(To read more on the multifamily market, click here.)
HOUSTON-Following 18 offers during a 30-day marketing period, the foreclosed Briargrove Court, a 234-unit multifamily property, has been sold to a Birmingham, AL investment company with a repositioning reputation.
Abbey Residential, formerly Investment Company of the South, bought the 8.1-acre development at 1202 Seagler Rd. as part of a 1031 exchange. Freddie Mac put the foreclosure on the market for $8.9 million. The final price is being withheld, but the current Harris County assessment is $7.36 million.
"This is a great neighborhood deal in Houston for them," comments David Wylie, vice president of Apartment Realty Advisors' Houston office, who represented Freddie Mac. Abbey Residential used in-house brokers to close the deal.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
