BAYTOWN, TX-Camden Property Trust and Allen Harrison Co. LLC have come to the deal table for the second time within a year, this time trading the 272-unit Camden Baytown (which has been renamed Preserve at Goose Creek). Last March, Camden sold the 456-unit Westchase Creek (once known as Camden Creek) on the west side of Houston to Allen Harrison; both buyer and seller are located in Houston.
The sales price on the multifamily property at 2100 W. Baker Rd. in Baytown, approximately 50 miles east of Houston, was undisclosed. Similar properties in the area have traded for between $15 million and $20 million. The Harris Central Appraisal District assesses the asset at $12 million. HCAD also indicates that Camden had bought the property in 2002.
HFF marketed the property on behalf of the seller and the buyer purchased the property with the assistance of a 10-year fixed-rate loan HFF secured through Freddie Mac (Federal Home Loan Mortgage Corp). The securitized loan will be serviced through HFF’s Freddie Mac Program Plus(r) seller/servicer program.
Preserve at Goose Creek is situated on 13 acres, close to the Port of Houston and the ExxonMobil Chemical Baytown campus. The 95%-leased property has 16 buildings with one-, two- and three-bedroom units averaging 844 square feet each.
The HFF investment sales team representing the seller included senior managing directors Craig LaFollette, Todd Stewart and Todd Marix, and directors Tre Banks and Chris Curry. The HFF team representing Allen Harrison was led by director Cortney Cole.