HFF announces sale and acquisition financing for Class A apartments in Houston MSA
HOUSTON, TX – September 14, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and acquisition financing for Villages of Cypress Creek, a 384-unit, Class A, garden-style apartment community in the northwest Houston suburb of Cypress, Texas.
The HFF team marketed the property on behalf of the seller. Hilltop Residential purchased the offering free and clear of existing debt. Additionally, the HFF debt placement team worked exclusively on behalf of the new owner to secure a five-year acquisition loan with a fixed interest rate of 3.23 percent. The loan has three years of interest-only payments as well as the option for two one-year extensions, and was placed through a life company correspondent lender.
Villages of Cypress Creek is located at 10300 Cypresswood less than one mile from one of the largest YMCAs in the United States and several grocery-anchored shopping centers. Situated just off Tomball Parkway (State Highway 249), the property is within two miles of Lone Star College – University Park, The Vintage mixed-use development, CHI St. Luke’s – The Vintage Hospital, Houston Methodist Willowbrook Hospital, Noble Energy’s headquarters and the Houston campus of Hewlett-Packard. Villages of Cypress Creek consists of 25, three-story buildings with residential units averaging 975 square feet. Community amenities include two resort-style pools, spa/hot tub, outdoor kitchen, massage room, state-of-the-art fitness center, clubhouse, media room, cyber café/business center, coffee bar, game room, dog park and attached garages. The property is 95 percent occupied.
The HFF investment sales team representing the seller included senior managing director Todd Marix and managing director Chris Curry.
HFF’s debt placement team representing the borrower included managing director Cortney Cole and analyst Jordan Finch.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, is a Texas licensed real estate broker.
About Hilltop Residential
Headquartered in Houston, Hilltop Residential provides investors with tax-deferred income and capital appreciation by acquiring and renovating multi-family properties located in the southern United States. Hilltop invests in cities and neighborhoods with strong demographics and positive employment growth. For more information, visit livehilltop.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.