Five Houston apartments (1,312 units) sell for $35M

HOUSTON - Five multifamily properties have been purchased for $35 million. The buyer is Ytech International.

The properties, which have a combined 1,312 units and occupancy of about 90 percent, include:

•  Sunset Crossing, with 328 units at 10630 Beechnut St.
•  Pine Creek Apartments, with 300 units at 470 Maxey Rd.
•  Kirkwood Landing, with 264 units at 9850 S. Kirkwood Rd.
•  Valencia at Spring Branch, with 228 units at 9550 Long Point Rd.

Ytech bought the properties from LB-RPR I Asset Holdings LLC, a joint venture created by hedge fund Baupost Group LLC and San Antonio-based The Lynd Co. Lynd is handling the property management for the developments.

Apart from the Houston properties, most of Miami-based Ytech’s portfolio is concentrated in southeast Florida.