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Class C-Minus Complex Nets Nearly $4M

HOUSTON-The 140-unit Las Villas trades to Megalodon LLC, for close to $3.6 million to an investment group from Selah, WA that's planning to pump another $200,000 to $250,000 into upgrades.

By Jennifer D. Duell | Updated on June 15, 2005

HOUSTON-Just as the 140-unit Las Villas was about to go under contract to another buyer, an investment group from Selah, WA stepped in to snag a class C-minus multifamily asset with a near $3.6-million bid.

Megalodon LLC took the keys to 2724 Broadway St. from locally based HKG-Las Villas GP LLC. “Megalodon own several hundred units in Washington and this is the first purchase outside of their home state,” says Jeff Eisenhardt, an investment broker with Hendricks & Partners’ local office. “The prices here are more affordable compared to other major markets.” The property has an assessed value of $1.9 million, according to the Harris County Appraisal District.

Eisenhardt tells GlobeSt.com that the 95%-leased Las Villas received 10 offers. Megalodon, which derives its name from a prehistoric shark, won the property because it was willing to provide a significant amount of earnest money, he says.

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