Tuesday, May 3, 2011
BETHESDA, MD -- Crossbeam Capital LLC of Bethesda, Md. has acquired Woodland Hills Apartments (top left photo), a 282-unit, 18-month-old garden-style rental community in Humble, TX, a suburb of Houston.
The 11.2 acre community was purchased for an undisclosed amount from Houston-based Verde Apartment Communities which developed the property.
Woodland Hills is the eighth apartment community acquisition, encompassing over 2,000 rental units, that Crossbeam has completed with its operating partner, Houston-based Concierge Management Services (CMS). In December, Crossbeam completed its merger with CMS’ parent company, Concierge Asset Management.
“The acquisition of Woodland Hills, which is 95% occupied, exemplifies our strategy of acquiring well located apartments close to major employment centers in high-growth markets.
“Through our property management and repositioning, we are able to provide exceptional apartment homes for our residents and create value for our investors,” said Crossbeam’s Chief Business Officer, Brad Blash (middle right photo).
“ “Our ability to acquire this attractive Class A garden apartment community at a significant discount to its replacement cost, enables us to further enhance the property and the lifestyle,” continued Blash.
Woodland Hills is located at 3918 Atascocita Road, just off of Highway 58, and approximately 20 miles from the Houston CBD. The apartment community is within 10 miles of George Bush Intercontinental Airport, Haliburton, and the Greenspoint Business District where Exxon Mobil is headquartered and UPS has a major facility. It is also close to large retailers including Kroger, Super Target, Lowe’s, and Best Buy.
Charles Cirar, vice chairman of CB Richard Ellis’ Multihousing Group, represented Verde in marketing Woodland Hills.
“While evaluating offers for the Woodland Hills transaction price was important, equally, if not more important was the ability to close on the acquisition,” said Cirar.
“With Maxwell Drever (middle left photo) and the Crossbeam team, we knew that we had the certainty of execution we were looking for. “
Tom Cabibi, president of Altitude Realty, LLC, Denver, worked with the buyers. Brant Smith, senior vice president and Michael Levell, assistant vice president, of Berkadia Commercial Mortgage’s Austin office, arranged the permanent financing through Freddie Mac.
Woodland Hills, built in 2009, has a full array of amenities, including a resort style pool, outdoor fireplace lounge, expansive clubroom with billiards and gaming stations, a-state-of the-art- fitness center and full service business center.
The apartments at Woodland Hills, which average 880 square feet, are available with one, two or three bedrooms and up to two baths. Interiors include designer appliances and countertops, garden style tubs and washer / dryers in select units.
Concierge Management Services will manage the apartment community and Concierge Construction Company will oversee its renovation. Both are divisions of Crossbeam Capital.
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