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Humble's Sunset Ridge views new horizon with saleHumble's Sunset Ridge views new horizon with salehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=41342014-05-23T11:22:00Z2014-05-23T10:30:00Z

HUMBLE - Starlight Multi-Family Core Fund (The Fund) has acquired a 50 percent interest in the Villages at Sunset Ridge (Sunset Ridge), a 257-unit Class A apartment complex located at 14807 Woodland Hills Dr.

The Fund acquired the 50 percent interest in the property for approximately $12.3 million.

The remaining 50 percent interest in the property will be indirectly acquired by Daniel Drimmer, CEO of Starlight Multi-Family Core GP Inc.

Sunset Ridge consists of nine three-story buildings on an 11.5 acre site. The property is comprised of one-, two- and three-bedroom floor plans ranging from 639 sf to 1,336 sf and from $820 to $1,475. At the time of sale, Sunset Ridge’s occupancy was 96.9 percent.

In connection with the acquisition of Sunset Ridge, new financing in the amount of approximately $10.4 million has been secured for a three year term with two one-year extensions available.

In order to satisfy its cash portion of the purchase price, The Fund intends prefinance its loan on the Bridgmoor at Denton in the approximate amount of $19.5 million at a floating rate of interest, which is currently 2.5 percent, for a seven year term with principal payments commencing in the second year of the loan based on a 30-year amortization period.

Read more at the Wall Street Journal.

Wall Street Journal
Houston-The Woodlands-Sugar Land
Multifamily
http://online.wsj.com/article/pr-co-20140521-915859.htmlRead more at {Source}

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