New Jersey Investor Snaps Up Uptown Apartments

A New Jersey-based investor has purchased a high-profile Uptown apartment community.Connell Real Estate & Development Co. acquired the Riviera at West Village apartments at Lemmon and Cole avenues near Turtle Creek, deed records show.Built in 1995, the 150-unit rental community is across the street from the popular West Village retail and restaurant complex.The Riviera is almost 97 percent leased with average rents near $1,600 a month. The property is near the Katy Trail.The property is in an area that's redeveloping from low and mid-rise to high-rise buildings with plans for a new residential tower in the works across the street.Holliday Fenoglio Fowler LP marketed the Riviera for sale.New owner Connell also has an apartment community in Austin.  Continue reading...