Cardone Capital Buys 507-Unit Houston Asset
Built in 1992, Woodway Square is a luxury community comprising 33 buildings. Its former owner—Fairfield Residential—will continue to manage the property.
By Alex Ciorogar
Cardone Capital has purchased Woodway Square, a 507-unit luxury community in Houston. Fairfield Residential—the company that will continue managing the asset—sold the 33-building property. Cushman & Wakefield facilitated the transaction.
The parties involved in the deal did not disclose any of its financial terms. However, according to Yardi Matrix data, the new owner assumed the outstanding balance of a $65.6 million loan, held by Fannie Mae and originated by M&T Bank in June 2015. The asset—which was 96.1 percent occupied as of December 2017—still offers a value-add component.
Located at 1200 Winrock Blvd. in Hunters Creek, the asset is situated on a 15-acre parcel and provides quick access to interstates 10 and 610, as well as downtown Houston. Built in 1992, the property is located within walking distance of dining and shopping options, including a Whole Foods Market location. Woodway Square features one- and two-bedroom apartments in six different layouts. Units have washers and dryers, refrigerators, extra storage spaces, private balconies/patios, microwaves, walk-in closets and fireplaces. Common-area amenities include:
- swimming pools
- two-acre community park
- dog park
- fitness center
- two tennis courts
- volleyball courts
- business center
- 785 parking spaces
In another recent deal, Fairfield Residential sold Baker Chocolate Factory Apartments, a 133-unit urban infill community, located in the Dorchester Lower Mills area of Boston.
Image courtesy of Yardi Matrix