Sunday, October 30, 2016

HFF closes sale of and arranges financing for 320-unit multi-housing community in Houston, TX

Park Lakes Apartment Homes, Houston, TX

Cortney Cole
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Park Lakes Apartment Homes, a 320-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

HFF marketed the property exclusively on behalf of the seller, American Realty Advisors (American).  Advenir, Inc. (Advenir) purchased the asset for an undisclosed amount free and clear of existing debt. 

Additionally, HFF worked on Advenir’s behalf to secure the ten-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir @ The Med Center and will implement a capital improvement program to achieve greater rental premiums.

 Park Lakes Apartment Homes has 21, three-story residential buildings offering studio, one-, two- and three-bedroom floor plans averaging 798 square feet each.  The 95-percent-leased property is located at 9955 Buffalo Speedway just off Loop 610. 

Approximately three miles south of the Texas Medical Center, the property also benefits from its proximity to NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.  Community amenities include a swimming pool, grilling area, fitness center, clubhouse and private garages.

The HFF investment sales team representing American was led by senior managing directors Todd Marix and Todd Stewart, managing director Chris Curry and associate director JC Clemens.

Todd Marix
HFF’s debt placement team representing Advenir was led by managing directors Josh Simon and Cortney Cole and senior managing director Eric Tupler.

“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Marix.  “We have seen capital from across the U.S. and abroad continue to look at Houston.  An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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