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$6.9-Mil Financing Sparks Dual Houston Buy

HOUSTON-Two class-B apartment complexes, totaling 255 units, have been bought via a $6.9-million financing package. The unidentified buyer has taken title to the Carlisle Apartments and Park Westwood.

By Jennifer Brenner Andrade | Updated on June 08, 2001

HOUSTON-Private investors have secured $6.9 million in financing to buy two Houston apartment complexes, totaling 255 units. Chicago-based Wexford Bancgroup has arranged the financing package.

Under new ownership are the Carlisle Apartments, a 129-unit apartment complex at 9898 Forum Park Dr. and Park Westwood Apartments, a 126-unit complex at 9501 Sam Houston Parkway. The unidentified investors have secured a 10-year, non-recourse permanent loan coupled with a 30-year amortization at a 7.39% fixed-interest rate. Wexford Capital Partners is providing about $2.9 million in equity financing.

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