12/20/2007

Hendricks & Partners sells 590 units in Texas for $42M

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Forum at Grand Prairie Apartments

Whispering Winds Apartments

In two separate deals, Phoenix, Ariz.-based Hendricks & Partners has negotiated the sale of 304 units in Grand Prairie, Texas and 286 units in the Houston suburb of Pearland.

In the first transaction, Sequoia Real Estate Holdings, LP purchased the Forum at Grand Prairie Apartments for $25 million from American Opportunity Housing. Hendricks & Partners' Mike Miller, Tom Burns and Tom Warren represented the seller in the transaction.

Recently completed in 2006, the 304-unit apartment complex is located at 2650 S. Forum Drive. It contains 23, two-story buildings on 20.71 acres and a unit mix of one, two and three-bedroom units.

Post Investment Group acquired the Whispering Winds Apartments in Pearland from All State Realty Group.

The buyer financed the acquisition with a $17 million loan from Freddie Mac. The financing was arranged by Tucker Knight of Holliday Fenoglio Fowler.

The seller was represented by Jim Hearn, Ed Cummins and Ryan Terrell of Hendricks and Partners' Houston office along with Tom Warren and Christopher Thomson of the company's Dallas office.

Built in 1986, the apartment community is located at 2902 Whispering Winds Drive on 17.36 acres. It also contains a unit mix of one, two and three-bedroom units. Pearland is located approximately 25 miles south of Houston while Grand Prairie is 15 miles west of Dallas.

Address: Forum at Grand Prairie at 2650 S. Forum Drive, Grand Prairie, Texas
- Whispering Winds Apartments at 2902 Whispering Winds Drive, Pearland, Texas

Size: 590 units

Built: 2006, 1986

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Filed Under: Multi-Family

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