HFF closes sale of Class A multi-housing community in suburban Houston
HOUSTON, TX – August 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Woodland Hills, a 282-unit, Class A multi-housing community in the northeast Houston suburb of Humble, Texas.
HFF marketed the property exclusively on behalf of the seller, a joint venture between KKR and Crossbeam Concierge. Interurban Corporation purchased the asset for an undisclosed amount.
Woodland Hills is located at 3918 Atascocita Road within a 15-minute drive of Generation Park, a deed-restricted, 4000-acre master-planned development that will include the FMC Technologies headquarters campus and the 52-acre Redemption Square corporate lifestyle district. Completed in 2009, the property has had an average occupancy above 92 percent during the past two years. The gated, garden-style community has units averaging 880 square feet each and amenities, including a swimming pool with sundeck, fitness center, clubhouse, lounge and business center.
The HFF investment sales team representing the seller was led by managing director Chris Curry, senior managing directors Todd Stewart and Todd Marix and associate director JC Clemens.
“The Woodland Hills sale is indicative of the type of product that is finding success in the Houston market today – Class A and B assets in suburban locations with a low reproduction cost,” said Curry. “The interest in Woodland Hills began building immediately, and it went under contract before it was even formally launched to the market, a scenario that was mutually beneficial for all parties involved.”
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
About Crossbeam Concierge
Crossbeam Concierge is an institutional real estate investment manager providing capital for development and acquisition of multifamily properties. Its vertically-integrated management team has decades of combined experience in real estate acquisition, development and re-development, investment, asset management, property management and finance, with more than $5 billion in U.S.-based transactions. The company operates offices in Atlanta, Bethesda, Dallas, Denver, Houston, and Tiburon, Calif. To learn more, visit www.crossbeamcapital.com.
About Interurban Corporation
Interurban Corporation was founded in 1978 as commercial real estate firm that exclusively brokers apartment properties. As an industry leader in a unique niche, the firm is committed to continually enhancing its reputation by offering every client a special kind of professionalism that delivers superior service, sophisticated expertise and profitable results.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.