BY MATT GROSSMAN DECEMBER 13, 2017 1:04 PM
Greystone has provided a $36.4 million bridge loan for Ilan Investments’ purchase of an apartment complex north of Houston, Commercial Observer can exclusively report.
The two-year floating-rate loan includes options for two six-month extensions, according to a statement from the lender. Greystone officials declined to provide the total purchase price.
The development, known as Parkside Place, comprises 384 units spanning 13 buildings at 6220 Farm to Market 2920 in Spring, Texas—about 25 miles away from Houston’s city center in northern Harris County. A portion of Parkside Place’s residents commute into the city for work, a representative for Greystone told CO.
“Parkside Place is one of the nicest communities and provides some of the highest luxury living in the Spring marketplace,” Donny Rosenburg, a Greystone managing director, said in a statement. “Ilan Investments has been one of the strongest buyers in Houston, taking advantage of the dislocation in the marketplace, and we’re proud to be partners with them on this acquisition.”
The complex will be managed by Ilan subsidiary Adara Communities and was 90 percent occupied at the time of the sale, according to Greystone. Nearly two-thirds of the units are one-bedroom apartments, with a slew of two-bedrooms and a handful of three-bedrooms making up the balance. Amenities at the complex include a clubhouse, a swimming pool, and outdoor fireplaces and televisions. Residents have covered parking or attached garages.
Monthly rents at the complex range from $924 for a one-bedroom apartment to $1,609 for a two-bedroom, according to Adara’s website, which advertises that new residents receive two months of free rent. All three-bedroom apartment are currently rented.
“Greystone has proven to be a valuable partner in our acquisition and long-term finance strategy,” Charlie Yalamanchili, president and CEO of Ilan Investments, said in prepared remarks. “In an environment where there are so many moving pieces, it’s great to have them as a constant and a predictable source of capital. We are thrilled with this acquisition and look forward to continue to grow in Houston and its surrounding markets.”