Hunt Mortgage Group Finances the Acquisition of Houston Community
- Feb 20, 2017
Houston—Hunt Mortgage Group, a wholly-owned subsidiary of Hunt Cos. Inc., announced it has arranged an $11.6 million Fannie Mae loan for some newly-formed LLCs to acquire Oaks of Ashford Apartments, a multifamily property located in Houston, Texas. The 225-unit, garden-style community is located in the Briar Forest/Ashford submarket of Houston and it encompasses one three-story and 22 two-story buildings, plus a single-story leasing office/clubhouse of similar design.
The property is being acquired from LAB OAKS LP c/o The Lynd Co. that purchased the property in August 2013 by five Tenants-In-Common (TIC). The new owners are several LLCs managed by Principal La Familia Property Management LLC as a non-member manager.
“The TIC arrangement enables the sponsors to preserve the tax benefits of the 1031 exchange,” Chris Warren, vice president at Hunt Mortgage Group, said in a prepared statement. “The seller invested approximately $750,000 from 2013-2016 to renovate the property, including repairing damaged siding and replacing the water heaters in most of the units,” he added. “In addition, unit upgrades were made in the kitchen, bathroom and living room as units were turned-over. The new owner is planning upgrades as well.” Common area amenities feature two swimming pools, spa, clubhouse, business center, playground, barbecue grills, two laundry facilities and access gates.
“The property is located an approximate 20-minute drive from the Houston central business district, in a growing area of northwest Houston,” added Warren. “All of the principals live in California and the Oaks of Ashford Apartments will be their first investment in Texas. However, they are experienced investors and the property will continue to be managed by The Lynd Co., who has successfully managed it since 2013. We were pleased to provide the financing for this property.”
Image courtesy of Oaks of Ashford Point