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| Cortney Cole |
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured acquisition financing for Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.
HFF worked on behalf of the borrower, TriArc Properties, to secure a five-year, floating-rate acquisition loan with three years of interest-only payments.
Rhonda J. Sands, Senior Vice President/Commercial Real Estate of Veritex Community Bank, facilitated the loan. HFF previously assisted TriArc in September of last year with its acquisition of 4 eighty West Parker immediately south of Smart Living at Stuebner Airline.
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| Rhonda J. Sands |
Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD.
The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet. Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers.
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| Joseph Bramante |
“We have been operating in this submarket for the past two years with great success, which is why we decided to expand our presence here with the acquisition of this property,” said Joseph Bramante, CEO of TriArc Properties.
“It’s rare to have the opportunity to acquire neighboring properties like Smart Living and 4 eighty West Parker. We are looking forward to taking advantage of all the synergies this will create as well as those that will be created by our award-winning operations team.
"We plan to give the property a light capex update and will rebrand it to better serve the community.”
The HFF debt placement team representing the borrower was led by managing director Cortney Cole.
CONTACTS:
CORTNEY COLE
HFF Managing Director
(713) 852-3500
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
JOSEPH BRAMANTE
TriArc Properties CEO
(281) 836-4464
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