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3,019-Unit Apartment Portfolio Up for Grabs at $140M

HOUSTON-Former mayor Bob Lanier and his company, Landar Corp., are looking to sell 19 complexes, a 90%-leased portfolio that's prime material for piecemeal sales. The properties, scattered throughout the city, range from 48 units to 316 units.

By Jennifer D. Duell | Updated on February 16, 2005

HOUSTON-Former mayor Bob Lanier and his company, Landar Corp., have placed a 3,019-unit multifamily portfolio on the market. The 19 properties, sprinkled throughout the suburbs, have a list price of $140.1 million.

“My gut feeling is that the portfolio will sell in pools or pieces,” Todd Marix, an SVP with CB Richard Ellis Inc.’s local office, tells GlobeSt.com. “If you asked me to wager on it, I don’t think it would trade all in one piece. But, with all the capital available, I wouldn’t say that the possibility doesn’t exist.” The CBRE marketing team includes VPs Craig LaFollette and Todd Stewart and associate Tre Banks.

The properties, ranging from 48 units to 316 units, are a mix of class A, B and C. “There’s really something for everyone,” Marix says. “Some of the properties are value-added opportunities that need some work while some of them are just good, stable assets.” The majority of properties are concentrated in the southwest suburbs, several are clustered, Marix says. The West Airport submarket and City of Pasadena each have three properties while Bissonnet Street has four properties.

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