Real Estate remarks a measurable change in the market conditions prevailing in Houston. 16 multifamily properties were sold in the month of September. Compared to September 2010, multifamily sales went down by almost 15%. Compared to previous year, the number of units sold in the Houston market increased by 2,802 units to close at 3920 in September 2011. Some of the recent sales include:
In September 2011, Fairfield Trails Brays Oaks LP, an entity of Rockwell Management Corporation has purchased Fairfield Trails, a 288-unit, Class B apartment community located at 10750 Westbrae Parkway in the Braeswood submarket , from LBUBS 2004-C8 Laurel Creek LLC, an entity of LNR Partners Inc. The garden style property is situated on 9.52 acres. According to the appraisal district records, the total assessed value is $6.2 million. Completed in 1984, the 28-building property is 90% occupied. The community features one- and two-bedroom ranging in size from 660 square feet and 966 square feet; average rents range from $570 for a one-bedroom unit to $800 for a two-bedroom unit. Unit amenities include ceiling fans, pantry, dishwasher, disposal, walk-in closets and wood burning fireplaces. Property amenities include a swimming pool, laundry rooms, access gates and 24-hour emergency maintenance services. 350 parking spaces are available. Pets are allowed at the community, with a breed limit of two and a combined weight limit of 40 lbs.
Another significant sale from that month is the sale of Ravenwood. Ravenwood Houston LLC has purchased the 244-unit, Class C apartment community, located at 7964 Ravenwood Circle in the Spring Branch submarket, from LB Ravenwood Apartments LP, an entity of Lehman Brothers. The garden style property is situated on 13.47 acres. According to the appraisal district records, the total assessed value is is $2.9 million. Completed in 1969, the 50- building property is 97% occupied. The community features one-, two- and three-bedroom ranging in size from 740 square feet and 1250 square feet; average rents range from $499 for a one-bedroom unit to $724 for a three-bedroom unit. Compared to 2010, the occupancy rates have increased by 5%. Unit amenities include pantry, dishwasher, disposal, walk-in closets and book shelves. Property amenities include a play ground, laundry rooms, perimeter fence and 24-hour emergency maintenance services. Pets are not allowed. Parking space is not available for this property.
