HOUSTON – HFF announced today that it has closed the sale of the Old Farm, a 734-unit, Class A multi-housing community in Houston, Texas.
HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property on behalf of the CBRE Strategic Partners Value 6 Fund for an undisclosed amount free and clear of debt.
Old Farm is located at 2500 Old Farm Road near the intersection of Westheimer Road and South Voss Road, less than three miles west of the Houston Galleria. Situated on approximately 27.92 acres, the property consists of one-, two- and three-bedroom units averaging 950 square feet each. Community amenities include two state-of-the-art fitness centers, two resort-style swimming pools, grilling areas, tranquility room, business center and clubrooms. The property is 96.2 percent leased.
The HFF investment sales team representing the seller was led by senior managing directors Todd Marix, Craig LaFollette and Todd Stewart, along with directors Tre Banks and Chris Curry.
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and family offices. With $5.9 billion under management and 46 years of experience, L&B has a proven track record of successfully acquiring, managing and disposing real estate on behalf of its clients. For more information, please visit www.lbrealty.com.
CBRE Global Investors is a global real estate investment management firm with $88.2 billion in assets under management* as of June 30, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 37,000 employees in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.