HFF Arranges Sale, Financing of Metro Houston Apartments
Hilltop Residential is the new owner of Villages of Cypress Creek, a 384-unit, Class A community in the city’s northwest suburb of Cypress, Texas.
By Evelyn Jozsa
HFF announced the sale and acquisition financing for Villages of Cypress Creek, a 384-unit, Class A, garden-style apartment community in the northwest Houston suburb of Cypress, Texas.
HFF marketed the property on behalf of the seller. Hilltop Residential acquired the offering free and clear of existing debt. The HFF debt placement team worked on behalf of the new owner to secure a five-year acquisition loan with fixed interest rate of 3.23 percent. The loan was placed through a life company correspondent lender, and has three years of interest-only payments, as well as the option for two one-year extensions.
The property is located at 10300 Cypresswood, less than one mile from one of the largest YMCAs in the U.S. and several grocery-anchored shopping centers. Situated just off Tomball Parkway (State Highway 249), the asset is within two miles of Lone Star College—University Park, The Vintage mixed-use development, CHI St. Luke’s—The Vintage Hospital, Houston Methodist Willowbrook Hospital, Noble Energy’s headquarters and the Houston campus of Hewlett-Packard.
Villages of Cypress Creek is made up of 25 three-story buildings with residential units averaging 975 square feet. The property was 95 percent occupied at the time of sale. Community amenities include:
- Two resort-style pools
- Spa/hot tub
- Outdoor kitchen
- Massage Room
- State-of-the-art fitness center
- Media room
- Cyber café/business center
- Coffee bar
- Game room
- Dog park
- Attached Garages
The HFF investment sales team representing the seller included Todd Marix, senior managing director, and Chris Curry, analyst. The HFF debt placement team representing the borrower included Cortney Cole, managing director, and Jordan Finch, analyst.
Image courtesy of HFF