(Read more on the multifamily market.)

HOUSTON-Birchmont Capital Advisors LLC has continued its hard push in Texas, buying two multifamily portfolios totaling 3,596 units. The Los Angeles-based buyer, teaming with two unrelated partners, has spent about $172 million for the portfolios.

In the larger portfolio totaling 2,488 units, Birchmont partnered with JRK Asset Management, also from Los Angeles, to acquire 1,768 units in Houston, 496 units in Dallas and 224 units in San Antonio for $102 million. Matt Rotan, principal with Apartment Realty Advisors' Houston office, says the buyers' plan for the nine-property portfolio is to invest $3,000 to $5,000 per door into upgrades. He says the new owner expects to raise monthly rents by $75 to $100 per unit once the renovations are done.

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