HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured acquisition financing for Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.
HFF worked on behalf of the borrower, TriArc Properties, to secure a five-year, floating-rate acquisition loan with three years of interest-only payments. Rhonda J. Sands, Senior Vice President/Commercial Real Estate of Veritex Community Bank, facilitated the loan. HFF previously assisted TriArc in September of last year with its acquisition of 4 eighty West Parker immediately south of Smart Living at Stuebner Airline.
Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD. The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet. Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers. Common area amenities include two outdoor seating and barbecue areas as well as an open central courtyard.
“We have been operating in this submarket for the past two years with great success, which is why we decided to expand our presence here with the acquisition of this property,” said Joseph Bramante, CEO of TriArc Properties. “It’s rare to have the opportunity to acquire neighboring properties like Smart Living and 4 eighty West Parker. We are looking forward to taking advantage of all the synergies this will create as well as those that will be created by our award-winning operations team. We plan to give the property a light capex update and will rebrand it to better serve the community.”
The HFF debt placement team representing the borrower was led by managing director Cortney Cole.
About TriArc Properties: TriArc Properties is a full-service investment management firm focused on the acquisition of unique multifamily real estate assets with untapped value to deliver market leading returns to its investors. TriArc Properties was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks and skill sets of each respective firm to successfully execute on a yield-plus and value-add investment strategy in the multifamily real estate asset classes. The firm’s owned and third-party managed portfolio includes approximately 1,100 conventional apartment units spread across the Houston Metro and surrounding areas with assets under management totaling over $100 million.
About Veritex Community Bank: Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. Veritex Community Bank has total assets of approximately $8 billion. Veritex Community Bank specializes in providing depository and credit services to retail and small- to mid-size businesses. The name “Veritex” is derived from the Latin word “veritas,” meaning truth, and “Texas”. Veritex Community Bank was founded in 2010 and now has 43 branches located in Dallas, Fort Worth, Austin, Honey Grove and Houston and one located in Louisville, Kentucky.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.