California Investor Buys Three Multifamily Complexes
A California private investor with a record of successfully rebranding and rehabilitating distressed and underperforming assets has snapped up three apartment communities outside of Houston.
Hamman Oaks, at 2300 Hamman Rd in Bay City, has 84 units and was built in 1974. The property features one-, two- and three-bedroom floor plans.
Half a mile away, at 5001 Avenue F in Bay City, the 107-unit Bay Brook is an affordable housing apartment community built in 1979. It consists of one-, two- and three-bedroom floor plans. The complex is near top employers like Walmart, H-E-B, OXEA Corp and Matagorda Regional Medical Center.
Oak Bend Estates, which was bought in an off-market deal, is at 1000 West Ashley Wilson in Sweeny. The 120-unit property was built in 1981 and was 96% occupied at the time of the sale. The property features one- and two-bedroom floor plans. Major nearby employers are Phillips Petroleum Co, Sweeny Community Hospital, Valerus and HEB.
Berkadia managing director Mike Miller, directors Chris Ross and Will Caruth and associate Cody Courtney negotiated the transactions. The seller is a Dallas-based private investor who's divesting from Texas.