HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for 1218 Jackson, a recently renovated, 26-unit, garden-style apartment complex in Houston’s Montrose neighborhood.
The HFF team worked on behalf of Jackson Complex LLC to arrange a seven-year, fixed-rate Freddie Mac small balance loan. The borrower has been investing in apartments and other commercial properties in the Midtown and Montrose neighborhoods for several years.
1218 Jackson is situated just off Waugh Drive to the west of Montrose Boulevard. The property’s central Houston location places it near multiple dining, entertainment and lifestyle amenities in the immediate and surrounding neighborhoods. Originally constructed in 1962, the three-building property underwent a complete renovation in 2016. 1218 Jackson comprises 25 one-bedroom units and one two-bedroom unit, each containing in-unit washers and dryers. The property is 100 percent occupied.
The HFF debt placement team representing the borrower included senior director Kelly Layne.
“Smaller garden-style apartments in the Midtown and Montrose neighborhoods are vanishing at a rapid pace making way for townhouse development and larger Class A apartment complexes,” Miller said. “As a result, affordable workforce housing proximate to downtown is in short supply and demand is high since young professionals working downtown and in the Greenway area are choosing to live close to work within the Inner Loop’s walkable, amenity-rich neighborhoods.”
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.