The five-year-old Amli at King's Harbor sits on 16 acres in the middle of the city's emerging commercial district, says Matt Rotan, principal of Apartment Realty Advisors' Houston office. The Chicago-based sellers have hung a $26-million tag on the 4630 Magnolia Cove Dr. property, positioned right beside King's Harbor Waterfront Village, a mixed-use project developed by Houston-based Midway Cos.
The sleepy suburb is evolving into a thriving commercial area with a master-planned cloak for protection. Rotan says that's a plus for investors. "The master plan creates some barriers to entry and helps make it more comfortable for investment," he explains. "It will attract private buyers backed by institutional money and institutions."
Assessed at $16.5 million by Harris County, the complex has 222 one-bedroom units and 78 two-bedroom apartments. Units average 946 sf; monthly rent is 97 cents per sf.
"The plan was to build the property and then sell it," says Rotan, who's teaming with ARA's David Mitchell to market the holding. In contrast to Amli's plan, Rotan says the complex is a prime candidate for a long-term hold strategy.
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