"It's a quality asset that is highly 'amenitized' in an excellent location," says Jim Hearn, a partner with Hendricks & Partners' Houston office, who represented the seller in the transaction. The Beverly Hills, CA-based Francis Property was represented by David Joachim of Houston-based International Realty Concepts.
Located at 10575 Westpark Dr. at the intersection of Beltway 8 and the Westpark Toll Road in the heart of the Westchase submarket, Retreat at Westpark is Francis Property's third buy in the Houston area, Hearn says. The garden-style complex was completed inthe last 12 months.
Hearn tells GlobeSt.com that Retreat at Westpark received more than five offers. Situated on 5.1 acres, the complex is comprised of seven buildings. It has 72 one-bedroom units and 84 two-bedroom apartments. The average unit is 925 sf; the average rent is$1,025 per month. The complex is 85% leased. According to the Harris County Appraisal District, Retreat at Westpark's assessed value is $8.7 million.
Francis Property Management Inc., which also owns the Bellagio Apartments at 15000 Philippine St. and Stonewood Apartments at 701 TC Jester Blvd., obtained new financing from the Horsham, PA-headquartered GMAC Commercial Mortgage to purchase Retreat at Westpark. The buyer will manage the asset.
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