TODAY’S DEALS: CBRE Global Investors Buys a 352-Unit Community in Houston
Houston—CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired a 352-unit Class A asset in Houston known as The Connection at Buffalo Pointe. The garden-style community was 93 percent occupied at the time of acquisition. The 2012-built community is one of the newest apartment assets near the Texas Medical Center, which is the world’s largest medical complex.
“The Connection is the first component of a larger mixed-use development,” says Steve Gullo, managing director at CBRE Global Investors Multi-Housing Group. “The neighborhood will benefit from infrastructure projects in the area, including the recently completed expansion of Buffalo Speedway and anticipated retail development due to growth of Medical Center employment outside the area known as The Loop.”
CBRE Global Investors will put dedicated asset and property management teams in place as part of a comprehensive marketing and residential service overhaul aimed at improved leasing and resident retention. A portion of the community’s units were built with upgraded finishes that are in high demand, so the team will execute an expanded upgrade program in base-level apartments that will add granite countertops, upgraded plumbing and new light fixtures.
Oak Grove provides $37.1M in financing for two affordable communities in Florida
Riviera Beach & Jacksonville, Fla.—Oak Grove Capital has originated two HUD 223(f) loans totaling $37.1 million to the Cornerstone Group, who used the funds to refinance two affordable housing communities on Florida’s east coast. Each of the two fixed-rate loans carries a 35-year term and amortization period.
“Oak Grove is proud to have been involved with these financings. Both assets are in excellent condition, and the ownership and management are of the highest caliber,” says C.W. Early, vice president at Oak Grove Capital. “We were able to provide long-term, fixed-rate financing at incredibly low rates, helping to ensure the long-term success of these top quality affordable assets.”
Indian Trace Apartments, located in Riviera Beach, Fla., received $20.75 million of the financing. The property includes 15 three-story buildings containing 330 units and a 3,675 square foot management office/clubhouse. The remaining $16.39 million was used for Mission Pointe Apartments, a 388-unit complex in Jacksonville, Fla. Both communities also offer common area amenities, including a community room with kitchen and fireplace, fitness center, car wash, outdoor pool and patio area, gated entryway, and ponds in the center of the properties.