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Prescott JV Takes Gulf Coast Multifamily Portfolio for $110M

NEW YORK CITY-Prescott Capital Management takes title to a nine-property multifamily rental portfolio for $110 million. The 1,550 units are located in the Gulf Coast area.

By Barbara Jarvie | Updated on February 13, 2006

(To read more on the multifamily market, click here.)

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.

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