In the Houston market multifamily sales have remained essentially unchanged when compared to November 2010.
25 multifamily properties were sold in the month of November. Apartment sales remain constant throughout the year. In terms of square feet, sales have increased by 0.98% compared to November 2010. Some of the recent sales include:
In November 2011, Stancliff Park Apartments LP, an entity of HK Capital Management has purchased Stancliff Park, a 400-unit, Class B apartment community, located at 10350 Lands End Drive in the Alief submarket, from Vaswanath LP, an entity of CNC Investments. The garden style property is situated on 13.90 acres. According to the appraisal district records, the total assessed value is $10.25 million. Completed in 1983, the 34-building property is 67% occupied. The community features one-, two- and three- bedroom ranging in size from 580 square feet and 1133 square feet; average rents range from $520 for a one-bedroom unit to $815 for a three-bedroom unit. Unit amenities include ceiling fans, patio/balcony, dishwasher, disposal, walk-in closets and wood burning fireplaces. Property amenities include a swimming pool, laundry rooms, access gates and 24-hour emergency maintenance services. 698 parking spaces are available. Pets are allowed at the community, with a breed limit of one and a weight limit of 25 lbs.
Another significant sale from that month is the sale of Sierra Ranch. CrestMarc Sierra Ranch LLC, an entity of CrestMarc LLC has purchased Sierra Ranch, a 392-unit, Class C apartment community, located at 4000 Watonga Boulevard in the Brookhollow submarket, from EGY 2 LP LLLP, an entity of GFI Capital Resources Group Inc. The garden style property is situated on 14.41 acres. According to the appraisal district records, the total assessed value is $6.23 million. Completed in 1974, the 38-building property is 47% occupied. The community features one-, two- and three- bedroom ranging in size from 480 square feet and 1210 square feet; average rents range from $432 for a one-bedroom unit to $785 for a three-bedroom unit. Unit amenities include ceiling fans, pantry, dishwasher, disposal, patio/balcony and walk-in closets. Property amenities include a swimming pool, laundry rooms, playground and 24-hour emergency maintenance services. 618 parking spaces are available. Pets are allowed at the community, with a breed limit of two and a combined weight limit of 25 lbs.
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