Transwestern Moves 704 Multifamily Units
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Transwestern’s multifamily team—managing director Ed Cummins, SVP Tim Gregory, AVP Guadalupe Olivares and senior associate Ryan Mendez—sold four multifamily properties totaling 704 units. They’ve got another 800 units on (or about to hit) the market, and Ed (pictured with his kids) expects 2015 to be another active multifamily year. The team sold Huntington at Stonefield (pictured below) to a new Houston investor. Ed tells us it's a legacy asset that survived the financial crisis, but it was surrounded by foreclosures. Those needed to clear the market before Huntington could achieve its true value.
Huntington has 264 units and is at 13100 Stonefield Dr. The Transwestern team has three more deals nearby: Siena Courtyards (200 units, just finished marketing), Sago Palms (hitting the market next week) and Worthington on the Beltway (236 units coming to market next week). The other recent Transwestern sales:
• DCM Cancun purchased Cancun Apartments off-market: 324 units at 1855 Wirt Rd. Transwestern repped Elite Spring Branch Properties. Ed tells us Cancun had been on the market with another firm for several months without a sale, but Transwestern ended up closing the transaction in 60 days off-market.
• An in-state buyer purchased Legacy Apartments: 70 units at 3905 and 4515 Lockwood Dr. It was a recent foreclosure and Transwestern repped seller SAMC REO 2013 01.
• A private investment group purchased Hidden Pines: 46 units at 7611 Jalna St. Transwestern repped seller Fat Property.