The property at 10070 Westpark Dr. in West Houston was listed at $11.2 million. "We had 10 offers overall and several offers within the general price range," Todd Stewart, a senior vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com about the sale by TriVest Residential LLC of Dallas. "Because of Berkshire's timing and knowledge of the property we were able to sell for a slightly lower price." According to the Berkshire, the property went under contract for $10.2 million, but was renegotiated to $9.9 million in cash.
The 19-building Antilles, sitting on 11 acres about one mile from the new Westpark Tollway, was constructed in 1977. It underwent a $2.9-million renovation from 2001 to 2003 that included exterior and interior upgrades.
The complex's two-story brick buildings have nine floor plans. The 206 one-bedroom units range from 576 sf to 812 sf while the 118 two-bedroom units are 917 sf. One-bedroom units rent for $499 to $629 per month; two-bedrooms, $649 to $669 per month.
Antilles is 94.1% leased, but the economic vacancy is much lower--around 70%, says Stewart, who teamed with CBRE's Craig LaFollette, Todd Marix and Tre Banks to set up the deal. "There's a lot of upside because concessions will burn off, rents will increase and occupancy will improve," Stewart explains. "It's a great opportunity for them to take advantage of the rising market." The REIT owns two other multifamily properties in the metro.
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