HFF Brokers Purchase and Financing of REO Class A Community Sold by Bank
- Jul 09, 2010
League City, Texas – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler LP) have closed on the sale of Broadstone Walker Commons, and arranged the financing for the property. Broadstone Walker Commons is a Class A, Real Estate Owned (REO), multi-housing community in League City, Texas.
HFF Senior Managing Directors Craig LaFollette, Todd Stewart and Todd Marix, Director Tre Banks and Associate Director Chris Curry led the investment sales team on behalf of the seller, a bank participation with Bank of America as the agent bank.
Sunstone Realty Advisors purchased the property and worked with HFF’s Senior Managing Director John Brownlee and Director Matt Kafka to secure the fixed-rate acquisition loan through Freddie Mac. The loan will be serviced through HFF’s Freddie Mac Program Plus Seller/Servicer program.
Situated on nearly 20 acres, Broadstone Walker Commons is located at 1751 West Walker Street close to Interstate 45 (Gulf Freeway), southeast of downtown Houston in League City. The 91 percent-leased property was completed in 2008 and has 352 units averaging 928 square feet each. Community amenities include a resort-style pool and clubhouse with business and fitness center.
Based in Vancouver, British Columbia, Sunstone Realty Advisors invests in opportunistic properties in Canada and the United States.