HOUSTON (O’Connor & Associates) – O’Connor & Associates reported five area Class-A multifamily transactions this week.
GAIA Lighthouse at Willowbrook LLC purchased the 336-unit Lighthouse at Willowbrook at 12330 Gessner Rd. North. The seller was Timberlake Lighthouse Apartments LP II, an entity of SMC Management Corporation. The seven-year-old property is 97 percent occupied with average rents at $1.12 per sf.
GAIA Villas at Coronado LLC bought 344-unit Villas at Coronado at 9111 Lakes at 610 Dr. Houston Coronado Villas LP, an entity of SMC Management Corporation, sold the property. The nine-year-old property is 97 percent occupied with average rents at $1.37 per sf.
GAIA Veranda at Centerfield LLC purchased the 400-unit Verandah at Centerfield at 7700 Willowchase Blvd. in the Greenspoint submarket. Cypress Veranda LP, an entity of SMC Management Corporation, sold the property. The 14-year-old complex is 97 percent occupied with average rents at $1.01 per sf.
The buyers in the previous transactions were entities of GAIA Real Estate.
BRE Mandolin Apartments LLC purchased the 384-unit Mandolin at 10325 Cypresswood Dr in the Champions-West submarket. GEL Mandolin LP sold the 14-year-old property, which is 95 percent occupied with average rents at $1.04 per sf.
BRE Remington Park Apartments LLC bought the 428-unit Remington Park at 5510 South Rice Ave. in the Gulfton submarket from IRH Remington Partners LP, an entity of entities of The Lynd Company. The 12-year-old property is 95 percent occupied with average rents at $1.32 per sf.
The buyers in these transactions were entities of Blackstone Group LP.
