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Sueba Sells 324 Units to Southeast Buyer

HOUSTON-Investment Realty Holdings uses a $41-million loan to buy the class A Vintage Park Apartments from the local developer. The financing carries an 89% LTV.

By Amy Wolff Sorter | Updated on September 06, 2007

(Read more on the debt and equity markets and the multifamily market .)

HOUSTON-A Birmingham, AL-based investment group has bought the brand-new 324-unit Vintage Park Apartments from local developer Sueba USA Corp. The buyer obtained a $41-million, interest-only interim loan to help fund the acquisition of the complex in the far northwest submarket.

According to Capmark Finance Inc. vice president Stewart Campbell, Vintage Park Apartments marks Investment Realty Holdings LLC’s third multifamily acquisition in the area. He explains that the 50%-occupied complex at 15727 Cutten Rd. was just completed and is going through its initial lease-up.

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