HOUSTON - Vende Capital boosted its local holdings with the purchase of Palms on Westheimer Apts. at 6425 Westheimer Rd. from BRT Realty Trust for $39.9 million, or approximately $50,000 per unit.
Located in the Great Uptown Multifamily submarket, the 763,455-sf complex consists of one- and two-bedroom units in 29 buildings.
The Houston-based asset management and real estate investment company assumed $24.1 million of mortgage debt to acquire the 798-unit gated community, which delivered in 1974 and was last renovated in 2012.
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