HOUSTON, TX - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Summer Cove, a 376-unit multi-housing community in southeast Houston.
HFF marketed the property on behalf of the seller, Edgewood Properties. Westmount Realty Capital, LLC purchased the asset for an undisclosed amount. In addition, HFF secured a seven-year, 3.91 percent, fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Situated on approximately 13.82 acres, Summer Cove is located at 725 FM 1959 just off Interstate 45 within one half of a mile from Ellington Field and approximately 17 miles southeast of downtown Houston. The property is close to major employment centers such as the Port of Houston, Hobby Airport and NASA. The 99.47-percent-leased asset has one- and two-bedroom floorplans averaging 729 square feet each and community amenities including three swimming pools, a state-of-the-art fitness center, business center, covered parking and gated access.
The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix, managing director Chris Curry and associate director JC Clemens.
HFF’s debt placement team was led by associate director Tyler Ford.
About Westmount Realty Capital, LLC: Westmount Realty Capital LLC (WRC) is a dynamic, privately-held, Dallas-based company with activities in commercial real estate investment, development and management. The principals of WRC have a proven 25-plus year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States. www.westmountrc.com.
About HFF: HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.