Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $11.6 million Fannie Mae loan to facilitate the acquisition of a multifamily property located in Houston, Texas.
Oaks of Ashford Apartments is a garden-style apartment community that consists of 255 units in 22, two-story and one, three-story residential buildings, and a single-story leasing office/clubhouse of similar design.
The property is being acquired from LAB OAKS, L.P. c/o The Lynd Company who purchased the property in August 2013 by five Tenants-In-Common (TIC). The Borrowers are all newly-formed, LLCs that are managed by Principal La Familia Property Management LLC as a non-member manager.
“The TIC arrangement enables the sponsors to preserve the tax benefits of the 1031 exchange,” explained Chris Warren, Vice President at Hunt Mortgage Group.
“The seller invested approximately $750,000 from 2013-2016 to renovate the property, including repairing damaged siding and replacing the water heaters in most of the units,” added Warren. “In addition unit upgrades were made in the kitchen, bathroom and living room as units were turned-over. The new owner is planning upgrades as well.
Oaks of Ashford Apartments is located in the Briar Forest/Ashford submarket of Houston. The property has been and will continue to be managed by The Lynd Company (“TLC”), a seller-affiliated, nationally-recognized management company. TLC has seen growth from 1,100 apartment units in 1997 to over 34,000 apartment units today and ranks 34th largest in the United States.
“The property is located an approximate 20-minute drive from the Houston Central Business District, in a growing area of northwest Houston,” added Warren. “All of the principals live in California and the Oaks of Ashford Apartments will be their first investment in Texas. However, they are experienced investors and the property will continue to be managed by The Lynd Company, who has successfully managed it since 2013. We were pleased to provide the financing for this property.”
Project amenities include two swimming pools, spa, clubhouse, business center, playground, BBQ grills, two laundry facilities and access gates.