to acquire and manage multifamily and commercial real estate assets. The firm paid about $50 million to Cincinnati-based Western and Southern Life Insurance Co. for Jackson Square at the Hermitage and Polos on Park, both located in Tallahassee, FL. The insurance company was represented by NAI Eagle in Cincinnati.

Sitting on 16 acres at 1767 Hermitage Blvd., Jackson Square is a garden-style apartment complex built in 1996. It boasts 242 units with one-, two- and three-bedroom floor plans that range from 661 sf to 1,280 sf and rent for $745 to $1140 per month. It was 95% occupied at closing.

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