Judwin Properties Sells 490-Unit Regatta

HOUSTON-Continuing its divestment strategy of older assets, Judwin Properties Inc. has sold the 490-unit Regatta Apartments to a Utah-based investment group. Area experts say the class B asset most likely traded in the $19-million to $25-million range.

Judwin built the 13-building complex at 1315 NASA Pkwy. between 1968 and 1976, sold it in 1984 and then bought it back in 1995. This time, there were 19 offers on the table for the 95%-leased asset, with Cottonwood Capital of Salt Lake City winning the deal due to its track record in the area, reputation for closing and pricing, according to David C. Wylie, partner and principal in Houston for Apartment Realty Advisors.

Wylie says money wasn’t the only objective. “We didn’t take just price into consideration and they weren’t the highest offer,” Wylie tells GlobeSt.com. “We felt like they had the best chance of getting the deal done.” The seller’s team included ARA partners and principals David Mitchell, David K. Oelfke and Matthew P. Rotan and vice president Russell D. Jones.