Virginia Company Makes Tenth Houston Purchase, Market briefs

Cashel Springs Apartments in Houston.

In Houston, Thirty Seventh Parallel firm of Richmond, Va. has purchased the 300-unit Cashel Springs Apartments, its tenth purchase in Houston.

Cashel Springs Apartments, 1422 Wunderlich Drive near Willowbrook Mall in northwest Houston, were built in the 1980s.

The price represented a 45 percent discount to replacement cost, said Dan Chamberlain, COO of the company.

The purchase was funded with a blend of 1031 Exchange equity and new investor capital. The investment will benefit from long term, fixed-rate agency debt financing, arranged by Cutt Ableson of Berkadia Commercial Mortgage.