Boris Posted September 20, 2006 Share Posted September 20, 2006 Value-Add Firm Buys 1,336 Class C Apartments By Amy Wolff Sorter 6353 Skyline Dr.HOUSTON-A multifamily investment group, looking to buy 5,000 apartments in the coming year, has picked up 1,336 units in two back-to-back transactions in the Greater Houston area. The newest acquisition is a seven-property, 1,080-unit portfolio.Centaurus Investments, based in Dallas, picked up the Windswept Portfolio from IMT of Sherman Oaks, CA and the 256-unit Waters at Kirkwood at 11710 Briar Forest Dr. from New York City-based Lehman Bros. Local sources say comparable class C apartments are selling, on average, for $25,000 per door.The value-add player plans to spend upward of $2 million to upgrade the eight properties. The portfolio's assets are early to mid-1970s product, with occupancies hovering 95%. The Waters at Kirkwood, built in 1978, was 60% leased at sale time."Waters at Kirkwood is a distressed asset we purchased and we have a capital intensive play that should be completed in about 12 months," Cross Moceri, Centaurus managing director, tells GlobeSt.com. The exterior, including the parking lot, will be redone."The goal is to make that the best property of its vintage in that market," says John Griggs, Centaurus' other managing director. "It's in an affluent market and it'll be a class B property when we're done with it." ...........http://www.globest.com/news/724_724/houston/149160-1.html_____________________________Class B?, Good God. They all need to be torn down. Link to comment Share on other sites More sharing options...
rps324 Posted September 20, 2006 Share Posted September 20, 2006 $2,000,000 split between 8 properties for upgrades? $250,000 is not enough lipstick for those pigs. What they will do is patch the parking lots, put up new signage, spruce up the office, get some new pool furniture, and do a cheap paint job. It will help, and it might move them from a C to a C+, but that's about it. Link to comment Share on other sites More sharing options...
TJones Posted September 20, 2006 Share Posted September 20, 2006 LOL! I used to live in those apartments at 6363 Skyline. There were some scary moments there back in the 90's. I was the token whiteguy living there. A few gunshots were heard, none aimed at me fortunately. I moved a street over to Beverly Hills Dr. a year later, then moved to Austin. I liked that part of town, very convenient to my jobs at Copeland's and FishMarket on Richmond. Goodtimes. Link to comment Share on other sites More sharing options...
rps324 Posted September 20, 2006 Share Posted September 20, 2006 LOL! I used to live in those apartments at 6363 Skyline. There were some scary moments there back in the 90's. I was the token whiteguy living there. A few gunshots were heard, none aimed at me fortunately. I moved a street over to Beverly Hills Dr. a year later, then moved to Austin. I liked that part of town, very convenient to my jobs at Copeland's and FishMarket on Richmond. Goodtimes.6363 Skyline, which one is that? That's not Stonehaven at the coco loco, I mean Stonehaven at the Galleria apartments is it? Link to comment Share on other sites More sharing options...
TJones Posted September 20, 2006 Share Posted September 20, 2006 6363 Skyline, which one is that? That's not Stonehaven at the coco loco, I mean Stonehaven at the Galleria apartments is it?It is on the corner of Skyline and the backstreet of Lee highschool. One street east off of Hilcroft. That's Unity I think. Link to comment Share on other sites More sharing options...
TheNiche Posted September 20, 2006 Share Posted September 20, 2006 $2,000,000 split between 8 properties for upgrades? $250,000 is not enough lipstick for those pigs. What they will do is patch the parking lots, put up new signage, spruce up the office, get some new pool furniture, and do a cheap paint job. It will help, and it might move them from a C to a C+, but that's about it.Agreed. Link to comment Share on other sites More sharing options...
PureAuteur Posted October 2, 2006 Share Posted October 2, 2006 I thought this was taking place in the Memorial area like around Briar Forest Dr. and Kirkwood??? Those apartments over there were being discussed quite a lot because of the violent crime being unwelcome in an established community. Beverly Hill Street and Skyline are on the Richmond strip. I'm confused now. Link to comment Share on other sites More sharing options...
rps324 Posted October 2, 2006 Share Posted October 2, 2006 The result will be the same. A little lipstick on the pig that might make them a C+ Link to comment Share on other sites More sharing options...
