Walker & Dunlop, Inc. announced that it completed the sale of Parc at Champion Forest, a 232-unit, garden-style apartment property located in Houston, Texas. Built in 2000, the community provides the buyer with an excellent opportunity to implement a greater value-add program by renovating units, in addition to the 95 recently upgraded by the seller.
Ryan Epstein and Jennifer Ray of Walker & Dunlop Investment Sales represented the seller, Commerce Capital Partners, while Paul House and Larry Perez of Walker & Dunlop's Capital Markets group secured the financing for the buyer, Lone Star Capital Group. The teams worked to coordinate with several parties on behalf of their clients, including agencies and local government entities, to ensure compliance with the property's existing Land Use Restrictive Agreement (LURA), which is set to expire in May 2023.
With steady population growth and employment growth, Lone Star Capital remains bullish on Houston multifamily, particularly workforce housing such as Parc at Champion Forest. We are excited to build from the seller's successful renovations at Parc at Champion Forest, which is well-poised to benefit from strong demand and limited new supply in the submarket. Parc's suburban setting coupled with its convenience to jobs and retail make it a dynamic investment for either short term value-add or longer-term yield."
Rob Beardsley, Lone Star Capital's
"With the extreme demand for affordable housing, Parc at Champions Forest will continue to service the community it is has for years as upgrades are completed," commented Mr. Epstein. "The community is also an excellent investment opportunity, given its high-visibility location in Houston, strong value-add potential, and LURA expiring in less than two years. Walker & Dunlop's Houston Multifamily Investment Sales Team exclusively listed the property for our client and helped to find the perfect buyer looking for long-term stability, future rent growth, and value appreciation."
Parc at Champion Forest is a three-story multifamily community, comprised of 112 one-bedroom units, 108 two-bedroom units, and 12 three-bedroom units, situated along Bammel North Houston Road in the Champions area. Bammel North Houston Road, which experiences traffic of nearly 50,000 cars per day, allows residents to easily locate nearby retail, including Willowbrook Mall, Willow Center, North Oaks Shopping Center, and Kroger.
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 was also the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.