Turner Impact Capital Buys 659-Unit Houston Property

The buyer funded the acquisition of the 53-building Urban Palms with a $38 million Fannie Mae loan. Walker & Dunlop originated the financing.
Urban Palms.
Urban Palms. Image courtesy of Yardi Matrix

Nimes Capital has sold the 659-unit Urban Palms in Houston to Turner Impact Capital, according to Yardi Matrix data. Walker & Dunlop provided the new owner with a $38 million Fannie Mae acquisition loan. TI Communities will provide property management services for the asset.

Located at 8701 Town Park Drive in a dense residential area, the asset is roughly 14 miles west of downtown Houston, close to several golf clubs and other entertainment venues. The community comprises one- and two-bedroom apartments in 53 two-story buildings completed in 1979 on a 21-acre site. Common-area amenities include three pools, a grill and picnic area, a business center and a fitness center. Per Yardi Matrix, the property was 93.9 percent occupied as of May.

Recently, Turner Impact Capital sold the 405-unit Glen at Lauderhill in Lauderhill, Fla., for $59 million. HFF brokered the transaction on behalf of the seller and also procured the buyer.