8 Texas Multifamily Properties Fetch $118.6 Million in Acquisition

Posted on Jan 25 2016 - 6:20pm by Lance Edwards

Apartment complex and multifamily construction

(NEW YORK, NY)— An eight-property multifamily portfolio in Texas has just been acquired for $118.6 million by an anonymous company.

Hunt Mortgage Group announced it has financed the portfolio for the Delaware limited liability company, with a floating rate, seven-year loan amortizing over 30 years.

The properties are located in the Dallas/Fort Worth and Houston areas, and consist of the following properties:

 

  • Village Green. Village Green is located in Euless, Texas, within the Dallas/Fort Worth MSA. The property consists of 15 one- and two-story apartment buildings and a leasing office and a total of 277 garden-style apartments. The buildings were constructed in 1984 on 12.162 acres of land. Hunt Mortgage Group provided an $18.8 million loan for the acquisition of Village Green. Property amenities include two pools and a dog park.
  • Fireside at Eastchase. Hunt Mortgage Group placed an $11 million loan to facilitate the acquisition of Fireside at Eastchase. Located in Fort Worth, Fireside at Eastchase Apartments is improved with 16 two-story apartment buildings, and a one-story clubhouse/leasing office building that includes a business center, fitness center, fireplace lounge and an adjacent outdoor swimming pool. Built in 1999, the property is a 104-unit garden-style apartment complex situated on 11.1638 acres of land.
  • Hastings Place. Located in Houston, Hastings Place is comprised of ten, two- and three-story apartment buildings, and a one-story clubhouse building and laundry facility. Outdoor amenities include two swimming pools, picnic and BBQ areas, a playground and fully gated community. Hunt Mortgage Group provided an $11.2 million loan for the acquisition of Hastings Place. Built in 1983, the property has 176 garden-style units and is situated on 5.6614 acres of land.
  • Idlewyld Village. Hunt Mortgage Group provided a $17.4 million loan for the acquisition of Idlewyld Village. Located in Dallas, the property is improved with 14, two- and three-story apartment buildings, and a one-story clubhouse/leasing office building that includes a business center, fitness center and conference room and is adjacent to the outdoor swimming pool. Built in 1984, the Idlewyld is a 228-unit garden-style apartment complex situated on 9.147 acres of land.
  • Stirling Court. Stirling Court is a 228-unit garden-style apartment complex situated on 7.0963 acres of land. Located in Houston, the property is comprised of 15 two-story apartment buildings, and a one-story clubhouse/leasing office building. Outdoor amenities also include a swimming pool, picnic and BBQ areas and fully gated community. Stirling Court was built in 1983 on 7.0963 acres of land. Hunt Mortgage Group provided $11.8 million for the acquisition of this property.
  • Park Place Townhomes. Located in Euless, Texas, Park Place Townhomes is improved with 14 two-story apartment buildings. The property consists of 97 multifamily town homes on 9.846 acres of land. Park Place was built in 1980 and Hunt Mortgage Group placed a $9.9 million loan for the acquisition of the property.
  • Ashford Park. Hunt Mortgage Group provided an $11.8 million loan to facilitate the acquisition of Ashford Park. Located in Arlington, Ashford Park was constructed in 1984 and is comprised of 144 multifamily rental units. The community encompasses two non-contiguous parcels totaling 10.699 acres. Phase I consists of 70 units housed in 14 residential buildings along with a single story stand along leasing/management office building, and Phase II has 74 units housed in 13 residential buildings. Property amenities include a swimming pool with a BBQ grilling station and spa/hot tub.
  • Trinity Apartments. Trinity Apartments is located in Irving, and Hunt Mortgage Group provided a $26.5 million loan to facilitate the acquisition. The property was constructed in 1984 and is comprised of 496 multifamily rental units configured on a single irregular shaped 20.058 acre parcel of land. Property amenities include a clubhouse with leasing/management offices, lounge sitting area, fitness center and internet café/business center two swimming pools, a playground area and two laundry centers.

“Our client is a seasoned industry investor with extensive knowledge of the local market in Texas,” commented John Beam, Managing Director of Hunt Mortgage Group. “We were pleased to facilitate the acquisition of these eight properties for this solid investor.