HOUSTON (January 21, 2014) — CBRE Capital Markets’ Multifamily team announces the sale of the Texas 3 portfolio, a 752,512-square-foot, three-building multifamily portfolio in Houston and San Antonio, on behalf of an anonymous seller. Atlanta, Georgia-based Radco Investments purchased the trio for an undisclosed price.
The portfolio consists of three value-add multifamily assets: Country Place and Saddle Ridge in Houston, Texas, and Trails of Westlakes in San Antonio, Texas. All three properties received significant interior and exterior capital improvements between 2011 and 2013.
Country Place, at 1015 Country Place Drive in Houston’s Energy Corridor, is a 146,892-square-foot Class B community built in 1975. It features 122 units and is 95 percent occupied.
Saddle Ridge, at 12800 Woodforest Boulevard in Houston’s Northshore/Wood Forest area, is a 359,828-square-foot community built in 1981/82. It features 458 units and is 93 percent occupied.
Trails of Westlakes, at 1431 Cable Ranch Roach in Northwest San Antonio, is a 245,792-square-foot community built in 1984. It features 336 units and is 93 percent occupied.
“The strength of the various markets and the residents’ convenient access to major employment and retail centers, combined with recent capital improvements and the value-add potential make this portfolio an excellent long-term investment,” said Ryan Epstein, Executive Vice President with CBRE.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.