Cabo United LLC Acquires Multifamily Property In Houston For $50M

A public auction sale of a Houston apartment complex located at 9220 Nathaniel Street has resulted in a property transaction. The multifamily asset was sold for $50,000,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $50,000,000
• Address: 9220 Nathaniel Street
• Market: Houston

The buyer, Cabo United LLC, acquired the property from the seller, Ellington Management Group. This sale is a result of Applesway Investment Group's defaulted $65.2M loan for the Houston apartment complex, which ultimately led to the public auction. The sale price of $50M has contributed to the firm's $294M multifamily portfolio loss.

Rising interest rates and financing challenges in the sector, particularly for workforce housing, have caused distress and difficulties in the Houston property market.