HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Westchase Creek (top left photo) (formerly known as Camden Creek), a 456-unit multi-housing community in Houston’s Westchase District.
HFF marketed the property on behalf of the seller, Camden Property Trust.
Allen Harrison Company, LLC purchased the property in a joint-venture partnership with Dome Equities LLC and Equity Resource Investments, LLC, with the assistance of a seven-year, fixed-rate loan with two years of interest-only payments that HFF secured through Freddie Mac (Federal Home Loan Mortgage Company).
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.
Westchase Creek is located at 3000 Woodland Park Drive between Westheimer and Richmond Avenues west of Beltway 8 in west Houston.The property has an average unit size of 639 square feet and is 96 percent leased. Upon acquisition, Allen Harrison Company will execute a capital improvement plan to upgrade unit interiors and the property exterior.
The HFF investment sales team representing the seller included senior managing directors Craig LaFollette (top right photo), Todd Stewart (middle left photo) and Todd Marix (lower right photo), and directors Tre Banks and Chris Curry. HFF’s debt placement team representing Allen Harrison Company, LLC was led by director Cortney Cole (lower left photo).
Camden Property Trust is one of the largest publicly traded multifamily companies in the United States.
Structured as a Real Estate Investment Trust (REIT), the company is engaged in the ownership, development, acquisition, management, and disposition of multifamily residential apartment communities. Camden's workforce totals nearly 1,800 employees, and the company is headquartered in Houston, Texas.Allen Harrison Company is a privately-held real estate investment and service company specializing in multifamily properties. Headquartered in Houston, Texas, Allen Harrison Company focuses on properties located in major markets throughout the southern United States.
Contacts:
TODD STEWART
HFF Senior Managing Director
(713) 852-3500
CORTNEY COLE
HFF Director
(713) 852-3500
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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