A multi-use package consisting of 58 apartment units, a single story leasing office and a 964-unit maintenance storage shop has been sold in Houston for $65 million.
Village at Copperfield LLC, a Delaware limited partnership, is the buyer, backed by Joseph Lubeck, who will co-manage the partnership with ESJ Capital Partners, LLC.
The Hunt Mortgage Group assisted Lubeck and company in securing a Fannie Mae loan to finance the acquisition in Houston’s northwest suburb of Copperfield.
Lubeck was attached to yet another property earlier this year, says Hunt Mortgage managing director John Beam.
“Earlier this year, we financed Mr. Lubeck’s $25.4 million acquisition of Fountains of Katy, a multifamily property located in Katy, Texas with a similar structure, but with floating rate debt instead of fixed,” explained John Beam, Managing Director, at Hunt Mortgage Group.
The borrower plans to invest in capital improvements on site to complete an extensive rehab within the next 15 months. Property average occupancy over the past year is 94 percent with current occupancy at 91 percent.
“Villages of Copperfield is located in a Houston sub-market with a very low vacancy rate that consistently supports the demand for multifamily housing,” added Beam. “We believe there is significant upside with the project. Furthermore, we are pleased to arrange the financing of this asset for such an experienced sponsor.”
Built in 1983 as three separate complexes (Hampton Hills, Chesapeake and Waterford), Villages of Copperfield now operate as a single property with three contiguous parcels.
The property is comprised of one- and two-bedroom units. Property amenities include three outdoor swimming pools, a tennis court, leasing office with fitness center, and five laundry facilities.