Hilltop Residential to Acquire TX Apartments
Landmark of Conroe, a 200-unit garden-style community with a car wash, a basketball court and a pool, will receive capital for renovations.
Hilltop Residential has obtained an unspecified amount of financing to acquire Landmark of Conroe, a 200-unit garden-style apartment community in Conroe, Texas. The property is on about 15 acres at 1840 Longmire Road, which is about 13 miles north of The Woodlands, Texas, and 44 miles north of downtown Houston.
Landmark of Conroe consists of 23 two- and three-story residential buildings comprising one-, two- and three-bedroom units averaging 1,159 square feet. Common amenities include a swimming pool, lighted basketball and tennis court, picnic/grilling area, car wash, fitness center and clubhouse.
Hilltop is treating the property as a value-add play. The company plans to spend additional capital to upgrade Landmark of Conroe’s amenities, as well as renovate units as they turn.
Hilltop Residential Active in Houston
Headquartered in Houston, Hilltop Residential specializes in acquiring and renovating multifamily in the southern United States. The company has been particularly active in its hometown lately, having also acquired Haven at West 11th Apartments and 3101 Place Apartments in Houston since the beginning of this year.
HFF worked on behalf of the borrower to secure the seven-year loan with a fixed interest rate of 4.57 percent. The loan has five years of interest-only payments as well as a flexible prepayment structure. HFF’s debt placement team representing the borrower included managing director Cortney Cole and analyst Jett Lucia.