Monday, October 4, 2010
HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Legacy Heights, (top left photo) a 306-unit, Class A multi-housing community in San Antonio, Texas.
HFF senior managing directors Craig LaFollette (middle right photo), Todd Stewart (middle left photo), Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry led the investment sales team on behalf of the seller; a venture between Nationwide Insurance Company and Embrey Partners, Ltd.
Crow Holdings’ latest real estate fund, Crow Holdings Realty Partners V, L.P., purchased the property for an undisclosed amount.
Legacy Heights is situated on a 13.6-acre site at 1320 Austin Highway close to Fort Sam Houston, San Antonio’s largest employment center.
Completed in 2009, the property has one, two and three bedroom units that are fully leased. Community amenities include a clubhouse with game room, billiards and fitness center, resort-style swimming pool and bbq area.
Jason T. Snyder, Nationwide’s senior investment professional in charge of its real estate mezzanine and equity investments, acknowledged Embrey as, “a great equity partner that lived up to its reputation by paying close attention to both the physical asset and the demands of the market.”
“Legacy Heights garnered a lot of interest from the investment community due to its institutional quality construction and outstanding market performance within a revitalized area of San Antonio,” said LaFollette.
Crow Holdings (www.crowholdings.com) is a privately owned business based in Dallas, Texas, that makes investments on behalf of the Trammell Crow family and its investment partners.
Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive.
Embrey Partners develops, constructs and manages both multifamily and commercial properties throughout the United States. Embrey is known for finding unique opportunities and designing communities with special attention to every detail, that address the demands of the modern renter, while understanding and achieving the characteristics needed to attract institutional capital.
Craig LaFollette, HFF Senior Managing Director, (713) 852-3500
Trey Embrey, Embrey Executive Vice President, (210) 804-5275
Kristen Murphy, HFF Associate Director, Marketing (713) 852-3500