Travis Fite, senior vice president of NorthMarq’s Houston office, arranged acquisition financing of $10,660,000 for Coral Island Apartments. The 316-unit, class B garden-style apartment is located at 4700 South Kirkwood Road in Houston, Texas. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq secured financing for the borrower through its in-house Fannie Mae team.
“The buyer was in a 1031 exchange and needed to close quickly,” said Fite. “We were able to issue a Fannie Mae application and close the loan 43 days later.”
The property, just 18 miles from downtown Houston, benefits from close proximity to four schools, numerous restaurants and entertainment options along Bellaire Boulevard, as well as nearby outdoor spaces including Arthur Storey Park. Community amenities include: Pool, fitness center, laundry facilities, playground, basketball court, package services, maintenance and property manager on-site, planned social activities, tennis court, and picnic area. Apartment amenities include: Dishwasher, washer/dryer hookup, high speed internet access, hardwood floors, walk-in closets, granite countertops, refrigerator, tub/shower, and storage units.
The buyer was happy to add this well-maintained B class property to his existing apartment portfolio. This transaction continues the trend of quality apartments selling at low cap rates.