AUSTIN, TEXAS (May 23, 2022) – Justin Chambers, associate, and Scott Lamontagne, managing director, of Northmarq’s Austin-based investment sales team collaborated to arrange the sale of Urban Palms. The 659-unit multifamily property (built in 1979 and last renovated in 2017) is located at 8701 Town Park Drive in Houston, Texas. Northmarq represented both the buyer, and the seller, a southern California based fund management group, in the sale.
Members of Northmarq’s Dallas Debt/Equity team, Joel Heikenfeld, James Currell, and Emily Balazik arranged the senior bridge financing and Joint Venture equity for this value-add acquisition. The debt and Joint Venture equity were structured to allow the Sponsor to implement their desired business plan on this transitional asset with significant upside to improve the community.
“Northmarq’s internal collaboration between offices and teams gave a repeat buyer an opportunity to enter a new market with scale and allowed for a transparent and smooth transaction with a seller I had never worked with before,” said Chambers.
Located in the Chinatown neighborhood of West Houston, residents have access to a deep cultural well within walking distance. The main commercial corridor, Bellaire Boulevard, features numerous restaurants, shops and markets. The three shopping centers within a 9-minute walk are Town Park Plaza (0.2 miles), Landmark Center (0.4 miles), and Gessner Harwin Plaza (0.5 miles). The property is situated within under 10 miles of three institutions of higher learning: Houston Baptist University (3.4 miles), The Art Institute of Houston (7 miles), and Rice University (9.9 miles). Residents seeking a break from the vibrant urban life-style benefit from five parks within nine miles of the Property.
The property boasts an extensive set of community amenities, such as: two swimming pools, a resident fitness center, business center, playground, grill/picnic area, laundry facilities, and on-site maintenance. Apartment units feature black GE energy efficient appliances, air conditioning, dishwasher, washer/dryer connections, lush carpeting in bedrooms, private balcony and patios, and additional storage space.