January 4, 2017
NexPoint Residential Trust Inc. acquired the 734-unit Old Farm Apartments and the 190-unit Stone Creek at Old Farm Apartments from an undisclosed Addison, TX seller. The Dallas buyer paid a total of $108 million for both Houston apartments.
Old Farm Apartments, which delivered in 1998, is at 2500 Old Farm Rd. The property offers one, two and three-bedroom apartments, ranging from 706 to 1,386 square feet. Stone Creek at Old Farm Apartments, at 8585 Woodway Dr., came to the market in 1999, and offers one, two and three bedroom units. Sizes range from 706 to 1,344 square feet.
The portfolio was structured as a reverse 1031 exchange, part of NexPoint’s plan to place capital from asset dispositions into well-located assets in longer-term markets. The REIT funded the buy with funds from a credit facility with KeyBank National Association and Freddie Mac.
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