Northwest Properties Snags 216-Unit Houston Community
- Jan 04, 2018
Hayden Properties has acquired Stoneleigh on Spring Cypress in Spring, Texas. Seneca Investments sold the 216-unit, garden-style community. At the time of sale, the multifamily property was 94.4 percent occupied.
The 11-building asset, located at 7215 Spring Cypress Road, consists of one-, two- and three-bedroom apartments ranging from 625 to 1,139 square feet. According to Yardi Matrix data, rents ranges from $881 to $1,304, as of November. Stoneleigh on Spring Cypress features a swimming pool, fitness center, business center, laundry facilities and more than 250 parking spaces. The community is situated within the Klein Independent School District, near St. Edward’s School, Ehrhardt Elementary School and Providence Classical School.
HFF’s Joey Rippel, Todd Marix, Chris Curry, Chris Young and Connor Phillips negotiated the transaction on behalf of the seller. Additionally, HFF’s Tyler Ford secured a fixed-rate Freddie Mac acquisition loan for the buyer.
The new deal comes a few weeks after Greystone provided a $36.4 million loan for the acquisition of Parkside Place, a 384-unit luxury Northwest Houston community located less than four miles from Stoneleigh on Spring Cypress.
Image courtesy of Yardi Matrix