HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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.”
About American Realty Advisors: With over $7.5 billion in assets under management, American Realty Advisors (American) is a leading provider of commercial real estate investment management services. For over 27 years, American has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multifamily and retail properties. More information regarding American can be found at www.americanreal.com.
About Advenir, Inc. Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 20,000 multifamily units valued at just under $3.3 billion. Advenir’s current portfolio consists of 11,000 apartment units valued at more than $1.6 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 275 employees and regional offices in Florida, Texas and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.