HFF closes sale of Class A multi-housing complex in Houston’s Upper Kirby neighborhood

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HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Alexan Upper Kirby (top left photo) , a 230-unit, Class A multi-housing community in Houston’s Upper Kirby neighborhood.

The HFF investment sales team was led by senior managing directors Craig LaFollette, (middle left photo) Todd Stewart and Todd Marix (lower right photo) , director Tre Banks and associate director Chris Curry, who represented the seller, Trammell Crow Residential. Invesco Real Estate purchased the property for an undisclosed amount.

Located at 2300 Richmond Avenue within Houston’s Inner Loop, Alexan Upper Kirby is close to Greenway Plaza, Highway 59, Rice University, The Texas Medical Center and the residential areas of West University and River Oaks.

 Completed in 2008, the 99% leased property has one- and two-bedroom units averaging 925 square feet each. Community amenities include a resort-style swimming pool, fitness center, billiards room and covered/gated parking.

“Alexan Upper Kirby’s spectacular quality, superb location, and strong cash flows led to a feeding frenzy and very aggressive pursuit by some of the multi-housing industry’s most recognizable investors,” said LaFollette.

Headquartered in Dallas, Trammell Crow Residential (“TCR”) is America’s premier multi-family real estate firm. TCR entities develop, construct and acquire multi-family rental and condominium communities of the highest standards.

Invesco Real Estate was established in 1983 and is focused solely on investment management with 13 offices around the world.

Contacts:

G. Craig LaFollette, HFF Senior Managing Director, (713) 852-3500, clafollette@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF closes sale of and arranges financing for The Retreat at Cinco Ranch in Katy, TX

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged financing for The Retreat at Cinco Ranch, (top left photo)  a 268-unit, Class A multi-housing community in Katy, Texas.

HFF senior managing directors Craig LaFollette, Todd Stewart (lower right photo)  and Todd Marix, director Tre Banks and associate director Chris Curry marketed the property on behalf of the seller, Allied Realty Services, Ltd. and GE Capital Real Estate.

JRK Property Holdings purchased The Retreat at Cinco Ranch for an undisclosed amount.

Working exclusively on behalf of the buyer/borrower, HFF managing director Tucker Knight (lower left photo)  placed the fixed-rate acquisition loan with Cornerstone Real Estate Advisors. The loan has a seven-year term and the first two years are interest-only.

The Retreat at Cinco Ranch is located at 3306 South Fry Road close to the Energy Corridor in Cinco Ranch, the preferred residential development in west Houston and the top-selling master planned community in the United States.

“The Retreat is simply the best combination of product and location in Cinco Ranch,” said LaFollette.

Allied Realty is a leading fully-integrated multi-family real estate investment, development, and property management firm. Headquartered in Houston, Texas, Allied Realty has been investing, developing and managing multi-family communities throughout the U.S. since 1985.

GE Capital Real Estate is a unit of General Electric (NYSE: GE) and is a leading global commercial real estate investment company.

JRK Property Holdings is a national owner and operator of commercial properties with a portfolio valued over $3.5 billion. JRK Property Holdings currently owns and manages approximately 42,000 multifamily units located in 27 states.

Contacts:

G. Craig LaFollette, HFF Senior Managing Director, (713) 852-3500, clafollette@hfflp.com
Tucker S. Knight, HFF Managing Director, (713) 852-3500, tknight@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com