HOUSTON—With a nearby entity such as Texas Medical Center, a demand generator not dependent on oil, Park Lakes Apartment Homes has garnered the attention of an out-of-state buyer. The 320-unit garden-style multifamily community located at 9955 Buffalo Speedway sold to Advenir Inc. for an undisclosed amount free and clear of existing debt.
Holliday Fenoglio Fowler LP marketed the property exclusively on behalf of the seller, American Realty Advisors in a joint venture with Fowler Property Acquisitions, also known as FPA Multifamily. Additionally, HFF worked on Advenir's behalf to secure the 10-year floating-rate loan through Freddie Mac's CME program in the amount of $32.4 million, GlobeSt.com has learned.
“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Todd Marix of HFF. “We have seen capital from across the US and abroad continue to look at Houston. An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”
Advenir will rebrand the property as Advenir @ The Med Center and implement a capital improvement program to achieve greater rental premiums. The 95% leased property is located just off Loop 610 approximately three miles south of the medical center. The property also benefits from its proximity to Freeway 90, NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.
Community amenities include a swimming pool, grilling area, fitness center, clubhouse and private garages. Park Lakes features numerous on-site amenities and spacious, fully loaded apartments. The apartment homes have 21 three-story residential buildings offering studio, one-, two- and three-bedroom floor plans averaging 798 square feet each.
The HFF investment sales team representing American Realty Advisors was led by senior managing directors, Marix and Todd Stewart, managing director Chris Curry and associate director JC Clemens. HFF's debt placement team representing Advenir was led by managing directors Josh Simon and Cortney Cole along with senior managing director Eric Tupler.
HOUSTON—With a nearby entity such as Texas Medical Center, a demand generator not dependent on oil, Park Lakes Apartment Homes has garnered the attention of an out-of-state buyer. The 320-unit garden-style multifamily community located at 9955 Buffalo Speedway sold to Advenir Inc. for an undisclosed amount free and clear of existing debt.
Holliday Fenoglio Fowler LP marketed the property exclusively on behalf of the seller, American Realty Advisors in a joint venture with Fowler Property Acquisitions, also known as FPA Multifamily. Additionally, HFF worked on Advenir's behalf to secure the 10-year floating-rate loan through
“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Todd Marix of HFF. “We have seen capital from across the US and abroad continue to look at Houston. An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”
Advenir will rebrand the property as Advenir @ The Med Center and implement a capital improvement program to achieve greater rental premiums. The 95% leased property is located just off Loop 610 approximately three miles south of the medical center. The property also benefits from its proximity to Freeway 90, NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.
Community amenities include a swimming pool, grilling area, fitness center, clubhouse and private garages. Park Lakes features numerous on-site amenities and spacious, fully loaded apartments. The apartment homes have 21 three-story residential buildings offering studio, one-, two- and three-bedroom floor plans averaging 798 square feet each.
The HFF investment sales team representing American Realty Advisors was led by senior managing directors, Marix and Todd Stewart, managing director Chris Curry and associate director JC Clemens. HFF's debt placement team representing Advenir was led by managing directors Josh Simon and Cortney Cole along with senior managing director Eric Tupler.
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