HOUSTON (CONTI Organization) – CONTI Organization has purchased its first multifamily property in Houston by purchasing a nonperforming loan on 266 units.
CONTI acquired the note for less than $3.45 million, foreclosing Sept. 1. The seller was a national insurance company.
The property, formerly called Lenox Court Apartments, is on Beechnut St. in southwest Houston.
Renamed Villa Adora Apartments, the property is currently 46 percent occupied.
CONTI plans to invest over $1.4 million in the apartments, which were built in 1980 and feature brick exterior construction with pitched roofs and individual HVAC units.