Multi-Housing Capital Advisors Arranges $113M Texas Deal

The $113 million sale of four Class A apartment community properties in Texas has been handled by Multi-Housing Capital Advisors, Inc.

April 5, 2010
By Allison Landa, News Editor

The $113 million sale of four Class A apartment community properties in Texas has been handled by Multi-Housing Capital Advisors, Inc. The properties were sold to Los Angeles-based CIM Group from Gables Residential, which is based in Atlanta.

Of the four properties, three – a 103-unit community, the 75-unit West Village community, and the 334-unit Knoxbridge community – are located in the Uptown Dallas area. The fourth is the 308-unit Memorial Hills community adjacent to Houston’s business districts.

“In the current market where transactions have been few and far between, especially of core assets, we worked diligently to create a mutually beneficial transaction comprised only of highly desirable urban infill assets,” MHCA founding principal Peter Sherman said when announcing the news. Sherman and fellow founding principals Curtis Palmer, Andy Sands, and Herb Chase represented CIM Group and acted as sole broker in the sale. The properties will continue to be managed by Gables.

MHCA provides institutional investment sales, debt and equity financing services to apartment owners, developers, pension fund advisors, financial institutions and insurance companies. Over the past decade, the founders of the firm have completed more than $20 billion in investment sales and financing transactions.