Joint venture gains 2,000-plus apartment units

Complex suffering from highest vacancy rate in decades

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A joint venture between Post Investment Group LLC and a New York-based private equity firm today announced its acquisition of the massive Broadway Square Apartments in Houston, Texas, for an undisclosed price. The property, which comprises 2,469 multifamily units, is located at 8751 Broadway Blvd. on a 69-acre lot directly adjacent to Hobby Airport. It was sold by the asset's original owner and developer Harold Farb. At the time of sale, the property was 78 percent occupied -- one of its lowest occupancy rates in 32 years, according to a press statement. The buyer said it plans to "stabilize the asset at 90 percent occupancy" with help from the submarket's "strong employment growth." *** What's your opinion? Leave your comments below or send a letter to the editor. ...