Saturday, October 17, 2015

HFF closes sale of and secures financing for 376-unit multi-housing community in southeast Houston, TX

Summer Cove Apartments, 725 FM 1959, Southeast Houston, TX

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 |

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