KEMAH, TX-Venterra Properties Inc. and Stamford, CT-based GE Real Estate have acquired the 200-unit Park at Waterford Harbor on an all-cash basis. Area experts say similar class A complexes in the Clear Lake submarket have traded at about $100,000 per door.
William D. Miller, managing director in Dallas office for Holliday Fenoglio Fowler LP, says New York Life Insurance Co. had owned the complex at 1420 Marina Bay Dr. for three years. It was the company's sole holding in the submarket.
Miller tells GlobeSt.com that the 96%-leased asset was marketed for four weeks and attracted 20 offers. "We expected a lot of activity on this property so we weren't surprised," he says. "It's a great location, next to the water, just half a mile from the Kemah Boardwalk. It's also close to major employers, like NASA." The gated complex, with views of Clear Lake, also is just a few miles from NASA's Johnson Space Center, one of the region's largest employers.
Miller says the new owners plan to upgrade to the 11-year-old complex although it's already had $700,000 of improvements in the past three years. Situated on 10.89 acres, the mix consists of one-, two- and three-bedroom apartments, ranging from 744 sf to 1,485 sf. Rents go from $780 to $1,583 per month.
HFF's Cortney Cole in Houston arranged financing through UBS Investment Bank for the JV buyer, which secured a 10-year, interest-only at a 5.52% fixed-rate loan for the acquisition. Teaming with Miller on the sale was HFF director Robert Casas and associate director Aaron Sloan.
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