HOUSTON – Allen Harrison Co. purchased a 456-unit West Houston aparment project in a joint-venture partnership with Dome Equities LLC and Equity Resource Investments.
The seller was Houston-based Camden Property Trust, one of the largest apartment REITs in the nation.
The project, Westchase Creek (formerly known as Camden Creek), is located at 3000 Woodland Park Drive between Westheimer and RichmondAvenue, west of Beltway 8.
HFF brokered the sale and arranged financing with the assistance of a seven-year, fixed-rate loan with two years of interest only payments that HFF secured through Freddie Mac. HFF will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program.
The property has an average unit size of 639 square feet and is 96 percent leased. Upon acquisition, Allen Harrison Company will execute a capital improvement plan toupgrade unit interiors and the property exterior.
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 Allen Harrison Company, LLC was led by director Cortney Cole.