Martin Fein sells 326-unit Sawyer Heights for $61.6M

HOUSTON – Intercontinental Real Estate Corp. has paid $61.6 million to acquire Sawyer Heights Lofts, located adjacent to I-10 between Studemont and the I-45 interchange, and next to a Target-anchored shopping center. The five-year-old Class A+ multifamily complex consists of 307,402 sf.

The 326-unit property also includes a six-story parking garage with 567 spaces and is currently 99 percent leased. Intercontinental acquired the property from Martin Fein Interests Ltd. on behalf of its U.S. Real Estate Investment Fund LLC.

In May, Intercontinental bought The Westheimer, a 244-unit, Class A apartment building on Westheimer Rd. between Shepherd Dr. and Dunlavy St. That property, which Intercontinental acquired for $48 million on behalf of its U.S. Real Estate Investment Fund, was also built in 2008 and was 96 percent leased.