In the entire Houston market, 23 multifamily properties were sold in the month of May 2012. When compared to May 2011, 30 multifamily properties were sold, a 23.33% decrease compared to previous year. Some of the recent sales include:
In May 2012, Prim Residences at Cinco Ranch LLC, an entity of TA Associates, has purchased The Residences at Cinco Ranch, a 300-unit, Class A apartment community located at 20900 FM 1093 in the Katy submarket, from The Residences at Cinco Ranch LLC, a joint venture between Protective Life and Claremont Property Company. The three-year-old property is 93% occupied with average rents at $1.10 per square foot. The community features one-, two- and three- bedroom ranging in size from 692 square feet and 1209 square feet; average rents range from $775 for a one-bedroom unit to $1325 for a three-bedroom unit. Unit amenities include ceiling fans, patio/balcony, pantry, disposal, walk-in closets and wood burning fireplaces. Property amenities include a swimming pool, laundry rooms, access gates and 24-hour emergency maintenance services. Parking space is not available. Pets are allowed at the community, with a breed limit of two and a weight limit of 100 lbs. Tom Wilkinson and Hashir Saleem of KET EnterprisesIncorporated represented the seller, while The Michelson Organization represented the buyer.
Another significant sale from that month is the sale of Oaks of Cypress Station. Americas Oaks in Houston Holdings Inc, an entity of The Duperron Group has purchased Oaks of Cypress Station, a 294-unit, Class C apartment community located at 1000 Cypress Station Drive in the Champions – East submarket, from JRK-Oaks of Cypress LLC, an entity of JRK Residential Group. The 33-year-old community is 96% occupied with average rents at $0.66 per square foot. The community features one- and two- bedroom ranging in size from 630 square feet and 1188 square feet; average rents range from $525 for a one-bedroom unit to $760 for a two-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. Parking space is not available. Pets are allowed at the community, with a breed limit of one and a combined weight limit of 40 lbs. Lance Edwards of First Cornerstone Group LLC represented the buyer, while Ed Nowokidi of Cushman-Wakefield represented the seller.
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