GhostDog Posted October 27, 2006 Share Posted October 27, 2006 Glad to see- however I think the Bentworth's across the street were supposed to be renovated to Class A status.also I hope this bleeds over to Crescent Park and someone buys those out too...Great stuff...I live in a condo right in that area and this should aid in our property values increasing! Link to comment Share on other sites More sharing options...
rps324 Posted October 27, 2006 Share Posted October 27, 2006 Glad to see- however I think the Bentworth's across the street were supposed to be renovated to Class A status.also I hope this bleeds over to Crescent Park and someone buys those out too...Great stuff...I live in a condo right in that area and this should aid in our property values increasing!There is nothing they could ever do to the Bentworth to make it a class A property. I'm sorry, but no way. I know the property well. It has been rough as hell for years. In fact I would consider it a D+ or C- right now. Don't hold your breath for a radical conversion. Ultimately the owners of those complexes don't give a damn about the people in the "established areas" nearby and what they do or don't welcome. They are only worried about how much money they are bringing in every month. Link to comment Share on other sites More sharing options...
GhostDog Posted October 27, 2006 Share Posted October 27, 2006 There is nothing they could ever do to the Bentworth to make it a class A property. I'm sorry, but no way. I know the property well. It has been rough as hell for years. In fact I would consider it a D+ or C- right now. Don't hold your breath for a radical conversion. Ultimately the owners of those complexes don't give a damn about the people in the "established areas" nearby and what they do or don't welcome. They are only worried about how much money they are bringing in every month.Since I live right there, I've seen what they are doing ot the Bentworths' and all I'm seeing is they are replacing all the windows and doors and repainting the outside...Probably dolling up the insides, replacing doors and carpets and kitchens/bathrooms,,,I agree that barring bulldozing and rebuilding a Class A property Bentworth and these Watters won't be Class A HOWEVER if they renovate them nicely and raise rents a good deal that alone should really reduce the amount of crime in that area...I am not expecting radical conversion but just enough to keep out the ****** crime that goes on over there... Link to comment Share on other sites More sharing options...
lolita66 Posted October 28, 2006 Share Posted October 28, 2006 Since I live right there, I've seen what they are doing ot the Bentworths' and all I'm seeing is they are replacing all the windows and doors and repainting the outside...Probably dolling up the insides, replacing doors and carpets and kitchens/bathrooms,,,I agree that barring bulldozing and rebuilding a Class A property Bentworth and these Watters won't be Class A HOWEVER if they renovate them nicely and raise rents a good deal that alone should really reduce the amount of crime in that area...I am not expecting radical conversion but just enough to keep out the sh!tty crime that goes on over there...I drive past the Bentworth a couple of times per week, and so far I'm not too impressed. I hate the exterior color, LOL. A friend of mine who owns a home near Kirkwood & BriarForest called the new owners a few months ago, and she was told it would be a Class A property. I don't think so! Link to comment Share on other sites More sharing options...
rps324 Posted October 28, 2006 Share Posted October 28, 2006 I know, I would like to be more positive about it but I just don't see it. I suppose though anything has got to be an improvement. When I was a Marketing Director for a company that had Bentworth at one time, there was a Manager that really tried to clean it up. There wasn't money for a rehab so she did what she could do. Little things to try to make it more attractive and leaning on troublemakers to get them out. Unfortunately when a property goes that far down, you have to get rid of a lot of riff-raff before you can get a better resident profile. That process usually involves a period of lower occupancy and hence lower revenues, and owners will have no part of that. She got frustrated and left. Link to comment Share on other sites More sharing options...
GhostDog Posted October 30, 2006 Share Posted October 30, 2006 the main thing with the Bentworth's and Waters' is that they make it nice enough so they can increase rents enough to keep out trash and subsidised housing...It would have been nice if someone owuld have bought out all those apts in that block and theones near Wilcrest and razed 'em and replaced them like the nice ones on westheimer and stuff...oh just dreaming. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.