HOUSTON-Ytech International has made its entry into the region by snagging a 1,312-unit multifamily portfolio from the joint venture seller. The Miami, FL-based buyer paid $35 million to LB-RPR I Asset Holdings LLC for the five-property portfolio.

The portfolio consists of:

• The 264-unit Kirkwood Landing, 9850 S. Kirkwood Rd.
• The 300-unit Pine Creek Apartments, 470 Maxey Rd.
• The 328-unit Sunset Crossing, 10630 Beechnut St.
• The 192-unit Forest Apartments, 22820 Imperial Valley Dr.
• The 228-unit Valencia at Spring Branch, 9550 Long Point Rd.

“Ytech's entry into the Texas multi-family real estate market and Houston, in particular, is an important milestone for the company as we embark upon a nationwide expansion from our base in Florida,” says Yamal Yidios Char, president and CEO of Ytech International. Ytech's mission is to acquire, rehabilitate and operate multi-family apartment communities across the United States.

The seller consists of a joint venture created by hedge fund Baupost Group LLC, and Lynd Co., a nationwide buyer of commercial and residential property. The purchase was financed by institutional lender MC-Five Mile Capital (Mitsubishi Corp.) through a commercial mortgage backed security loan. Property management for the five developments is being handled by Lynd Company. Ytech's legal counsel on the transaction was Stuart T. Kapp, a real estate partner with Proskauer Rose LLP in Boca Raton, FL.