HOUSTON – (Realty News Report) – CBRE has brokered the sale of a 10-property workforce housing portfolio owned by Atlanta-based The RADCO Cos.
Brookfield, Wisconsin-based MLG Capital acquired the 10 multifamily communities, totaling 2,769 units across Texas and Oklahoma.
Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller. They worked alongside CBRE’s Clint Duncan and Matt Phillips in Houston and Brian Donahue in Oklahoma.
The apartment communities, concentrated in Houston, Oklahoma City and Tulsa, were originally constructed in the 1970s and 1980s. The Houston properties include:
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2475 Gray Falls Drive, Houston, TX
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1015 Country Place Drive, Houston, TX
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12811 Greenwood Forest Drive, Houston, TX
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905 Cypress Station, Houston, TX
“With shrinking supply and growing demand, moderate-income apartments offer some of the strongest fundamentals in real estate,” said Shea Campbell, Executive Vice President with CBRE. “This transaction provided an opportunity to secure a meaningful portfolio of workforce units at a time of rapidly rising demand.”
For MLG, the acquisition presented a chance to add 10 Class B multifamily properties in three fast-growing Southwest markets, said Ryan Mueller, Vice President of Acquisitions at MLG Capital.
Jan. 22, 2020 Realty News Report Copyright 2020
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