The properties are located in Baytown, Stafford, Victoria, Wharton and Lake Jackson. Edward Nwokedi, director with the Houston office of Cushman & Wakefield of Texas Inc., says the assets are similar in terms of vintage, all built between 1974 and 1984. Additionally, they're in secondary markets with high housing demand, little new construction and an outstanding cash flow.
"This is definitely a value-add play," Nwokedi says. "A buyer can improve these properties, raise rents and make them more profitable."
Nwokedi says Jon R. Veard of United Property Management had fixed up and stabilized the assets over the course of several years. The portfolio's average occupancy is 94%. "He figured it would be a good time to sell and get out of the market while the economy is still strong in Texas," Nwokedi says, adding that Veard's West Texas properties are on the market as well.
Although the complexes are being offered as a portfolio, Nwokedi says one-off bids are welcome. The complexes will be on the market for four weeks, with a best and final slated for mid- to late September. Nwokedi tells GlobeSt.com that a buyer, or buyers, should be selected in early October.
The portfolio consists of the 176-unit Fountain Park Apartments at 12525 S. Kirkwood Rd. in Stafford; 66-unit Gardens of Victory at 313 Williamsburg Ave. in Victoria; 108-unit Mill Creek Apartments at 1823 Stadium Rd. in Wharton; 153-unit Oakwood Apartments at 905 Texas 332 in Lake Jackson; and 276-unit Cedar Ridge Apartments at 2900 W. Baker Rd.
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