Hilltop Residential Continues Texas Expansion
- Jan 07, 2020
Hilltop Residential has acquired two multifamily assets in Texas: the 308-unit Regalia Mansfield in Mansfield and the 291-unit Grand Reserve in Katy, continuing its momentum from last year. According to Yardi Matrix data, Luxe Residential sold the first asset, while the seller for the latter community was SouthStar Properties.
Tarrant County public records show Hilltop bought Regalia Mansfield in a joint venture with Artemis Real Estate Partners and received a $32 million, four-year loan from Jackson National Life Insurance Co. Per Fort Bend County recorded documents, Grand Reserve was purchased in partnership with Angelo, Gordon & Co., while Wells Fargo Bank originated an undisclosed loan for the new owners. The debt is set to mature in 2024 and includes a one-year extension provision.
Located at 350 N. State Highway 360, Regalia Mansfield is close to Mansfield Methodist Hospital, several dining and retail options, while downtown Fort Worth, Texas, is roughly 24 miles away. The property comprises one-, two- and three-bedroom units in five three-story buildings completed in 2015. Common-area amenities include a pool, business center, dog park and fitness center. As of November, the asset was 94.2 percent occupied, per Yardi Matrix.
Built in 2013, Grand Reserve is situated at 22101 Grand Corner Drive, within a dense residential area and close to several dining and retail options. Additionally, the gated community is 26 miles west of downtown Houston. The property encompasses one-, two- and three-bedroom apartments and includes common-area amenities such as a pool, lounge, clubhouse and fitness center. According to Yardi Matrix data, the asset was 94.8 percent occupied as of November.
The new owners intends to update both properties, according to a prepared statement from Greg Finch, CEO of Hilltop Residential. Both amenity areas and units are set to be upgraded.