Marcus & Millichap’s Brooklyn office secured an Ohio-based investor to buy the three Houston properties. Marcus & Millichap’s Matthew Peters gives details, “The sellers chose Marcus & Millichap to handle the assignment based on our ability to access buyers from throughout North America and internationally.”
All three multifamily communities were built in 1983 or before. The buyer paid $56 million for the portfolio, the 168-unit Ridgepoint Apartments at a cost of $21.3 million, the 196-unit Green Tree Place community at $22.6 million and Pine Lake Village, 96-units for $12.1 million.
Matthew Roth worked with Peters to arrange the sale on behalf of the principals.
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.