October 12, 2017 Comments Off on 216-Unit Seabrook Apartment Asset Trades Hands Views: 837 Houston-Galveston, Texas News

216-Unit Seabrook Apartment Asset Trades Hands

SEC Edgelake LLC, headquartered in Omaha, NE, sold the 216-unit Edgelake Apartments in Seabrook, TX to an entity operating under the name of 3000 NASA Parkway. The 33-year-old apartment complex sold for an undisclosed price, with CBRE’s Clint Duncan and Matt Phillips representing the seller. The asset is valued at $12.5 million.

Located at 3010 E. NASA Rd., Edgelake Apartments offers one- and two-bedroom units that average 742 square feet. The asset was 95% occupied upon closing.

The new owner is planning upgrades, as well as renovations to the exterior to boost curb appeal. Duncan indicated that the seller, which owned the complex for 10 years, began upgrading some of the units already. The transaction represents a broader trend of workforce housing trading in higher-quality submarkets, he noted.

Furthermore, “Edgelake complements the buyer’s existing multifamily portfolio in the Clear Lake/Bay Area submarket (of Houston),” he added.

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