Old Farm changes Houston hands

HOUSTON – The Class A Old Farm, a 734-unit community at 2500 Old Farm Rd. has been sold to CBRE Global Investors. The property, which is 96 percent leased, sits on about 28 acres.

The property consists of one-, two- and three-bedroom units averaging 950 sf each.

Los Angeles-based CBRE Global Investors bought the property on behalf of CBRE Strategic Partners Value 6 Fund. The seller was a client of Dallas-based L&B Realty Advisors LLP.

In another transaction, Steadfast Income REIT Inc. purchased The Heights Apartments, a 504-unit property at 2100 Tannehill Dr. for $37 million, or about $73,413 per unit.

The average rent for the apartments — a mix of one- and two-bedrooms units — is $865. About 80 percent of the units have been renovated.

See previous story Houston: $37M deal for The Heights Apartments.