80’s Era Apartment Sold in Houston

Pebble Creek Apartments, a 136-unit garden-style multifamily community was purchased by a private California-based buyer. Built in 1980 on 6.5 acres, Pebble Creek was 97% occupied. The average floor plan offered 865 feet of space.

The Multifamily Group’s Chris Siemasko liked the upside of the transaction, “We knew we had a special opportunity because the property was a B-Class asset with a value-add component that was too good to pass up. The proven rent bumps amounted to $200 a unit.”

The buyer made the purchase as part of a 1031 exchange.

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Chris Siemasko

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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