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| Summer Cove Apartments, 725 FM 1959, Southeast Houston, TX |
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| Todd Stewart |
HOUSTON, TX – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured
financing for Summer Cove, a
376-unit multi-housing community in southeast Houston.
HFF marketed the property
on behalf of the seller, Edgewood Properties.
Westmount Realty Capital, LLC purchased the asset for an undisclosed
amount. In addition,
HFF secured a
seven-year, 3.91 percent, fixed-rate acquisition loan on behalf of the buyer
through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF
through its Freddie Mac Program Plus® Seller/Servicer program.
Situated on approximately
13.82 acres, Summer Cove is located at 725 FM 1959 just off Interstate 45
within one half of a mile from Ellington Field and approximately 17 miles
southeast of downtown Houston.
The
property is close to major employment centers such as the Port of Houston,
Hobby Airport and NASA. The
99.47-percent-leased asset has one- and two-bedroom floorplans averaging 729
square feet each and community amenities including three swimming pools, a
state-of-the-art fitness center, business center, covered parking and gated
access.
The HFF investment sales
team representing the seller was led by senior managing directors Todd Stewart and Todd Marix, managing director Chris
Curry and associate director JC
Clemens.
HFF’s debt placement team
was led by associate director Tyler Ford.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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