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ALR Strikes Again; Acquires 444-Unit, Class-A Asset

HOUSTON-The Chicago investor continues its value-add strategy by acquiring Wynnewood at Wortham Apartments.

By Amy Sorter | Updated on September 19, 2011

HOUSTON-Adams LaSalle Institutional Apartments, a subsidiary of Adams LaSalle Realty (ALR), added the 444-unit Wynnewood at Wortham Apartments complex to its collection of assets. The Chicago investor bought the class A complex from Sentinel Real Estate Corp.

The sales price was undisclosed, with the Harris County Assessment District valuing the complex at $19 million. The interesting aspect about Wynnewood at Wortham is that, unlike a lot of multifamily properties on the market these days, the class A asset at 10225 Wortham Blvd. wasn’t in any kind of distress, nor was it in receivership or foreclosure. It also has a stable occupancy at 94%. This doesn’t stop it from providing value-add opportunities, however.

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