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| Old Farm apartments, 2500 Old Farm Road, Houston, TX |
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| Todd Marix |
HOUSTON, TX – HFF announced today that it has closed the
sale of the Old Farm, a 734-unit, Class A multi-housing community in
Houston, Texas.
HFF represented the seller, a client of L&B Realty
Advisors. CBRE Global Investors
purchased the property on behalf of the CBRE Strategic Partners Value 6 Fund
for an undisclosed amount free and clear of debt.
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| Todd Stewart |
Old Farm is located at 2500 Old Farm Road near the
intersection of Westheimer Road and South Voss Road, less than three miles west
of the Houston Galleria.
Situated on approximately 27.92 acres, the property consists
of one-, two- and three-bedroom units averaging 950 square feet each. Community amenities include two
state-of-the-art fitness centers, two resort-style swimming pools, grilling
areas, tranquility room, business center and clubrooms. The property is 96.2 percent leased.
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| Tre Banks |
The HFF investment sales team representing the seller was
led by senior managing directors Todd Marix, Craig LaFollette and
Todd Stewart, along with directors Tre Banks and Chris Curry.
L&B Realty Advisors is an employee-owned, SEC-registered real estate
investment advisor. Since 1965, L&B
has provided real estate investment management services to institutional
investors and family offices.
With $5.9
billion under management and 46 years of experience, L&B has a proven track
record of successfully acquiring, managing and disposing real estate on behalf
of its clients. For more information,
please visit www.lbrealty.com.
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| Chris Curry |
CBRE
Global Investors is a global real estate investment management firm with $88.2
billion in assets under management* as of June 30, 2013.
The firm sponsors investment programs across
the risk/return spectrum for investors worldwide. CBRE Global Investors is an independently operated affiliate of
CBRE Group, Inc. (NYSE:CBG).
It
harnesses the research, investment sourcing and other resources of the world’s
premier, full-service commercial real estate services and investment company
for the benefit of its investors.
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| Craig LaFollette |
CBRE
Group, Inc. has approximately 37,000 employees in more than 300 offices
(excluding affiliates) worldwide. For
more information about CBRE Global Investors, please visit
www.cbreglobalinvestors.com.
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 | www.hfflp.com
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