HFF Participates in GE Capital, Allied Realty Apartment Sale, Borrower Financing
- Aug 03, 2010
Katy, Texas– The Houston office of HFF (Holliday Fenoglio Fowler LP) says it has closed the sale of, and arranged financing for, The Retreat at Cinco Ranch, a 268-unit, Class A multi-housing community in Katy, Texas.
HFF Senior Managing Directors Craig LaFollette, Todd Stewart and Todd Marix, Director Tre Banks and Associate Director Chris Curry marketed the property on behalf of the seller, Allied Realty Services Ltd. and GE Capital Real Estate. JRK Property Holdings purchased The Retreat at Cinco Ranch for an undisclosed amount.
Working exclusively on behalf of the buyer/borrower, HFF managing director Tucker Knight placed the fixed-rate acquisition loan with Cornerstone Real Estate Advisors. The loan has a seven-year term and the first two years are interest-only.
The Retreat at Cinco Ranch is located at 3306 South Fry Road close to the Energy Corridor in Cinco Ranch, the preferred residential development in west Houston and the top-selling master planned community in the United States.
“The Retreat is simply the best combination of product and location in Cinco Ranch,” said LaFollette.
Allied Realty is a leading fully-integrated multi-family real estate investment, development, and property management firm. Headquartered in Houston, Allied Realty has been investing, developing and managing multi-family communities throughout the U.S. since 1985.
GE Capital Real Estate is a unit of General Electric and is a leading global commercial real estate investment company.
JRK Property Holdings is a national owner and operator of commercial properties with a portfolio valued over $3.5 billion. JRK Property Holdings currently owns and manages approximately 42,000 multifamily units located in 27 states.