January 11, 2019
Kalkan Real Estate Investment acquired a three-property, 962-unit apartment portfolio in the Greenspoint/North Belt submarket of Houston. Jerad Rector with Worldwide Commercial negotiated the $51 million sale between the buyer, and seller, BNC Equities.
The portfolio consists of:
- Timbers of Cranbrook, 14000 Ella Blvd.
- Monticello on Cranbrook, 13913 Ella Blvd.
- Pecan Square Village on Cranbrook, 14531 Ella Blvd.
Rector said the portfolio was 70% occupied upon closing. “It was the largest apartment portfolio sold in that submarket in several years,” he added.
The properties were delivered in the early 1980s, and have undergone extensive renovations. In addition to presenting positive cash flow, there is significant upside from bringing the portfolio to full-occupancy and bringing rents to the current market levels.
For comments, questions or concerns, please contact Amy Sorter