TODAY’S DEALS: HFF Closes Sale of West Houston Community
HFF closes sale on Houston community; Boston Capital invests in Virginia affordable multifamily; and Jones Lang LaSalle markets an apartment property in Washington state.
Houston, Texas—Holliday Fenoglio Fowler has closed the sale of The Pathway, a 144-unit multifamily community in west Houston. HFF marketed the property for the seller, The Milestone Group. The property was purchased by Hudson Capital Investments for an undisclosed amount.
The team at HFF included senior managing directors Craig LaFollette, Todd Steward and Todd Marix, director Tre Banks and associate director Chris Curry.
The Pathway is situated on approximately six acres at 2901 Elmside Drive and is 94 percent leased. Units average 969 square feet.
Boston Capital invests in Virginia affordable multifamily apartments
Stuarts Draft, Va.—Boston Capital has invested in the construction of Montague Terrace Apartments, a to-be-built, 96-unit multifamily development in Stuarts Draft, Va. This is the third partnership between Boston Capital and the project’s general partner, The Humanities Foundation Inc., a non-profit organization dedicated to increasing the availability of affordable housing.
“The location, unit design and amenities offered at Montague Terrace Apartments will attract families to a superior, affordable alternative to housing currently available in the Stuarts Draft area,” says Jack Manning, president and chief executive officer of Boston Capital.
Montague Terrace Apartments is located on 4.8 acres and will feature 56 two-bedroom/two-bath units and 40 three-bedroom/two-bath units. Amenities will include a clubhouse with community room, a kitchen, a common laundry facility, a playground and a barbeque/picnic area. Units will be available to families earning 60 percent or less of the Area Median Income.
Jones Lang LaSalle brings $65M property to market in suburban Seattle
Mountlake Terrace, Wash.–Jones Lang LaSalle’s Northwest Multifamily Capital Markets team has been chosen to market Creekside Village for sale in Mountlake Terrace, Wash.
The 512-unit offering is located just 15 minutes north of downtown Seattle in South Snohomish County. The property is expected to fetch $65 million.
Leading the Jones Lang LaSalle team on this transaction are Managing Director David Young and Vice Presidents Seth Heikkila and Corey Marx. “Rents in this region are expected to rise by as much as 30 percent over the next five years,” says Young. “We expect this well appointed apartment community to appeal to a wide variety of investors who are seeking a large, stabilized property with plenty of upside potential.”
Creekside Village offers 512 apartment units within 24 residential apartment buildings, as well as one residential/leasing building. The property sits on approximately 43 acres at 4208 236th Street SW, just two miles from Interstate 5, where a large commuter station is located. Floor plans include one, two and three bedrooms. The property also offers numerous amenities including a fitness center and two outdoor swimming pools.