HOUSTON – Crossbeam Capital bought the 348-unit Enclave at Woodbridge Apartments, 15015 W. Airport Blvd. in the Sugar Land area on Houston’s southwest side. Crossbeam, formed as a result of the meger of Maryland-based Crossbeam Capital and Houston-based Concierge Asset Management, has been active in Texas multifamily recently.
SAN ANTONIO – Hendricks & Partners announced the sale of Reserve in Alamo Heights (200 units), located at 8446 Country Village Street in San Antonio. The property is located near the junction of the Loop 410 and McAllister freeways. The Seller was JPMCC 2006-LDP9 Alamo Heights, LLC of Miami Beach, FL. The transaction was negotiated by Mike Miller, Chris Ross, and Will Caruth of the San Antonio office of Hendricks & Partners on behalf of the Seller.
AUSTIN, Texas – HFF has arranged $25 million in financing for University Towers, a 184-unit, 641-bed, off-campus, dormitory-style student housing project serving the University of Texas at Austin in Austin, Texas. Working on behalf of Cardinal Group Investments, LLC, HFF placed the adjustable-rate loan with a national debt fund. Loan proceeds were used to acquire the property. University Towers consists of three residential towers, a six-story, 575-space parking garage and 35,840 square feet of ground floor retail space. The property has a full-service cafeteria that serves meals to students every day. Located at 801 West 24th Street, University Towers is in the West Campus area within walking distance to the University of Texas campus, which has more than 51,000 students. The HFF team representing the borrower was led by Pat Burger, Tim Wright and Doug Opalka. Cardinal Group Investments is the investment sponsor arm of Cardinal Group of Denver.