Situated on two acres at 12845 Market St., La Fiesta Apartments is a 60-unit, class C complex. The garden-style complex was built in 1964 and renovated in 2003, according to Robert Su, a senior investment associate in Houston for Marcus & Millichap Real Estate Investment Brokerage Co.
"The buyer really liked the physical condition of the interiors, which had just been redone," says Su, who brokered the sale along with Russell Jones, also in the brokerage house's Houston office. Su tells GlobeSt.com that La Fiesta Apartments received four offers during 60 days on the market. "The buyer is a typical California investor who liked the value he was able to find in Houston," he says. He adds that cash flow was important to the buyer.
La Fiesta Apartments boasts 24 one-bedroom units, 32 two-bedroom apartments and four three-bedroom layouts. The average unit is 742 sf and average rent is $544 per month.
The complex's occupancy hovers 85%. JLDA Investments LP, represented by Jimmy Kao of RE/Max Southwest, obtained new financing from Denver-based Matrix Capital Bank to acquire La Fiesta Apartments, assessed at $820,100 by Harris County.
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