Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Francis Property Management Inc. has purchased Retreat at Westpark from Houston-based developer Retreat at Westpark Ltd. The 156-unit, class A complex was listed for $14 million.

“It’s a quality asset that is highly ‘amenitized’ in an excellent location,” says Jim Hearn, a partner with Hendricks & Partners’ Houston office, who represented the seller in the transaction. The Beverly Hills, CA-based Francis Property was represented by David Joachim of Houston-based International Realty Concepts.

Located at 10575 Westpark Dr. at the intersection of Beltway 8 and the Westpark Toll Road in the heart of the Westchase submarket, Retreat at Westpark is Francis Property’s third buy in the Houston area, Hearn says. The garden-style complex was completed inthe last 12 months.

Hearn tells GlobeSt.com that Retreat at Westpark received more than five offers. Situated on 5.1 acres, the complex is comprised of seven buildings. It has 72 one-bedroom units and 84 two-bedroom apartments. The average unit is 925 sf; the average rent is$1,025 per month. The complex is 85% leased. According to the Harris County Appraisal District, Retreat at Westpark’s assessed value is $8.7 million.

Francis Property Management Inc., which also owns the Bellagio Apartments at 15000 Philippine St. and Stonewood Apartments at 701 TC Jester Blvd., obtained new financing from the Horsham, PA-headquartered GMAC Commercial Mortgage to purchase Retreat at Westpark. The buyer will manage the asset.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.