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Berkshire Renegotiates Multifamily Buy, Shaves $300,000

HOUST0N-With a week to go before the closing, the Boston-based REIT gets the price down to $9.9 million in cash for the 324-unit Antilles. The deal's broker says TriVest Residential agrees because of the buyer's timing and knowledge of the asset.

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

HOUSTON-After months of negotiation, Berkshire Income Realty Inc. is under contract to purchase Antilles, a 324-unit, class B complex, for $9.9 million. The Boston-based REIT will close the acquisition Wednesday.

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.

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