Bisnow Exclusive: Unique Galleria Multifamily Sells
Heritage Apartment Homes doesn’t look like anything else in the market today, and Bisnow has learned it has a new owner who’s set to make it stand out even more.
Marcus & Millichap national multi housing group director Jeff Fript brokered the sale and tells us the 121-unit complex was purchased by an out-of-state investor who already owned one property in Houston. (If they keep buying properties here, they won't be out-of-state much longer.) Heritage was built in 1964 two miles west of the Galleria Mall and has very large units (the average is 1,100 SF) and features like ceramic tile vestibules, two entrances, and walk-in closets. It’s 98% occupied, but Jeff says there's lots of room to push rents.
The property (listed at $10M) attracted lots of interest—Jeff toured about 20 groups and received more than 15 offers from all over the country and South America. The buyer is rehabbing the property, upgrading the units and courtyards, and Jeff tells us it’ll have a unique exterior appearance. (Construction is underway so hopefully we can see what he means soon.) Next up in Jeff’s sales queue: He just put a 1,000-unit portfolio under contract in Pasadena. That received 12 offers, and it's going to a foreign investor.