HOUSTON–HFF has closed the sale of and secured financing for Summer Cove, a 376-unit multifamily community in southeast Houston.
HFF marketed the property on behalf of the seller,Edgewood Properties; Westmount Realty Capital LLCpurchased the asset for an undisclosed amount.
Reps with HFF were unable to offer additional comment by press time.
In addition, HFF secured a seven-year, 3.91 percent, fixed-rate acquisition loan on behalf of the buyer throughFreddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.
Situated on approximately 13.82 acres, Summer Cove is located at 725 FM 1959, off Interstate 45 within one half of a mile from Ellington Field and approximately 17 miles southeast of downtown Houston. The property is close to major employment centers such as the Port of Houston, Hobby Airport andNASA. The 99.47-percent-leased asset has one- and two-bedroom floor plans averaging 729 square feet each and community amenities including three swimming pools, a fitness center, business center, covered parking and gated access.
Senior managing directors Todd Stewart and Todd Marix, managing director Chris Curry and associate director JC Clemens led the HFF investment sales team representing the seller.
Associate director Tyler Ford led HFF’s debt placement team. [GlobeSt]
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