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Triumph Begins Flipping MBS' Assets in Houston

HOUSTON-After buying the loan in July, Triumph Land & Capital Management sells the 276-unit Village at Loch Katrine. A second complex is set to sell and the third will be held.

By Amy Wolff Sorter | Updated on September 02, 2008

HOUSTON-Triumph Land & Capital Management has sold the 276-unit Village at Loch Katrine to a local private investor in an off-market transaction. The asset was one of three bought out of receivership earlier this summer by Triumph.

“The seller had bought the loan on Village at Loch Katrine, then foreclosed on it, then sold the property,” says Russell D. Jones, vice president of Apartment Realty Advisors in Houston. He says Andrew Chong had signed the purchase agreement before Triumph Land & Capital foreclosed on the loan. Although Jones kept mum about the price, area sources believe the Village at Loch Katrine, situated at 16545 Loch Katrine Lane, sold for $6.5 million to $7 million.

Jones says the new owner will rebuild the complex’s leasing office and one residential building, both of which were damaged by fire some time ago. “He’s a local owner and operator who owns another deal nearby,” Jones says. “This is a good fit for him and I think he’ll do a good job running the property.” Chong also owns Timber Ledge Apartments at 5455 Timber Creek Place Dr. and Pines Gardens at 8650 Pitner Rd.

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