HFF Closes Sale of 164-Unit Southwest Houston Multihousing Community

HOUSTON, TX – HFF announces it has closed the sale of Vanderbilt Court, a 164-unit, garden-style multi-housing community in Southwest Houston. HFF marketed the property exclusively on behalf of the seller, 37th Parallel, and procured the buyer, Indus Management Group.

Vanderbilt Court is situated on more than five acres at 12630 Ashford Point Drive approximately one half of a mile from the intersection of S. Dairy Ashford Road and Westpark Tollway.  Originally constructed in 1983, the value-add, vintage property features of a mix of efficiency units and one- and two-bedroom townhome units averaging 835 square feet.  Community amenities include a clubhouse, business center, fitness center, two resort-style swimming pools, hot tub and sundeck with outdoor dining space.  More than $1.2 million of renovations to the property have been completed since 2011, including new roofing, all new HVAC systems, exterior painting, new signage and amenity improvements.

The HFF investment advisory team representing the seller included directors Joey Rippel and Chris Young.

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

About 37th Parallel Properties: 37th Parallel Properties is a privately held multifamily acquisitions and asset management company with over $300 million in assets under management.  For more information, please visit 37parallel.com or call at 888.837.3720

About Indus Management Group: Founded in 2002, Indus Management Group is a property and asset management company specializing in the renovation and restoration of distressed multifamily properties.  Indus currently manages 24 apartment communities in the Houston area.  The company focuses on repositioning Class B and C communities and currently has approximately 7,000 units under management with 6,500 homes Blue Star Certified by the City of Houston. For more information, please visit indusmgmt.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