AUSTIN, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Park at West Avenue, a 360-unit, Class A garden-style apartment community in San Antonio, Texas.
HFF marketed the asset on behalf of Embrey Partners Ltd. Pure Multi-Family REIT LP purchased the asset for an undisclosed amount. Additionally, HFF assisted the buyer in securing a $36.5 million, 15-year, fixed-rate acquisition loan through a national life insurance company. HFF will also service the loan.
Built in 2014 by Embrey Partners, Park at West Avenue is situated on 29 acres at 12803 West Avenue near Highway 281, Loop 410 and Wurzbach Parkway, and is less than six miles from San Antonio International Airport. The property has 82 two-story townhomes with two-car garages and 278 luxury flats. Community amenities include an indoor/outdoor aqua lounge, state-of-the-art health club and dog park.
The HFF investment sales team was led by senior managing directors Sean Sorrell, Todd Stewart and Todd Marix and director Matt Pohl.
HFF’s debt placement team was led by senior managing director John Brownlee, director Robert Wooten and associate director Michael Cosby.
About Embrey Partners Ltd. San Antonio-based Embrey Partners, Ltd., is a developer, builder and manager of market-rate multifamily and commercial assets in select markets across the United States. Since 1974, Embrey has developed more than 32,500 apartments and six million square feet of commercial space. Partnering with major financial institutions, pension funds, individual investors and Fortune 500 companies, Embrey as the general partner has completed these developments for individual investment purposes and through joint venture transactions. For more information, visit online at www.embreydc.com.
About Pure Multi-Family REIT LP: Pure Multi-Family REIT LP (Pure Multi) is a Canadian-based, publicly-traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multifamily real estate assets. Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.