HOUSTON - Transwestern brokered the sale of three apartment communities totaling 786 units in deals that signal the strength of the market for older complexes.
Waterford Place Apartments: a 552-unit community located at 3125 Crestdale Drive in Houston, was purchased by SPRE Waterford LLC.
Chateau Nederland: a 178-unit community located at 1003 Ave. B in Nederland, was purchased by Roco Chateau Nederland LLC.
Sherwood Glen Apartments: a 56-unit community located at 3805 Sherwood Lane in Houston, was purchased by APEG Sherwood LLC.
The average occupancy rate for the Class C apartment market reached 93.5 percent in second quarter 2016, according to Transwestern.
The Class C segment outperformed other classes of multifamily, although Class B occupancy is also outstanding.
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