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GlobeSt.com EXCLUSIVE: Four-Property Alexan Portfolio Draws $80M

HOUSTON-In an off-market transaction, Trammell Crow Residential sells a 1,292-unit multifamily portfolio to Internacional Realty Inc., a San Antonio-based TIC buyer. The top-branded complexes, completed last year, range in occupancy from 65% to 78%.

By Jennifer D. Duell | Updated on January 24, 2005

HOUSTON-Internacional Realty Inc., a tenants-in-common investor from San Antonio, has acquired a quartet of class A complexes in an off-market trade that industry experts have pegged at more than $80 million. The 1,292 units, built last year by Trammell Crow Residential, are all Alexan-branded.

“Internacional pursued us,” Scott Wise, senior managing director in Houston for the Atlanta-based developer, tells GlobeSt.com. He says Trammell Crow Residential had planned to sell the properties this year after they were leased up.

The class A package, completed in 2004, consists of the 352-unit Alexan Heights and 318-unit Alexan Piney Creek, both in Houston; 304-unit Alexan Springs in nearby Spring; and 318-unit Alexan Downs in Katy. Rents average about 95 cents per sf. “They like newer properties,” Wise says, adding Internacional also was attracted to the location and quality of complexes.

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