Praedium Sells 636-Unit Sharon Park Village

HOUSTON-New York City-based Praedium Advisors Inc. has sold the 636-unit Sharon Park Village located 1 1/2 miles south of Houston’s Galleria. The asset, listed for more than $21 million, drew 11 offers to the table.

The 32-year-old complex at 5600 Chimney Rock was picked up by a southeastern charitable foundation. The buyers plan to operate the apartment community as affordable housing.

In what is becoming a growing trend, the foundation chose to buy the complex with conventional financing obtained via Wall Street, G. Craig LaFollette, senior vice president with the Houston office of CB Richard Ellis Inc., tells GlobeSt.com. Later, the foundation will complete the necessary steps to designate the property as affordable housing. LaFollette says this trend is becoming more popular because obtaining financing as an affordable housing owner is a stumbling block in closing many deals. Sellers most often don’t want to wait the five to eight months required to process such a deal, says LaFollette.