HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of H6, a newly built, 293-unit, Class A, mid-rise multi-housing community in West Houston.
The HFF team marketed the property on behalf of the seller, Abacus Multi-Family Partners II LLC, an affiliate of Abacus Capital Group LLC. GPI Real Estate Management Corporation purchased the asset contingent to existing debt.
Abacus Capital Group LLC developed H6, which has had a rapid lease-up due to a combination of factors, including its cutting-edge amenity base and modern design. H6 is located at 14805 Grisby Road next to the intersection of Interstate 10 and Highway 6 in the heart of West Houston’s Energy Corridor. The property is zoned to Katy Independent School District, the top-rated school district within the Houston MSA, and is within walking distance to a Class A office park, several dining and retail options and hike and bike trails at George Bush Park. H6 comprises a variety of one- and two-bedroom units averaging 827 square feet with either faux wood or concrete flooring, European cabinetry, granite countertops, stainless steel appliances and private yards in select units. Common area amenities include a sparkling lounge pool, courtyard with Zen garden, 24-hour fitness center, conference space and business center, game room with entertainment kitchen and bark park. The property was more than 95 percent leased at closing.
The HFF investment advisory team representing the seller included managing director Chris Curry and senior managing director Todd Marix.
“H6 is the latest example of a strategy we continue to execute,” said Michael Sarno, head of the Central Region at Abacus Capital Group LLC. “It showcases our ability to develop multi-family product in high-demand corridors while building to a competitive basis, which generates strong risk-adjusted returns for our investors. We are currently in various stages of development in all four of the major Texas markets.”
“This transaction is a perfect example of Houston commercial real estate’s resilience following Hurricane Harvey,” added Curry. “Investment interest is still flowing throughout the market, and H6 proved particularly attractive to investors due to its recent completion date in an area of Houston with a declining supply pipeline and above market demand for multi-housing units, which was only exacerbated by units taken offline in the Houston MSA following the hurricane.”
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, is a Texas licensed real estate broker.
About Abacus Capital Group LLC
Founded in 2004, Abacus Capital Group LLC has a 12-year track record of achieving attractive, risk-adjusted returns for investors by acquiring, redeveloping, developing, managing and selling of multifamily properties throughout the United States of America. Senior professionals at Abacus Capital have an average of 25 years of multifamily investment management experience.
About GPI Real Estate Management Corporation
Based in Houston, Texas, GPI Real Estate Management Corporation focuses on the management of all class (A, B and C) apartment communities in Houston area. As property management specialist, GPI Management is committed to providing excellence in service to the residents of the properties it manages. GPI Management also raises the value of properties through renovation, new development and higher cash flow to provide great investment return to the clients who have entrusted their investments to its care.
About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.