Home > Good properties to buy, Uncategorized > 3 high-end apartment sites get new owners

3 high-end apartment sites get new owners

By Katherine Fesner of the Houston Chronicle
Aug. 8, 2010

Three recently built apartment properties in affluent areas of Houston have changed hands.
Invesco Real Estate has purchased Alexan Upper Kirby, a 230-unit property at 2300 Richmond, from Trammell Crow Residential. The property was completed in 2008 and is 99 percent leased.

JRK Property Holdings has purchased The Retreat at Cinco Ranch at 3306 South Fry Road from Allied Realty Services and GE Capital Real Estate.

Behringer Harvard Multifamily REIT I has acquired Uptown Post Oak, consisting of 392 units at 1111 Post Oak, from Trammell Crow Residential. The mid-rise project was completed in 2008 and contains units from 638 to 1,573 square feet. The deal follows Behringer Harvard’s recent purchase of Briar Forest Lofts in the Westchase area.

Craig LaFollette, Todd Stewart and Todd Marix, Tre Banks and Chris Curry of HFF marketed the Alexan Upper Kirby and The Retreat at Cinco Ranch on behalf of the sellers.

Apartment Realty Advisors handled the Alexan deal. Tucker Knight of HFF arranged financing for JFK Property Holdings.
Each of the three deals drew more than 20 offers, said LaFollette of HFF.

“The activity is indicative of the lack of good new product on the market,” LaFollette said. “We’ve got a dumbbell market right now. We’ve either got Class A suburban and in fill or Class C assets. There’s very little trades going on in the middle market.”

In the first half of the year, apartment transactions in the Houston area totaled $451 million in 28 deals, according to Real Capital Analytics. That compares with a total of $306 million in 18 deals in the first half of 2009. The deals include transactions of $5 million or more.

“Houston is on the radar screen of all the major institutions,” LaFollette said. “They think we have a bright future.”

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