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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
