HOUSTON-Triumph Land & Capital Management LLC and Hudson Realty Capital have pulled 576 class B units from receivership by acquiring $18 million of debt. The joint venture will invest an additional $4 million to $6 million into upgrading the two complexes. The 228-unit Huntwick Apartments at 5100 FM 1960 Rd. W. in Houston's far northwest submarket and 228-unit Timbers of Pine Hollow at 2020 Plantation Dr. in Conroe were once in the portfolio of MBS Cos. of Metairie, LA, which filed for bankruptcy in late 2007. The bulk of MBS' Louisiana and Texas portfolio went into receivership. Spencer Garfield, managing director of the New York City-based Hudson Realty Capital, says the debt was bought at a favorable rate, with Triumph Land & Capital Management LLC being brought in to oversee the renovation and get both assets stabilized....
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