COLLEGE STATION, TX-A joint venture comprised of PensamCapital and BH Management has acquiredBriarwood Apartments, a 422-unit, class B multifamily property,from Aspen Square Management. The 1970s-eracommunity traded at an 8% cap rate, according to MichaelStein, principal at Pensam.
Although Des Moines-based BH Management owns and manages severalapartment properties throughout Texas, Briarwood Apartments marksPensam’s first acquisition in Texas. In addition to BriarwoodApartments, the Miami-based firm owns properties throughout Floridaand in the Chicago metro area.
Stein tells GlobeSt.com that BH Management has owned anapartment community adjacent to Briarwood Apartments for roughly 15years. The property, Plantation Oaks, has been a strong investmentfor the company, he adds.
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