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CNC Investments Inks $170M, 1,272-Unit Buy

AUSTIN-In a direct deal, the investment group buys a Mansion-branded portfolio from Western Rim. The new label is Monterone.

By Amy Wolff Sorter | Updated on March 22, 2007

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

AUSTIN-A Houston-based investment group has added to its multifamily portfolio, acquiring three class A-plus complexes with 1,272 units. Market sources say the buyer has paid close to $170 million for the “Mansion” portfolio.

CNC Investments Inc. has renamed the complexes to reflect its brand-name, Monterone. “He’s actively seeking other deals, particularly in the Austin area,” says Jim Richards, a principal with Houston-based Live Oak Capital Ltd. “Austin’s a market that’s in favor now. The fundamentals are good and job growth is good.”

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