June 8, 2020
NKF arranged the sale and financing of The Preserve at Old Dowlen, a 304-unit, Class A apartment property in Beaumont. The firm’s Brad Shaffer and Brandon Miller represented Houston-based Venterra Realty in the sale to Miami-based LPI Holdings. Pricing wasn’t disclosed.
“LPI Holdings chose this property due to the strong historical occupancy and in-place yield,” said Shaffer. “They also recognized the fact that the Beaumont market is fundamentally sound and has had very little new supply delivered in the past five years.”
He added, “LPI was able to secure high leverage agency debt with four years of interest only, further increasing going-in returns.” This was LPI’s first multifamily acquisition in the Beaumont market.
NKF’s Purvesh Gosalia worked on behalf of LPI to secure a 12-year, fixed rate acquisition loan from Fannie Mae. The property was 93% occupied at the time of sale.
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