Philadelphia REIT Buying IMT Village Square in Houston Market for $27.2M

IMT Village SquareResource Real Estate Opportunity REIT, Inc. has agreed to pay IMT Capital Village Square LP $27.2 million for its multifamily community in Houston, TX.

The property has more than 270 units on a 15-acre site with amenities including a clubhouse with a fully equipped kitchen, swimming pool, fitness center, business center and walking trails. The asset, which was constructed in the early 1980’s, totals over 225,000 rentable square feet. It was 97% leased as of March 2013.

In December 2010, Los Angeles-based IMT Capital reported it acquired the 271-unit IMT Village Square garden style apartment community located in The Woodlands.

The current average in-place rent for the tenants of the Property is approximately $910. The average occupancy for the Property was 95% and 94% for 2011 and 2012, respectively. The average effective monthly rental rate per unit for the Property during 2011 and 2012 was $808 and $853, respectively. Average effective monthly rental rate per unit is calculated as the monthly contractual base rental income, net of free rent, divided by the average units leased.