Camden Purchases 940-Unit Houston Portfolio
- Dec 12, 2011
Houston—Atlanta-headquartered ARA announced the sale of a 940-unit Houston portfolio made up of the following three Class A properties: the 318-unit Piney Creek located in Houston, the 304-unit Spring Creek located in Spring, Texas, and the 318-unit Downs at Cinco Ranch in Katy, Texas.
ARA Houston -based Principal, David Mitchell served as the lead broker on the deal working together with fellow Houston-based Principals, David Oelfke, Matt Rotan and David Wylie. The team represented the seller.
Constructed in 2004 and 2005 respectively, and marketed as a “Best In Class Luxury Multi-Housing Opportunity,” the Class ‘A’ portfolio closed in just five months – a very respectable marketing timeline for a deal of this caliber.
According to Mitchell, “The Houston portfolio was one of the most sought-after Class A portfolios in Houston over the last several years. We were very fortunate to secure a great buyer in Camden who had closed a deal ARA marketed earlier this year for the seller.”
Camden is a Houston-based REIT, who owns interest in and operates 202 properties across the United States and is engaged in the ownership, development, acquisition, management, and disposition of multifamily residential apartment communities.
The portfolio was 94 percent occupied at the time of the sale.
NorthMarq funnels $46.4M long-term loan from life insurance company
Baltimore—Nancy R. Ferrell, senior vice president and managing director in NorthMarq Capital’s Baltimore Regional office arranged combined first mortgage refinancings of $46.4 million for four apartment projects located in Baltimore and Howard County, Md.
The assets consist of Burnam Woods, Chatham I & II, and Old Orchard Apartments containing a combined total of 774 multifamily units. Financing was based on a 30-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with John Hancock Life Insurance Co.
Ferrell states, “We helped the owner take advantage of attractive long-term money in the current low rate environment with four separate John Hancock loans on these multifamily properties.”