HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces sale of and acquisition financing for Huntington Glen, a 364-unit, value-add multi-housing community in Houston, Texas.
The HFF team marketed the property exclusively on behalf of the seller, BH Equities/L5 Investments. GVA Real Estate Group purchased the asset free and clear of existing debt. Huntington Glen is the group’s first purchase in the Houston market. In addition, HFF’s debt placement team worked on behalf of the new owner to secure a three-year, floating-rate acquisition loan with two one-year extension options through one or more funds managed by Marathon Asset Management, LP.
Huntington Glen is located at 12023 Bissonnet near the intersection of S. Kirkwood Drive in the Alief submarket of southwest Houston. Completed in 1983, the gated community offers a mix of one-, two- and three-bedroom units ranging from 450 to 1,179 square feet with features, including hardwood flooring, walk-in closets, wood burning fireplaces, sunrooms, washer and dryer connections, and private patios or balconies. Common area amenities include two swimming pools, a playground area and business center.
The HFF investment advisory team representing the seller included director Joey Rippel and Chris Young and analyst Connor Phillips.
HFF’s debt placement team representing the buyer consisted of managing director Robert Wooten and analyst Jackson Finch.
“The opportunity to purchase true value-add, workforce housing product continues to attract new buyers to Houston,” Rippel said. “There are few properties like Huntington Glen left in the market today – those that haven’t had any renovations.”
“This transaction is a win-win for both parties involved, given the limited supply of these Class B and C deals in the market and the potential for future growth in returns supported by current long-term trends,” Rippel added.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About BH Equities/L5 Investments: Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $375 million of assets totaling 4,100 units under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation and superior asset management. L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential. L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity. L5 is based in El Dorado Hills, California.
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.