Texas developer lands buyer for new apartments

Property includes 152 units

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Marcus & Millichap brokered the sale of The Pointe Apartments, a 152-unit, newly constructed apartment community in Beaumont, Texas. The value of the transaction was $10 million. The deal also included 10 acres of adjacent land. The Pointe is located at 4165 Dowlen Road. The offering consists of 157,150 rentable square feet on 14.3 acres. The property's unit mix is comprised of 50 one-bedroom and 102 two-bedroom apartments, ranging in size from 667 to 1,201 square feet. Weston Apt. Homes Inc., a Beaumont-based developer, sold the property to San Francisco-based Lynch Investments LLC. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....