February 28, 2017
CBRE Global Investors has unloaded a 1,516-unit apartment portfolio in Houston. The properties were sold to Highland Capital Management LP and B.H. Equities for an undisclosed price. Mathew Rotan, David Oelfke, David Wylie, David Mitchell and Thomas Alleman at ARA Newmark’s Houston office represented the seller in the four-property transaction.
“The portfolio is anchored by Houston’s premier employment centers – Texas Medical Center and the Uptown/Galleria District – so the deal presented a rare opportunity to acquire properties that were offered below replacement costs,” Rotan said. “Each asset has unique value-add potential with further upside.”
The portfolio consisted of:
- 352-unit Connection at Buffalo Pointe, 10201 Buffalo Speedway
- 240-unit Meritage, 4550 N. Braeswood Blvd.
- 734-unit Old Farm Apartments, 2500 Old Farm Rd.
- 190-unit Stone Creek at Old Farm, 8585 Woodway Dr.
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