HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Broadstone Grand Parkway (top left photo), a 342-unit, Class A multi-housing community in the far west Houston suburban area near Katy, Texas.
HFF marketed the property on behalf of the seller, Alliance Residential Company, and investors advised by Prudential Real Estate Investors.
Sunstone Realty Advisors purchased the property for an undisclosed amount. Allstate Investments, LLC provided the fixed-rate acquisition loan, also arranged by HFF.
Broadstone Grand Parkway is located at 1111 Falcon Park Drive about one mile south of Interstate 10 along Grand Parkway just east of Katy. The property, developed by the S. Texas Division of Alliance, dba Alliance Communities in Texas, was completed in 2010 and is 95.9 percent leasedThe HFF investment sales team representing the seller included senior managing directors Todd Stewart (middle right photo) , Craig LaFollette (middle left photo) and Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry.
HFF’s debt placement team representing the borrower included managing director Matt Kafka and senior managing director John Brownlee. Headquartered in Phoenix, Alliance has 16 offices across the U.S. Since the company’s inception in 2000, Alliance has become one of the nation’s largest private apartment developer owners with investment holdings in excess of $2.9 billion, and the 15th largest management company in the U.S., managing a $6.0+ billion portfolio consisting of 46,000 units across 24 metropolitan markets in 13 states.
PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).
Sunstone was founded by Steve Evans and Darren Latoski and is headquartered in Vancouver, British Columbia. Sunstone has a portfolio of revenue-producing properties located in the major markets of Canada.
Through its national prospectus offerings, Sunstone gives investors the opportunity to participate in institutional quality commercial real estate investments with a professional management team.
Headquartered in Phoenix, Alliance has 16 offices across the U.S. Since the company’s inception in 2000, Alliance has become one of the nation’s largest private apartment developer owners with investment holdings in excess of $2.9 billion, and the 15th largest management company in the U.S., managing a $6.0+ billion portfolio consisting of 46,000 units across 24 metropolitan markets in 13 states.
Contacts:
Todd Stewart, HFF Senior Managing Director, (713) 852-3500 tstewart@hfflp.com
Matthew Kafka, HFF Managing Director, (713) 852-3500, mkafka@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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