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| Chris Curry |
HOUSTON, TX – HFF announced today that it has closed the
sale of SouthWind, a 312-unit, Class A multi-housing community in
Pearland, Texas.
HFF
marketed the property on behalf of the seller, a TIC ownership group managed by
Joseph and Henry Mandelbaum of RealTax Inc.
An entity owned by JMG Realty, Inc. purchased the asset for an
undisclosed amount free and clear of debt.
SouthWind is located at 9720 Broadway Street proximate to Texas State
Highway 288 and approximately 15 miles south of downtown Houston. Completed in 2003, the property is 95.2
percent leased and includes one-, two- and three-bedroom units averaging 969
square feet each.
 |
| Todd Marix |
Community amenities
include a swimming pool, hot tub, fitness center, volleyball court, clubhouse,
business center and playground.
The
HFF investment sales team representing the seller was led by director Chris
Curry, senior managing directors Todd Marix and Todd Stewart
and director Tre Banks.
“SouthWind offered the buyer a well-located suburban asset in a high
growth market and a tremendous amount of upside through a renovation of the
existing units,” commented Curry.
RealTax, Inc. serves the Southern California real estate investment
community. RealTax provides value-added
tax planning and structured 1031 exchange repositioning services. For more than 20 years RealTax has helped
its clients minimize income taxes and maximize return on investment from the
acquisition, ownership and disposition of real property assets.
 |
| Todd Stewart |
For more than two decades JMG Realty has flourished as a
fully disciplined real estate company, focusing on management, redevelopment,
financial, and investment services for multifamily real estate properties,
servicing both private and institutional owners.
With headquarters in Atlanta, Georgia, JMG Realty continues
to acquire properties throughout the Southeast and Southwest and to expand its
national presence with regional and divisional offices located throughout the
Northeast, Mid-Atlantic, Southeast and Southwest.
In the last 60 days, JMG Realty has acquired four multi-housing
properties in Houston adding approximately 800 units to their portfolio worth
more than $100 million.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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