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| Todd Marix |
HOUSTON, TX – HFF announced it has closed the sale of and
arranged financing for City Park (formerly The Retreat at City Park), a
308-unit, Class A multi-housing community in Houston, Texas.
HFF
represented the seller, Fulton Property Group, LLC (based in San Antonio, TX),
in the sale of the property to Alliance Residential Company. HFF also arranged acquisition financing for
the buyer through a life insurance company.
City Park is located at 1640 East TC
Jester Boulevard between Downtown Houston and the Galleria within Houston’s
inner loop.
The 10.75-acre site has
direct access to the White Oak Bayou hike and bike trail on the edge of The
Heights. Completed in 2003, City Park
has an average unit size of 836 square feet and is fully leased.
 |
| Todd Stewart |
The
HFF investment sales team representing the seller was led by senior managing
directors Todd Marix and Todd Stewart and directors Chris
Curry and Tre Banks.
HFF’s
debt placement team representing the buyer was led by director Colby Mueck.
“City
Park is one of the last ‘Inner Loop’, garden-style communities built in Houston
before land values required higher-density/mid-rise developments, offering a
sustainable competitive advantage that will benefit new ownership for years to
come,” said Marix.
Fulton
Property Group is a multifamily company creating value through the acquisition,
development and management of exceptionally located apartment communities
throughout Texas and Colorado.
With a veteran management team and in-house equity, Fulton
Property Group sets itself apart in the creation of extraordinary apartments
that thrive as communities.
 |
| Chris Curry |
Alliance is one of the largest private U.S. multifamily
companies with offices throughout the West, Southwest, South-Central,
Southeast, Mid-Atlantic and Northeast.
The firm has invested in more than $3 billion of real estate
and manages a $9 billion portfolio with a focus toward superior local
leadership and a comprehensive national support infrastructure.
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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