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Five-Property Portfolio Jump-Starts Exit Plan

HOUSTON-United Property Management puts a portfolio valued at more than $30 million on the market. The South Texas package has 779 units in five class B complexes.

By Amy Wolff Sorter | Updated on August 17, 2008

HOUSTON-United Property Management of Lorain, OH, wanting to exit the state’s multifamily sector, has put a portfolio of class B complexes in South Texas on the market. The 779-unit portfolio is valued at more than $30 million.

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.”

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