Heights Project for $62 Million: Fein Sells Washington

In Houston, Intercontinental Real Estate has purchased the 326-unit Sawyer Heights Lofts, located about two miles west of downtown, for $61.6 million. The seller was Martin Fein Interests, a Houston apartment development firm that was represented by Apartment Realty Advisors, as stated by the Real Estate Alert newsletter.

The four-story Sawyer Heights Lofts, which are 99 percent occupied, yielded $189,000 per unit for Fein, which completed the project in 2008, the Real Estate Alert reported.

The project is located at 2424 Spring Street, just north of Washington Avenue, a popular restaurant and club strip for young professionals. It is south of Interstate 10 and The Heights. Fein, which has been operating in Houston since 1989, was one of the first developers to identify the potential of the Heights/Washington Avenue area.

Earlier this year, Boston-based Intercontinental bought another apartment project in the Inner Loop of Houston, a 244-unit multifamily complex called The Westheimer for $48.8 million, or almost $200,000 per unit. Blackstone was the seller for that first project, 2001 Westheimer, just east of South Shepherd Drive.