HOUSTON – (Realty News Report) – GVA Real Estate Group of Austin has acquired the 364-unit Huntington Glen apartment complex in the Alief area.
HFF marketed the property on behalf of the seller, BH Equities/L5 Investments.
Huntington Glen is located at 12023 Bissonnet near the intersection of S. Kirkwood Drive in the Alief submarket of southwest Houston. Completed in 1983, the gated community offers a mix of one-, two- and three-bedroom units ranging from 450 to 1,179 SF.
The HFF investment advisory team representing the seller included director Joey Rippel and Chris Young and analyst Connor Phillips.
The property is the first purchase in Houston for GVA Real Estate Group, which specializes in value-add multifamily.
“The opportunity to purchase true value-add, workforce housing product continues to attract new buyers to Houston,” Rippel said. “There are few properties like Huntington Glen left in the market today – those that haven’t had any renovations.”
HFF’s debt placement team representing the buyer consisted of managing director Robert Wooten and analyst Jackson Finch. The owner secured a three-year, floating-rate acquisition loan with two one-year extension options through one or more funds managed by Marathon Asset Management, LP.