(Read more on the multifamily market.)
HOUSTON-The Geneva Organization, seeking value-add opportunities, has picked up the 307-unit Parkgreen Apartments and 348-unit Parkway Apartments in unrelated transactions. Class C assets are fetching $20,000 to $25,000 per door.
The Minneapolis-based Geneva Organization plans to put an additional $4,000 per unit into upgrading and repositioning the assets to class B statuses. Steve Person, senior vice president of acquisitions for Geneva, says the improvements and subsequent rental increases should be done in 12 to 24 months.
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