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$14.6M Loan Fuels 458-Unit Forrester Takeover

HOUSTON-BGK Equities of Santa Fe wins the deed to the Northeast Houston complex, a 97%-leased asset assessed at $13.7 million. Chicago-based TVO Southwest Partners and TVO Woodforest Partners are the sellers.

By Jennifer Brenner Andrade | Updated on September 19, 2002

HOUSTON-Armed with a $14.6-million acquisition loan, BGK Equities of Santa Fe, NM has taken over the Forrester Apartments at 12800 Woodforest Blvd. in Northeast Houston. The financing came through Lend Lease Mortgage Capital’s Fannie Mae DUS program.

The buyer of record was Forrester Apartments Operating Associates LP. The seller was Chicago-based TVO Southwest Partners LP and TVO Woodforest Partners LP. According to Harris County tax records, the complex is assessed at $13.7 million.

Grady W. Roberts, senior managing director in Houston for Dallas-based Holliday Fenoglio Fowler LP, arranged the 10-year, fixed-rate loan. Roberts tells GlobeSt.com that the financing and acquisition market for multifamily product in Houston has been very strong. He attributes the strength to the city’s healthy occupancies. Houston doesn’t have the oversupply that many major markets are experiencing and its job market is better than most metros, he says. Many investors who bought in the late 1980s and early 1990s and then sold out are now back in town to buy once again, according to Roberts.

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