HFF announces the sale and acquisition financing for Stoneleigh on Spring Cypress, a 216-unit, garden-style apartment community in the northwest Houston suburb of Spring, Texas.
The HFF team marketed the property on behalf of the seller, Seneca Investments. Hayden Properties purchased the offering free and clear of existing debt. Additionally, the HFF debt placement team worked exclusively on behalf of the new owner to secure a fixed-rate acquisition loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Stoneleigh on Spring Cypress is located at 7215 Spring Cypress Road in Northwest Houston, which is one of the city’s most in-demand job markets outside of the central core. Completed in 2005, the property is situated within the Klein Independent School District and is accessible to major roadways, including Highways 99 and 249 and Interstate 45. Stoneleigh on Spring Cypress consists of 11 three-story residential buildings comprising one-, two- and three-bedroom units averaging 881 square feet. The 94.4-percent-leased community features a resort-style swimming pool, shaded outdoor grilling areas, courtyard picnic area, volleyball court, enclosed dog park, fully equipped fitness center, clubhouse, community kitchen, business center, conference room, and covered and garage parking.
The HFF investment sales team representing the seller included director Joey Rippel along with senior managing director Todd Marix, managing director Chris Curry, director Chris Young and analyst Connor Phillips.
HFF’s debt placement team representing the borrower included senior director Tyler Ford.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About Seneca Investments
Seneca Investments is a privately owned commercial real estate company founded in 1996. The company focuses on the development, acquisition, ownership and management of commercial real estate assets across many property types, with a focus on multifamily, senior housing and hotels. Principals also have extensive experience with office, medical office, retail, condominium properties and townhomes.
Seneca's principals and employees have a depth of education and experience in development, construction, design, engineering, finance, investment sales, consulting, real estate law, property management and asset management. Clients and partners include individual investors, private companies and larger financial institutions.
About Hayden Properties
For more than 17 years, Hayden Properties has focused on providing high-quality apartment home living for its residents. Hayden Properties owns and manages luxury apartment communities in Dallas, San Antonio, Tyler and Houston, Texas. For more information, visit http://www.hayden-properties.com/.
HFF and its affiliates operate out of 25 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.