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NEW YORK CITY-Locally based Prescott Capital Management LLC partnered with Chicago and El Paso-based TVO Realty Partners to acquire a multifamily portfolio in the Gulf Coast region. The nine-property, class A multifamily rental portfolio traded for $110 million or approximately $71,000 per unit.

The portfolio consists of 1,550 units in Texas and Louisiana and includes four parcels of land adjacent to four of the properties totaling 27.7 total acres. The occupancy level of the portfolio is approximately 97%. The sellers of the portfolio are affiliates of Houston-based Gross Investments.

"Post Katrina, and Rita for the Texas properties, we have seen an increase in demand for units. We have additional land approved for the development of 412 additional units, 112 of which are in Lake Charles and 128 of which are in Baton Rouge," notes Daniel J. Steinberg, managing director of Prescott.