CB Closes Three
CBRE first VP Ryan Epstein handled three major sales recently--Stone Park Apartments, Skyview at Palm Center, and Broadstone Gramercy. He tells us each has a strong (and different) story for Houston. 480-unit Stone Park shows the strength of the Northeast side. Its one of a few Class-A communities near the Port and has great occupancy and Beltway frontage. He expected it would get good interest but was pleased to see investors recognize the appeal of the area: The asset got over 10 offers. Ryan says that as the city grows, more people need to start looking at the east side.
Alliance had purchased 224-unit Broadstone Gramercy as a distressed condo deal and turned it around as rental units through a significant makeover in 2011. Ryan says it tells a great story about repositioning and selling assets in Houston: The Med Center property was 95% occupied at TOS. Last but not least, Ryan tells us 360-unit Skyviewwas a bit different because it wasnt stable, and the purchase relied on potential. Construction of the light rail at its doorstep is hampering lease-up. But upon completion in October, the purple line will include a stop across the street that can carry residents to UH, making this a great long-term deal.
