PPI ACQUIRES 306-UNIT HOUSTON-AREA MULTIFAMILY COMPLEX

STAFFORD, TEXAS — Prime Property Investors (PPI) has acquired Estates at Fountain Lake, a 306-unit multifamily property in the Houston suburb of Stafford. The 14-building, garden-style community includes one- and two-bedroom apartments with rents averaging $1,300 per month, as well as a swimming pool, clubhouse and fitness center. Constructed in 1998, the complex — which was previously branded as Alexan Fountain Lake and is fully leased — is located on Fountain Lake Drive, just east of South Dairy Ashford Road. Northbrook, Ill.-based PPI acquired the asset from Dallas-based Trammell Crow Residential and plans upgrades for both unit interiors and communal amenities. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA Capital Markets represented the seller in the transaction, and Adam Allen, also of ARA Capital Markets, assisted in the capitalization of the property.