Humble Asset Fits Interurban Corp. Strategy

Woodland Hills, Humble, Texas

Houston—Interurban Corp. has acquired Woodland Hills, a Class A multifamily community located in the northeast Houston suburb of Humble, according to Yardi Matrix data. The purchase price was $29.4 million.

HFF represented the seller, a joint venture of KKR and Crossbeam Concierge. Integrity Life Insurance Co. provided a $22 million permanent loan.

The HFF investment sales team representing the seller was led by Senior Managing Director Chris Curry, Managing Directors Todd Stewart and Todd Marix, and Associate Director JC Clemens.

“The Woodland Hills sale is indicative of the type of product that is finding success in the Houston market today–Class A and B assets in suburban locations with a low reproduction cost,” said Curry.  “The interest in Woodland Hills began building immediately, and it went under contract before it was even formally launched to the market, a scenario that was mutually beneficial for all parties involved.”

Woodland Hills is a 282-unit gated, garden-style community located at 3918 Atascocita Rd., within a 15-minute drive of Generation Park, a deed-restricted, 4,000-acre master-planned development that will include the FMC Technologies headquarters campus and the 52-acre Redemption Square corporate lifestyle district. The community offers one- and two-bedroom units averaging 891 square feet and a set of amenities including a swimming pool with sundeck, fitness center, clubhouse, lounge and business center.

Image courtesy of Yardi Matrix