Canfield Houston is set to pay $10.9 million, or $30,478 per unit, for the 25-year-old development to FSF Tealwood Associates LP, a private investment company from Lake Forest, CA. "It has a good turnaround story," says Todd Marix, senior vice president in CB Richard Ellis Inc.'s local office. "It just needs some capital and some closer supervision." The CBRE team also includes Craig LaFollette and Todd Stewart.
Situated on 14.6 acres at 990 Cypress Station Dr. in North Houston, Cypress Parke consists of 40 two-story buildings. It is undergoing exterior renovations, including paint and carpentry.
The 92%-leased Cypress Parke has 188 one-bedroom units, 126 two-bedroom apartments and 32 three-bedroom floor plans. Units range from 735 sf to 1,281 sf while rents run from $482 to $785 per month.
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