(Read more on the multifamily market.)
ABILENE, TX-Following a short-term hold and investing thousands into renovations, US Housing LP of San Antonio has brought a 1,447-unit portfolio to market. The 95%-leased class B collection consists of four complexes in Abilene and two in Lubbock.
Jordan Cortez of Apartment Realty Advisors in Dallas won't disclose the asking price to GlobeSt.com, but did say similar properties have sold for $47,000 to $49,000 per unit. He points out that the complexes proximity to each other in West Texas offers economies of scale.
"The seller is putting these on the market because the management believes there's a large demand for assets in secondary markets like these," Cortez says. "The seller's MO is that they usually buy, renovate, stabilize and sell." The ARA Dallas team includes ARA Michael Girard and Brian O'Boyle.
The sale sets up market exits in both cities, but Cortez stresses US Housing is looking for replacement properties in West Texas and other markets in the state. The portfolio hit the market this week; the call for offers will be in five weeks. Cortez says the game plan is to close out the sale in first quarter 2008, either as a portfolio or one-offs.
For sale in Abilene are the 228-unit Windsor Place Apartments at 3501 Curry Lane; 256-unit Indian Run Apartments at 3500 Cedar Run Rd.; 200-unit Hunter's Ridge Apartments at 5450 Texas Ave.; and 124- unit Cedar Creek Apartments at 1948 Denton St. Capstone Real Estate Services Inc. of Austin leases and manages them.
In Lubbock, the 415-unit Willow Hill Apartments at 4421 82nd St. and 224-unit Meridian Park Apartments at 5710 4th St. are on the market. They are managed and leased by local firm, Stellar Development & Management.
The portfolio was developed between the mid-1970s and early 1980s. The mix runs the gamut from efficiencies to three-bedroom apartments. The portfolio's average unit is 807 sf and average rent is 72 cents per sf.
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