Triple Net Begins Drive for Multifamily Deals

(Read more on the multifamily market.)

HOUSTON-Triple Net Properties LLC has added a second multifamily property in the region to its portfolio in an off-market deal with the Lynd Co. If all goes as planned, the tenants-in-common buyer will have a third complex earmarked to buy in 60 to 90 days in a stepped-up focus to expand its Greater Houston footprint.

The Santa Ana, CA-based Triple Net secured a $12.45-million loan to close on the 243-unit Chartwell Court at 15100 Ella Blvd. in the northwest submarket about eight miles from the Texas Medical Center and five miles north of Bush Intercontinental Airport. The 92%-leased asset is collateralizing a 10-year loan with a fixed rate and five years of interest-only payments, says Gus Remppies, senior vice president of acquisitions for Triple Net. The Charlotte, NC-based Wachovia Bank is the lender.