Sunday, June 1, 2014

Sale and financing of City Park in Houston Heights closed by HFF


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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