HOUSTON – City Park (formerly The Retreat at City Park), a 308-unit, Class A multi-housing community in Houston’s Inner Loop has been purchased by Alliance Residential.
“City Park is one of the last ‘Inner Loop’, garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Houston apartment broker Todd Marix of HFF.
City Park is located at 1640 East TC Jester Boulevard between Downtown Houston and the Galleria within Houston’s inner loop. The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights. Completed in 2003, City Park has an average unit size of 836 square feet and is fully leased.
HFF represented the seller, Fulton Property Group, LLC, based in San Antonio in the sale.
HFF also arranged acquisition financing for the buyer through a life insurance company.
The HFF investment sales team representing the seller was led by senior managing directors Todd Marix and Todd Stewart and directors Chris Curry and Tre Banks.
HFF’s debt placement team representing the buyer was led by director Colby Mueck.
Fulton Property Group is a multifamily company creating value through the acquisition, development and management of exceptionally located apartment communities throughout Texas and Colorado. With a veteran management team and in-house equity, Fulton Property Group sets itself apart in the creation of extraordinary apartments that thrive as communities.
Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. The firm has invested in more than $3 billion of real estate and manages a $9 billion portfolio with a focus toward superior local leadership and a comprehensive national support infrastructure.