Here is another deal that involves an existing property that investors are looking to reposition. Occupancy rates are rather low at Whispering Winds but the $17MM refi should help fill some empty units and drive rents.
Here are the details courtesy of our friends from HFF:
The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged financing and joint venture equity with a total capitalized value of approximately $17 million for Whispering Winds Apartments, a 286-unit multifamily community in suburban Houston.
“The borrower is going to complete a substantial renovation to both the interiors and exterior of Whispering Winds,” added Tucker Knight (HFF). “Given the low vacancy rate in the submarket, the property should attract significant interest post-renovation.”
The new owner of this property is Post Investment Group out of Los Angeles. Sounds like they might be in the market for a few new windows.
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