HOUSTON—HFF announced today that it has closed the sale of and arranged financing for City Park (formerly the Retreat at City Park), a 308-unit multifamily community here. The sale price was not disclosed.
HFF represented the seller, Fulton Property Group LLC (based in San Antonio, TX), in the sale of the property to Alliance Residential Co. HFF also arranged acquisition financing for the buyer through a life insurance company.
The HFF investment sales team representing the seller was led by senior managing directors Todd Marix and Todd Stewart and directors Chris Curry and Tre Banks. HFF’s debt placement team representing the buyer was led by director Colby Mueck.
“The property was purchased 18 months prior by Fulton Property Group,” Marix tells GlobeSt.com. “They intended to hold it for a much longer period of time, but there was a substantial increase in rents which made for an increase in the property value.”
City Park is located at 1640 East TC Jester Boulevard between Downtown Houston and the Galleria within Houston’s inner loop. The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights. Completed in 2003, City Park has an average unit size of 836 square feet and is fully leased.
“City Park is one of the last ‘Inner Loop’, garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Marix.