The Villas at West Oaks, a 342-unit complex at 15155 Richmond Ave., and Lodge at Kingwood, 312 units at 938 Kingwood Dr., collateralized the loan for Equity Resources LLC of Birmingham, AL. "Both of these properties are outstanding class A-plus, luxury apartment communities situated in close proximity to major employment centers and transportation routes in the Houston area," says Cortney Cole, a director with Holliday Fenoglio Fowler LP. She and senior managing director Scott Galloway arranged the loan through conduit lender, Bank of America CMBS Capital Markets.
Equity Resources acquired the properties just 18 months ago from locally based Hanover Cos. Both properties are managed by ER Management of Houston.
The Villas at West Oaks, sitting on 15.8 acres just west of the downtown, was funded with $26.5 million. Completed in 2003, the complex has one-, two- and three-bedroom units averaging 952 sf. Rents run from $753 to $1,703 per month. The complex is 95% occupied.
The 96%-leased Lodge at Kingwood accounted for $24 million of the refinance. The complex, also built in 2003, is situated on nearly 15 acres in the master-planned community of Kingwood. It has one- and two-bedroom units, ranging from 643 sf to 1,099 sf. Monthly rents range from $710 and $1,095.
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