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Class A Complex Attracts $13M California Buyer

LEAGUE CITY, TX-Fowler Partners Acquisitions acquires South Shore Lakes, a 328-unit complex at 3850 FM 518 East near NASA from Hettig-Kahn. The Larkspur, CA-based investor receives $13.4 million in acquisition financing to close the deal.

By Jennifer D. Duell | Updated on October 19, 2004

LEAGUE CITY, TX-South Shore Lakes, a 328-unit community located at 3850 FM 518 East near NASA, has traded hands to Larkspur, CA-based Fowler Partners Acquisitions from Houston-based Hettig-Kahn.

Fowler Partners Acquisition obtained $13.4 million in acquisition financing from CIBC World Markets to fund the deal. The investor now owns 13,000 apartment units in the nation.

The class A complex is located along South Shore Harbor, which anchors an affluent area that boasts one of the more healthy submarkets in the Houston metro area, says Brant Smith of Holliday Fenoglio Fowler LP who arranged the financing on behalf of FowlerPartners. He tells GlobeSt.com that the loan package offered an interest rate 100 basis points over the US Treasury with two-year, interest-only payment. The 10-year loan has a 30-year amortization schedule, he says.

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