JV Buys 128-Unit Houston Community for $11M
- Aug 29, 2019
REEP Equities, in a partnership with Hashem Holdings, has acquired Candleridge Park Apartments, a 128-unit community in Houston for $10.6 million, according to Yardi Matrix. JLL secured a $7.9 million Fannie Mae loan, for the acquisition of the property, on behalf of the borrowers. HM Equity sold the community, however, will continue to manage it, Yardi Matrix data shows.
Situated at 1601 Wooded Pine Drive, the community is near the Hardy Toll Road and Interstate 45, around 20 miles from downtown Houston and 10 miles from George Bush Intercontinental Airport. Besides these, Candlerdige Park is also close to Lone Star College and Brightwood College, as well as several other schools, including Parker Elementary School.
Constructed in 1985, the 10-building property occupies more than 5 acres and encompasses a mix of one- and two-bedroom units, averaging 828 square feet. The units feature vaulted ceilings, washer/dryer hookups and private balconies/patios. Property amenities include a swimming pool, outdoor kitchen, business center, playground and dog park.
JLL’s team included Managing Director Mark Brandenburg and Senior Vice President CW Sheehan. In June, the duo also arranged the financing for the acquisition of a 244-unit property in San Antonio.