Walker & Dunlop Completes Sale and Financing for Prime Houston Property
Houston, Texas |
June 8, 2022
Walker & Dunlop, Inc. announced today that it completed the sale and structured acquisition financing for Flats at West Alabama, a 304-unit midrise apartment community located in Houston's most premium neighborhood, River Oaks.
Walker & Dunlop’s Ryan Epstein and Jennifer Ray represented the seller, Wood Partners, in the disposition of Flats at West Alabama. Alexandra Huffman structured the acquisition financing through Fannie Mae on behalf of the buyer, Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments. The team guided the client throughout the whole acquisition process with the goal of capitalizing on the positive asset performance and growth rate in the Houston area. As a result, the new loan effectively provided the borrower with a favorable fixed rate as well as additional revenues.
“The submarket surrounding Flats at West Alabama has seen incredible growth, with Apartment Data Services reporting 15.5% rent growth in the last three months and 19.4% rent growth over the last 12 months,” said Walker & Dunlop’s Ryan Epstein. “This property is perfectly poised to capitalize on this growth and has already seen incredible lease-up performance. We were happy to provide support to our valued clients throughout the entire deal process, allowing for a streamlined, one-stop-shop transaction.”
Flats at West Alabama provides residents with an elegant living experience, complete with top-tier finishes and ample common spaces. The community is truly differentiated within the local market, featuring premium designs and one-of-a-kind community amenities, such as a resort-style pool with a tanning deck, co-working concept spaces, a club area with an entertainment kitchen, and an impressive sky lounge. Residents of Alta West also benefit from proximity to Downtown Houston, the city’s largest employment area with more than 4,100 companies and over 166,000 employees.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. The firm is also one of the top providers of capital to the U.S. multifamily market; in 2021, the firm originated $49 billion in debt financing volume, including lending over $42 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.