HOUSTON, TX – HFF announces the sale and acquisition financing for Winding Trails, a 438-unit, garden-style apartment community in Southwest Houston.
The HFF team marketed the property exclusively on behalf of the seller, One Real Estate Investment. GVA Real Estate Group 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 acquisition financing through Ready Capital Structured Finance.
Winding Trails is located at 10330 Wilcrest Drive near Beltway 8 and Interstate 69, which provides connectivity to Houston’s largest employment centers. The nearly 14-acre property was originally developed in 1979 and encompasses a mix of one-, two- and three-bedroom units averaging 803 square feet with a range of amenities, including country kitchens with pass-through bars, wood plank flooring, oversized walk-in closets, washer and dryer connections, and private patios or balconies.
The HFF investment advisory team representing the seller included directors Joey Rippel and Chris Young and analyst Bailey Crowell.
HFF’s debt placement team representing the new owners was led by managing director Robert Wooten and director Michael Johnson.
“Assets like Winding Trails that have provable value-add potential remain limited in Houston and continue to be a draw for opportunistic buyers,” Rippel said. “True value-add is an opportunity that smart buyers can’t pass up.”
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About One Real Estate Investment: Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager and operator focused on acquiring multifamily assets in the southeast United States and Texas. The firm’s expertise is in executing and managing a strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, family office, and ultra high-net-worth capital partners. OREI has over 2,000 units under management nationally and has acquired and sold over 6,500 value-add multifamily units since its inception.
About GVA Real Estate Group: GVA Real Estate Group is an Austin-based vertically integrated real estate company committed to creating value in the multi-family real estate sector. GVA specializes in conventional as well as affordable opportunities, paying particular attention to expanding sub-markets. Through owning and managing a diverse set of assets, GVA accomplishes the challenging feat of simultaneously mitigating risk while tapping into market upside.
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.