B
uchanan Capital Partners and Barker Pacific Group are closing out the year with separate Texas multifamily deals. Keith Buchanan's firm acquired Crenshaw Grand Apartments, a 264-unit complex in Pasadena near Houston, at a significant discount to replacement cost. The property, built in 2015, will undergo updates including common area renovations and unit upgrades.
Meanwhile, Barker Pacific purchased Chesapeake Apartments, a 124-unit garden-style complex in Austin's Anderson Mill neighborhood. The Los Angeles-based firm secured a Fannie Mae loan serviced by Walker & Dunlop for the deal. Plans include $1.4 million in improvements to the property's common areas and units.
The deals come as interest rates remain high, but industry experts note that 2024 has seen an improvement in sales volume compared to last year. Buchanan Capital Partners' founder Keith Buchanan attributes this to his firm's confidence in its investors, allowing them to "play offense" while others play defense.
