(To read more on the TIC market, click here.)
TOMBALL, TX-Triple Net Properties LLC has made its first solo apartment buy in Greater Houston, putting up close to $15 million for the 252-unit, class A Park at Spring Creek Apartments.
"Triple Net is adding apartment product to its portfolio," says Doug Lockwood, a vice president with Grubb & Ellis Co.'s Houston office. "This is the first apartment acquisition it has made alone and in this market." Lockwood handled the marketing for the 92%-leased Park at Spring Creek Apartments at 29807 Tomball Parkway. The Santa Ana, CA-headquartered Triple Net was represented internally by Steve Corea.
The complex, completed in 1999, was sold by West Springfield, MA-based Aspen Square Management. "The Park fits Triple Net's investment criteria," Lockwood tells GlobeSt.com. "It's in a fast growing area, it's a new property and it's well leased."
According to Lockwood, Triple Net emerged with the highest offer in a field of 12 would-be buyers vying for the Park at Spring Creek Apartments. Eric Tupler of LJ Melody & Co.'s Denver office arranged the TIC group's financing through Chicago-based LaSalle Bank.
Lockwood says the Park at Spring Creek Apartments has one of the best locations in the city for a multifamily development. The 18-building complex is designed with one- and two-bedroom apartments that range from 605 sf to 954 sf. Rents go from $584 to $831 per month.
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