GlobeSt.com EXCLUSIVE: Texas LP Sells Lone Houston Asset

HOUSTON-A 352-unit multifamily property has been sold in a deal that closed for about $9.3 million as a Texas investment group turns over its only Houston deed to a Southern California investor.

The 20-year-old Inwood Grove complex at 7302 Albonson Rd., situated in the northwest submarket near the Inwood Forest Golf Club, was purchased by Scott Bassin in a transaction put together by Jim Hearn and Jeff Eisenhardt, both in the Houston office for Phoenix-based Hendricks & Partners. The property went on the market in March 2002 and received several offers, including a contract that fell out and opened the door for Bassin, Eisenhardt tells GlobeSt.com. The buyer was identified awhile ago, but the deal took longer than usual to close due to a loan assumption.

A Lubbock partnership, Houston Inwood Grove Apartments, was the seller of the class B complex, acquired in 1995. Inwood Grove was the only Houston asset in the group’s multifamily portfolio. Eisenhardt says the property was put on the market because one partner is planning to retire. As for the balance of the portfolio, Eisenhardt isn’t privy to the details of its fate.

Inwood Grove, located in a middle-income residential area, was pushing 90% at sale time. The one- and two-bedroom units rent for $410 to $685 per month. The average unit is 774 sf. The 13-acre holding is assessed at $7.6 million for 2003, according to the Harris County Appraisal District.