Done Deals: HFF announces sale and acquisition financing for WaterWall Place in Uptown Houston, TX

Wednesday, October 17, 2018

HFF announces sale and acquisition financing for WaterWall Place in Uptown Houston, TX

HOUSTON, TX –– HFF announces the sale and acquisition financing for WaterWall Place, a LEED Silver, seven-story luxury multi-housing community in Houston’s Uptown District.

WaterWell Place, Uptown Houston, TX
(All WaterWell Place photos by Scott Womack)

The HFF team marketed the property on behalf of the seller, Hines. HASTA Capital purchased the offering free and clear of existing debt.

Pool, WaterWall Place, Houston, TX

Additionally, HFF worked on behalf of the new owner to secure a fixed-rate acquisition loan through Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, on behalf of an institutional investor.

The seven-story, 322-unit residential project is situated in the heart of Uptown Houston, centered among the Gerald D. Hines Water Wall Park, the iconic Williams Tower and The Galleria.

Lobby, WaterWall Place, Houston, TX

Designed by Jackson & Ryan Architects in collaboration with Wallace Garcia Wilson Architects, the 316,287-square-foot signature project was Hines’ first multifamily development in Houston and was completed in 2014.

Kevin Batchelor

Kevin Batchelor, Hines senior managing director, said, “WaterWall Place was a significant project for us and the property provides the buyer a first-class asset with an exceptional location.

"The project’s premier setting, along with its architectural design and amenities, has resulted in attracting a very affluent renter profile and a successful lease-up with rents above pro forma.”

Rob Little, Head of Real Estate Core Mortgage for Barings added, “We are pleased to add this high-quality multifamily property to our Houston portfolio, consistent with our strategy of lending on properties in walkable locations and population growth centers. We look forward to expanding our relationship with HASTA Capital.”

Rob Little

The HFF investment advisory team representing the seller included senior managing director Todd Marix, managing director Chris Curry and analyst Estee Ibanez.

HFF’s debt placement team representing the borrower included senior managing director Matt Kafka and managing director Kelly Layne.

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

Estee Ibanez

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries.

Todd Marix

Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services.

The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet.

The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet.

With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.

Visit www.hines.com for more information.

Chris Curry

HASTA Capital is focused on the investment, development and operation of residential multifamily rental assets in the U.S. and Latin America.

Founded in 2016 by Mark Hafner and Rodrigo Suarez, HASTA combines its specialized operational expertise, rigorous analytical methodology and meticulous attention to detail, sustainability and quality control to create world class buildings and living environments that improve their cities and generate superior risk adjusted returns for their investors.

Over their careers, HASTA’s principals have led the acquisition and development of over $9 billion of multifamily rental housing. For more information about HASTA Capital, please visit www.hastacapital.com

Barings is a $306+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients.

The firm builds lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service.

Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries. Learn more at www.barings.com.

Barings Alternative Investments (BAI), part of Barings LLC, is a 460+ associate team located across 11 countries that manages $49+ billion* in client capital.

Kelly Layne

BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate.

BAI serves as a trusted partner to clients, leveraging its global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities.

The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.

*As of June 30, 2018