FORT WORTH (globest.com) – Local investor Paul Carpenter has repurchased the Courtyard on Calmont, an empty 50-unit apartment complex on roughly one acre, from Bayview Financial Holdings LP of Miami.
According to Tarrant County tax records, Bayview had foreclosed on the property owner, Multi-Flex Corp. of California.
Carpenter originally paid $600,000. Two years ago, he sold it for $1.2 million. He spent $700,000 to repurchase the apartment complex. About $300,000 of upgrades are estimated.
Carpenter will manage the complex at 6760 Calmont Ave., which consists of one- and two-bedroom units ranging from 600 to 910 sf. Rents had been $525 to $675 per month.
Hendricks & Partners in Dallas assisted in the transaction.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Friday, December 21, 2007
NOVEMBER APARTMENT DATA
CARROLLTON (ALNsystems.com) – ALN has released apartment market data for large Texas metro areas. For the year ending last month:
Occupancy in Austin apartments increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas apartments increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth apartments dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston apartments decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio apartments held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Occupancy in Austin apartments increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas apartments increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth apartments dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston apartments decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio apartments held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Tuesday, December 11, 2007
PRIVATE INVESTOR SADDLES UP
(Austin Business Journal) – A private California investor has purchased the Class-A Saddle Creek apartments from Chicago-based Orix Real Estate Capital.The 17-building, 224-unit apartment community at 10801 Old Manchaca Rd. was completed in 2001.Valued at $16.9 million according to the Travis Central Appraisal District, the complex is 95 percent occupied.Apartment Realty Advisors represented Orix.
RECON-The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
RECON-The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Friday, November 30, 2007
PARKWAY APARTMENTS SOLD
COLLEGE STATION (Apartment Realty Advisors) – California-based FSC Realty LLC has sold the 166-unit Parkway Apartments, which are roughly one mile from the Texas A&M University campus.
Built in 1972 at 1600 Southwest Pkwy., the complex has a mix of one-, two- and three-bedroom apartments averaging 946 square feet.
Apartment Realty Advisors represented the seller. The buyer was self-represented
Built in 1972 at 1600 Southwest Pkwy., the complex has a mix of one-, two- and three-bedroom apartments averaging 946 square feet.
Apartment Realty Advisors represented the seller. The buyer was self-represented
CWS BUYS VILLAGES
SAN ANTONIO (globest.com) – CWS Capital Partners LLC of California has purchased the 300-unit Villages of Deerfield apartments at 14555 Blanco Rd.
The 89 percent occupied, 11-year-old apartment complex consists of 25 residential buildings and three administrative buildings on more than 13 acres. The one- and two-bedroom apartments measure from 611 to 1,181 square feet. Monthly rents are between $689 and $1,119.
Apartment Realty Advisors represented the seller, MBS Cos. of Louisiana. CWS was self-represented and will manage the complex.
<The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station>
The 89 percent occupied, 11-year-old apartment complex consists of 25 residential buildings and three administrative buildings on more than 13 acres. The one- and two-bedroom apartments measure from 611 to 1,181 square feet. Monthly rents are between $689 and $1,119.
Apartment Realty Advisors represented the seller, MBS Cos. of Louisiana. CWS was self-represented and will manage the complex.
<The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station>
MEDITERRANEAN MIXED-USE UNDERWAY
SAN ANTONIO (Express-News) – Construction will begin next week for The éilan on 120 acres next to La Cantera and across from The Rim shopping center.
Wereldhave USA expects to spend roughly $300 million developing the speculative Mediterranean style mixed-use project of apartments, offices and retail on the northwest corner of 1604 and I-10, just north of Six Flags Fiesta Texas.
The éilan will consist of about 1,400 upscale apartments, two Class-A office buildings totaling 200,000 square feet, a 150- to 200-room hotel and spa, 30,000 square feet of boutique retail, underground parking, a nondenominational chapel, an amphitheater and a specialty grocery store.Wereldhave will build most of the buildings within LEED sustainability specifications. An electric trolley will run through the property.
The éilan’s first building is slated to open in spring 2009.
Wereldhave USA expects to spend roughly $300 million developing the speculative Mediterranean style mixed-use project of apartments, offices and retail on the northwest corner of 1604 and I-10, just north of Six Flags Fiesta Texas.
The éilan will consist of about 1,400 upscale apartments, two Class-A office buildings totaling 200,000 square feet, a 150- to 200-room hotel and spa, 30,000 square feet of boutique retail, underground parking, a nondenominational chapel, an amphitheater and a specialty grocery store.Wereldhave will build most of the buildings within LEED sustainability specifications. An electric trolley will run through the property.
The éilan’s first building is slated to open in spring 2009.
Tuesday, October 9, 2007
EQUITY'S FOUR-SALE
DALLAS (globest.com) – McDowell Properties has purchased 1,194 apartments; Class-A and -B units within the Metroplex from Chicago-based Equity Residential Properties Trust.
Madison on the Parkway has 376 apartments on 15 acres at 19002 Dallas Pkwy. Its one-, two- and three-bedroom apartments, some with attached garages, average 904 square feet. Rents range from $655 to $1,175.
Wimberly Apartment Homes have 372 units on almost 17 acres at 4141 Horizon N. Pkwy. The mix of one-, two- and three-bedroom apartments, also with some garages attached, average 921 square feet. Monthly rents range from $625 to $1,427.
Villas of Josey Ranch consists of 198 units on more than 12 acres at 2050 Keller Springs Rd. in Carrollton. One-bedroom apartments average 849 square feet with rents ranging from $695 to $820 per month.
Wimbledon Oaks Apartments is a 248-unit complex on just over nine acres at 1802 Wimbledon Oaks Lane in south Arlington. It has one- and two-bedroom apartments with monthly rents ranging from $575 to $880. Units average 766 square feet.
The four complexes, financed separately with fixed rates on seven-year Freddie Mac loans from Wachovia Securities LLC, had occupancies of about 95 percent at sale time.
CB Richard Ellis in Dallas marketed the Madison and Wimberly Apartment homes. which will be managed by Dallas-based Milestone Management LP.
Apartment Realty Advisors marketed the Wimbledon Oaks and Villas of Josey Ranch Complexes, to be managed by the Dallas office of Bernard/Allison Management Services Inc..
Madison on the Parkway has 376 apartments on 15 acres at 19002 Dallas Pkwy. Its one-, two- and three-bedroom apartments, some with attached garages, average 904 square feet. Rents range from $655 to $1,175.
Wimberly Apartment Homes have 372 units on almost 17 acres at 4141 Horizon N. Pkwy. The mix of one-, two- and three-bedroom apartments, also with some garages attached, average 921 square feet. Monthly rents range from $625 to $1,427.
Villas of Josey Ranch consists of 198 units on more than 12 acres at 2050 Keller Springs Rd. in Carrollton. One-bedroom apartments average 849 square feet with rents ranging from $695 to $820 per month.
Wimbledon Oaks Apartments is a 248-unit complex on just over nine acres at 1802 Wimbledon Oaks Lane in south Arlington. It has one- and two-bedroom apartments with monthly rents ranging from $575 to $880. Units average 766 square feet.
The four complexes, financed separately with fixed rates on seven-year Freddie Mac loans from Wachovia Securities LLC, had occupancies of about 95 percent at sale time.
CB Richard Ellis in Dallas marketed the Madison and Wimberly Apartment homes. which will be managed by Dallas-based Milestone Management LP.
Apartment Realty Advisors marketed the Wimbledon Oaks and Villas of Josey Ranch Complexes, to be managed by the Dallas office of Bernard/Allison Management Services Inc..
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