Removed from Energy Woes, Apartments Find Buyers

Ranch at City Park is situated on 13.76 acres, approximately 10 miles south of Houston’s central business district.

HOUSTON— Ranch at City Park , a 270-unit, class-A multifamily community in south Houston has been sold to a Chicago-based private equity group, which purchased the asset for an undisclosed amount. The seller was Gaia Real Estate . Ranch at City Park is situated on 13.76 acres at 11900 City Park Central Ln., approximately 10 miles south of Houston’s central business district. In addition to its location along Highway 288, the property provides nearby access to other major thoroughfares including Beltway 8, Loop 610, the Fort Bend Parkway Toll Road and Highway 90. The property has one- and two-bedroom units averaging 893 square feet each. Its amenities include a swimming pool, outdoor fireplace, picnic and grilling area, a fitness center, a clubhouse, a game room with billiards table, a theater room, cyber café and detached garages. Holliday Fenoglio Fowler LP (HFF) marketed the property exclusively on behalf of the seller. The HFF investment sales team was led by managing directors Chris Curry, Todd Stewart and Todd Marix , and associate director JC Clemens . Curry tells GlobeSt.com: “These are the types of assets that are carrying the day in Houston–below replacement cost with value-add and have a good story due to lack of energy exposure.” HFF also arranged acquisition financing for Broadstone Stone Park , a 480-unit, garden-style apartment community. HFF worked exclusively on behalf of the borrower, Advenir Inc. to secure the seven-year, 2.82% floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac program plus seller/servicer program. The HFF debt placement team representing Advenir was led by Josh Simon , managing director, Eric Tupler and Cortney Cole . Simon tells GlobeSt.com: “Advenir was able to acquire very good quality asset in a part of Houston with very limited exposure to the energy sector. The Agencies are still very much active and hungry for financing opportunities in Houston.”