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Northern California Buyer Gets 60-Unit Asset

HOUSTON-A San Jose, CA-based investment group stakes a claim in the region by purchasing La Fiesta Apartments. The asset, with an occupancy hovering 85%, attracted four offers during a two-month run on the market at $1.4 million.

By Jennifer D. Duell | Updated on December 08, 2004

HOUSTON-JLDA Investments LP, a private investment group based in San Jose, CA, has acquired La Fiesta Apartments from Houston-based WI Miller & Associates.

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.

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