HFF closes sale of and arranges financing for 320-unit multi-housing community in Houston, TX

Park Lakes Apartment Homes, Houston, TX

Cortney Cole

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Park Lakes Apartment Homes, a 320-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

HFF marketed the property exclusively on behalf of the seller, American Realty Advisors (American).  Advenir, Inc. (Advenir) purchased the asset for an undisclosed amount free and clear of existing debt. 

Additionally, HFF worked on Advenir’s behalf to secure the ten-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir @ The Med Center and will implement a capital improvement program to achieve greater rental premiums.

 Park Lakes Apartment Homes has 21, three-story residential buildings offering studio, one-, two- and three-bedroom floor plans averaging 798 square feet each.  The 95-percent-leased property is located at 9955 Buffalo Speedway just off Loop 610. 

Approximately three miles south of the Texas Medical Center, the property also benefits from its proximity to NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.  Community amenities include a swimming pool, grilling area, fitness center, clubhouse and private garages.

The HFF investment sales team representing American was led by senior managing directors Todd Marix and Todd Stewart, managing director Chris Curry and associate director JC Clemens.

Todd Marix

HFF’s debt placement team representing Advenir was led by managing directors Josh Simon and Cortney Cole and senior managing director Eric Tupler.

“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Marix.  “We have seen capital from across the U.S. and abroad continue to look at Houston.  An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.americanreal.com.

HFF arranges $32.4 million acquisition financing for Birmingham, AL, Class A office building

Ed Coco

ATLANTA, GA  -– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $32.4 million in financing for Brookwood Office Center, a 169,459-sqare-foot, nine-story office building in Birmingham, Alabama.

HFF worked on behalf of the borrower, an indirect subsidiary of Preferred Apartment Communities, Inc., to secure the 15-year acquisition loan through Sentinel Asset Management.  The 3.52 percent, fixed-rate financing will also be serviced by HFF.

   

Completed in 2007, the LEED Silver-certified Brookwood Office Center is fully leased to a mix of national and international corporations, including Kinder Morgan, Merrill Lynch and PriceWaterHouseCoopers.  Jos. A. Bank and O’Henry’s Coffee occupy the ground-floor retail space and tenants have access to a four-story, 896-space parking structure.

 The property is situated on 5.08 acres at 569 Brookwood Village within the Brookwood Village upscale mixed-use shopping development.  

This location is immediately off of Highway 280 in the Mountain Brook/Midtown submarket of Birmingham, an affluent area boasting an average household income within three miles of more than $97,000, an average home value of more than $371,000 and a population base in which more than 62 percent of residents hold a bachelor’s degree or higher.

 The Birmingham market is the largest office market between Georgia and Texas and comprises over 58 million square feet of office space.

The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com