Houston Community Under New Ownership through HFF
- Oct 04, 2016
Houston—HFF announced it has closed the sale of and secured acquisition funding for Park Lakes Apartment Homes, a 320-unit community near the Texas Medical Center in Houston, Texas. The asset will be rebranded as Advenir @ The Med Center and will be subjected to a capital improvement program.
HFF marketed the property exclusively on behalf of the seller, American Realty Advisors. Florida-based Advenir Inc. acquired the asset for an undisclosed amount, free and clear of existing debt. In addition, HFF procured the buyer with a ten-year, floating-rate loan through Freddie Mac’s CME Program, which will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The HFF investment sales team representing American Realty Advisors was led by Senior Managing Directors Todd Marix and Todd Stewart, Managing Director Chris Curry and Associate Director JC Clemens.
The HFF debt placement team representing Advenir was led by Senior Managing Directors Josh Simon and Cortney Cole and Senior Managing Director Eric Tupler.
“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” Marix said in a prepared statement. “We have seen capital from across the U.S. and abroad continue to look at Houston. An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”
Park Lakes Apartment Homes consists of 21, three-story buildings with one- to three-bedroom floor plans averaging 798 square feet. Located at 9955 Buffalo Speedway, just off Loop 610 and approximately three miles south of the Texas Medical Center, the property is also in close proximity to NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.