HOUSTON, TX – HFF announces sale of and acquisition financing for Villas at Bunker Hill, a 398-unit, Class A, mid-rise apartment community in Houston, Texas.
The HFF team marketed the property exclusively on behalf of the seller, SouthStar Communities. Hilltop Residential purchased the asset free and clear of existing debt. In addition, HFF’s debt placement team worked on behalf of the new owner to secure a three-year, floating-rate acquisition loan through a national bank.
Villas at Bunker Hill is located just north of Interstate 10 at 9757 Pine Lake Drive in Houston’s Memorial City area. The property is adjacent to a wide variety of retail amenities, including H-E-B, PetSmart, Sam Moon, Nordstrom Rack, Academy Sports + Outdoors, Best Buy, Lowe’s Home Improvement, Costco and several dining and lifestyle retailers. In addition, Villas at Bunker Hill is less than two miles north of Memorial City Mall and Memorial Hermann Memorial City Medical Center. The four-story, wrap-style property offers access to the five-level parking garage from each floor of the building and comprises one- and two-bedroom units averaging 963 square feet. The property’s nearly 8,000 square feet of amenity space includes two outdoor swimming pools, grilling areas, a state-of-the-art fitness center, clubhouse, game room with billiards, business center with conference room and demonstration kitchen.
The HFF investment advisory team representing the seller included managing director Chris Curry, senior managing director Todd Marix and analyst Estee Ibáñez.
HFF’s debt placement team representing the buyer consisted of managing director Cortney Cole and analyst Jett Lucia.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About SouthStar Communities: For over 35 years, SouthStar has been acquiring, investing in and managing residential communities across the U.S. Formed by some of the most seasoned names in development, finance, sales and marketing, SouthStar's senior management team brings an impressive career of experience and an endless passion for the industry. Headquartered in Boca Raton, Florida, SouthStar Communities thoughtfully designs and delivers communities that maximize their surroundings, their market and the quality of life for future generations. For more information please visit our website at southstarcg.com.
About Hilltop Residential: Headquartered in Houston, Hilltop Residential provides investors with tax-deferred income and capital appreciation by acquiring and renovating multi-family properties located in the southern United States. Hilltop invests in cities and neighborhoods with strong demographics and positive employment growth. For more information, visit livehilltop.com.
About HFF: HFF and its affiliates operate out of 26 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.