HOUSTON – HFF announced that it has closed the sale of and arranged financing for Westchase Creek, a 456-unit multi-housing community in Houston’s Westchase District.
HFF marketed the property on behalf of the seller, Allen Harrison Company. An affiliate of Harbor Group International, LLC purchased the asset for an undisclosed amount and assumed an existing Freddie Mac loan.
HFF’s debt placement team secured a five-year, fixed-rate supplemental loan through Freddie Mac for the acquisition of the property. HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.
Westchase Creek is located at 3000 Woodland Park Drive between Westheimer and Richmond Avenues west of Beltway 8 in West Houston. The property was renovated in 2012-2013, has an average unit size of 639 square feet and is 93.4 percent leased.
The HFF investment sales team representing the seller included senior managing directors Craig LaFollette, Todd Stewart and Todd Marix, and directors Tre Banks and Chris Curry.
HFF’s debt placement team representing the buyer was led by director Cortney Cole and real estate analyst Will Crawley.
Houston-based Allen Harrison Company is a privately-held real estate investment and service company specializing in multifamily properties.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $3.6 billion. HGI is headquartered in Norfolk, Va. with offices in New York and Tel Aviv.