Multi-Family Wire, Houston

Conti Organization bought a 308-unit apartment complex at 3500 Red Bluff Road in Pasadena in the Houston area. The price was less than $19,000 per unit. In the last six months Conti has purchase 1,000 units in Houston and Dallas.

The Austin American Statesman reports HPI Real Estate Services & Investments and Captex Development Co. are partnering to build 1,000 apartments in four projects over the next two to three years in Austin.

Colonial Properties Trust reported the purchase of two Class A apartment communities in separate transactions for a total of $51.8 million. The 336-unit Colonial Grand at Wells Branch (formerly Verde Oak Park) located in Austin was purchased for $28.4 million, and the 236-unit Colonial Grand at Cornelius (formerly Carrington Park) located in Charlotte, North Carolina, was purchased for $23.4 million