crefeed.com | ARA negotiates sale of Houston mixed-use property

2/4/2008

ARA negotiates sale of Houston mixed-use property

Bayou Park

Webster, Texas-based Venterra Real Estate has sold Bayou Park in Houston to Boston, Mass.-based Berkshire Property Advisors.

David Wylie, Matt Rotan, David Mitchell, David Oelfke and Tim Dosch of Atlanta, Ga.-based Apartment Realty Advisors handled the negotiations for Venterra.

Bayou Park is located west of Houston's Central Business District at 4400 Memorial Drive and contains 688 multi-family units and 6,320 square feet of retail space. It is situated on 15 acres and was 95 percent occupied at the time of sale. The mixed-use site generated several offers from both commercial and residential developers as well as multi-family operators, according to Wylie.

Berkshire recently purchased seven multi-family properties in North and South Carolina for $81 million from HVM Management Company.

Address: Bayou Park at 4400 Memorial Drive, Houston, Texas

Size: 688 units/6,320 square feet

Filed Under: Mixed Use

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