July 20, 2017
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Harmony Housing, a non-profit affordable housing owner and investor, closed on an 862-unit Texas portfolio. The apartments acquired are
- The 384-unit Sendero Ridge, 2424 Gold Canyon Dr., San Antonio
- The 260-unit Limestone Canyon, 12118 Walnut Park Crossing, Austin
- The 218-unit Parkside Crossing, 3400 Shoreline Dr., Austin
The New York City-based Harmony Housing bought the assets from Unified Housing Foundation for an undisclosed price. KeyBank Real Estate Capital provided $142.4 million in financing to the buyer to acquire the three Texas complexes, as well as two more in Florida and Wisconsin. Will Bathrope and Jennifer Campbell with Institutional Property Advisors (IPA) brokered the transaction.
“This represents one of the few remaining true value-add plays of scale in two of the most dynamic growth markets in the United States,” Balthrope said. “All three of the Central Texas assets are well located, and present many opportunities to the new ownership through renovation and repositioning.”
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