Value-Add Play Drives 324-Unit Acquisition

HOUSTON-Poseidon Partners LLC has taken the challenge of renovating and stabilizing the 324-unit Stoneriver Apartments. The new owner, paying slightly less than $20,000 per unit, expects to invest another $1,000 to $1,500 per door into upgrades.

The local buyer has bought the 8901 Bissonnet St. complex out of foreclosure from Fannie Mae, which has Atlanta-based Trimont Real Estate Advisors as its representative in the deal, according to M. Todd Marix, senior vice president for CB Richard Ellis in Houston office. He says Stoneriver attracted several offers, but presented a financing challenge. Marix says Poseidon financed the transaction with a bridge loan that will be rolled to permanent financing once the complex is stabilized.

“This complex was a victim of previous management that was in a downward spiral,” Marix says. He teamed with CBRE’s executive vice presidents G. Craig LaFollette and J. Todd Stewart, senior associate Tre T. Banks and associate Christopher D. Curry to sell the asset.