The Colliers Cooke Team is pleased to announce the sale of the Texas / Arkansas 11 Property Multifamily Portfolio (2,600 units) on behalf of BSR Real Estate Investment Trust, according to Cindy Cooke with Colliers International in Arizona.
RREAF Holdings, LLC of Dallas purchased Indian Hills, South Oak, Overbrook I-IV & V and Woodland Oaks communities in Little Rock. In addition, the buyer acquired Baystone, The Vanderbilt and Windsor Estates I & II in Greater Houston, as well as West End Lodge and The Pointe in Beaumont, TX.
“Considered to be non-core assets located in Houston and Beaumont, Texas markets and Little Rock, Arkansas, the sale is part of the BSR portfolio enhancement growth strategy and capital recycling program,” says Cooke.
The Cooke team at Colliers International (Cindy Cooke, Brad Cooke, Chris Roach, Matt Roach, Teresa Lowery and Ron Cameron) represented BSR REIT in the sale.
The four Houston area properties total 1,106 apartment units. The three, high-quality, institutionally owned and well-maintained properties are all situated within Greater Houston. Windsor Estates I & II and Baystone are located in the southeast quadrant of the city, which is close to the Gulf of Mexico and home to NASA-Johnson Space Center. The Vanderbilt is situated near several major employment corridors and the Bush Intercontinental Airport.
The Pointe and West End Lodge are located in Beaumont, TX in the southeast portion of the state. The Beaumont-Port Arthur area is growing at a rapid pace, attracting trade and commerce businesses. Approximately 63,000 jobs with major employers are located within 10 miles of these two multifamily communities. The two properties feature 513 apartment units.
The five-property portfolio in Arkansas consists of 981 total apartment units that were 95 percent occupied at the time of sale. Stable occupancy, consistent rent growth and limited new construction of multifamily properties in the Little Rock metro area all contributed to the appeal of these assets. Overbrook I-IV & V and Indian Hills are situated within the affluent North Little Rock submarket. South Oaks is located near several major employment corridors in the city and within walking distance to the University of Arkansas at Little Rock. Woodland Oaks is situated in Conway, AR, home to several universities and a growing business base.
Indian Hills, located at 2011 Aztec Drive in North Little Rock, contains 169 apartment units totaling 147,493 square feet. The garden-style property was built in 1978 and units average 873 square feet.
Overbrook I-IV & V, located at 5901 JFK Boulevard in North Little Rock, contains 440 apartment units totaling 392,720 square feet. The garden-style property was built in 1975 and 1985 with the average unit offering 893 square feet.
South Oaks, located at 3401 Fair Park Blvd, Little Rock, AR, contains 204 apartment units totaling 141,960 square feet. The garden-style property was built in 1986 with the average unit offering 696 square feet.
Woodland Oaks, located at 1620 Middle Road Conway, AR, contains 168 apartment units totaling 45,220 square feet. The garden-style property was built in 2004 and units average 870 square feet.
Baystone, located at 800 W. Nasa Pkwy. in Webster, TX, contains 290 apartment units averaging 970 square feet. The garden-style property is situated on 11.66 acres and was built in 1968.
The Vanderbilt, located at 13110 Kuykendahl Rd. in Houston, contains 416 apartment units that average 1,021 square feet in size. The project was constructed in 1983 and is situated on 18.69 acres.
Windsor Estates I & II, located at 2801 FM 2004 Road, Texas City, TX, contains 400 apartment units that average 973 square feet in size. The garden-style property was built in 2000 and 2003 and is situated on 28.07 acres.
West End Lodge, located at 4215 North Major Dr., Beaumont, TX, contains 360 apartment units averaging 850square feet. The garden-style property is situated on 21.7acres and was built in 2007.
The Pointe, located at 4165 Old Dowlen Rd., Beaumont, TX, contains 153 apartment units totaling 158,551 square feet. The garden-style property was built in 2003 with the average unit offering 1,036 square feet.