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First-Time Area Buyer Claims 256-Unit Asset

HOUSTON-A SoCal private investor lays out $6.7 million for the 90%-leased Traces Loft Village Apartments as it looks for additional multifamily properties to buy.

By Amy Wolff Sorter | Updated on August 15, 2007

(Read more on the multifamily market.)

HOUSTON-While looking for other assets to acquire, a private investor from Southern California has made its first play in the region, claiming the 256-unit Traces Loft Village Apartments for its portfolio. The $6.7-million deal, carrying a 7.5% cap rate, has reeled in a 90%-leased, class B complex in the far northwest submarket.

Bill Forrest, senior adviser for Sperry Van Ness in Houston, says Smoketree Apts LLC of Villa Park, CA is looking for additional long-term investments in stable markets. He says the investment group liked Traces Loft Village at 5110 Azalea Dr. for its stability and bones, which it bought from TLA Partners LP of Brooklyn.

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