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HOUSTON-Through continuing efforts to sell parts of his locally based multifamily portfolio, a local investor has sold the 30-unit, class B-plus Ann Marie Apartments to a San Diego buyer.
The first-time Texas buyer, Pamela Alexandra, got a 32-year-old complex, assessed at $1.08 million. The buyer used gain from a 1031 exchange in her homeport to acquire 935 Byrne St. Located on the city's near northwest side, the four-building development sits on close to one acre. At the time of closing, it was 94% occupied.
The Ann Marie Apartments contains 18 one-bedroom units of 630 sf and a dozen two-bedroom apartments, each 820 sf. The monthly rents are $595 and $695.
"I'd done quite a bit of business with the seller in the past and when the buyer came from California, looking for property, it seemed like a good fit," says Kevin McCarthy, a senior investment adviser with Hendricks & Partners Inc.'s Houston office.
The deal's sole broker tells GlobeSt.com that the seller, Thomas Noons, principal in Heights Venture LLC, is slowly exiting the Houston market. He recently sold apartment properties located in the Heights area.
According to McCarthy, Ann Marie's new owner isn't planning any huge renovations to the property at this time. And, he says, she hasn't shown any interest in purchasing additional properties in the area.
Sources note occupancy rates and rents among both class A and B properties increased slightly in the second quarter. And, they add, it appears the uptick is likely to continue.
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