The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week that it had facilitated the sale of Pebble Creek Apartments, a garden-style 136-unit asset in Houston.
Chris Siemasko represented the seller, and Nasir Pooran procured the buyer, a private California-based buyer.
“We worked on Pebble Creek quietly off-market with a seller using multiple brokerage shops working the deal. We beat everyone out with a 1031 exchange buyer who put up a very significant amount of earnest money that sharply cut through all the noise.” Said Nasir Pooran, advisor at TMG.
Built in 1980 on 6.5+ acres, Pebble Creek was at 97 percent occupied and offers tenants one- and two-bedroom options with floor plans averaging 865 square feet. The property sits less than 4 miles away from U.S. Route 290, Texas State Highway 249, and the Sam Houston Tollway, providing access to all major routes in and out of Houston. According to Yardi, the submarket saw an average YoY rental growth rate of 13 percent.
Siemasko commented: “We knew we had a special opportunity because the property was a B-Class asset with a value-add component that was too good to pass up. The proven rent bumps amounted to $200 per unit, so we got this out to the right buyer at the right time.”
