Sunstone Properties Trust Sells 133-Unit Multifamily Property for $16M
Westlake Village, CA - Sunstone Properties Trust completed the sale of a renovated multifamily asset in Galveston, TX for $16M.
Built in 1976, Sunstone purchased the 133-unit apartment complex in December of 2015 and completed renovations in 2017.
Interior upgrades include granite countertops, ceiling fans, built-in microwaves, faux-wood flooring, and washer/dryer connections.
The six floorplans are a mix between one-bed/one-bath, two-bed/one-bath, and two-bed/two-bath all with extra storage, walk-in closets, and pantries.
The 16 garden-style buildings were brightly painted to match and enhance the water lifestyle of the Gulf Coast. Common areas include scenic water views, a swimming pool and spa, sand volleyball court, business center, clubhouse, fitness center and tanning bed, picnic areas with barbecue grills, an outdoor kitchen, a dock at the lagoon, and paddle board rentals.
Residence at West Beach sits along the banks of the Green Bayou on Galveston's 69th St., one block from the seawall and convenient to Interstate 45, Texas A&M, and the University of Texas Medical Center.
CBRE's Houston Multifamily Investment Sales team helped Sunstone facilitate the sale.