9:00 AM
ARA, A Newmark Company (ARA Newmark) announced the disposition of Alexan Creekside, a 380-unit, Class A+ asset located in the growing Woodlands submarket, just outside of Houston, TX.
ARA Newmark Vice Chairman Matthew Rotan and Executive Managing Director Adam Allen represented the sellers, Trammell Crow Residential and The Carlyle Group, in the transaction. Dallas, TX-based Trammell Crow Residential is the only national multifamily real estate group with more than 35 years of experience in residential development and asset management. The Carlyle Group is a global alternative asset management firm based in Washington, D.C.
ARA Newmark’s Executive Managing Directors, David Marshall and Adam Allen, previously advised Trammell Crow Residential on the purchase of the land where the property now stands and on raising equity for the development, respectively.
Los Angeles-based multihousing real estate management company, Francis Property Management, was selected as the buyer and purchased the property for an undisclosed price. They maintain a portfolio of Class A apartment communities located throughout Texas and California. According to Rotan, “Francis Property Management purchased the asset with a long-term hold strategy, fully capitalizing on the development of The Woodlands’ ninth village, Creekside Park. Their team was exceptional to work with throughout the process.”
Constructed in 2014, Alexan Creekside is an ultra-luxury, garden-style property located near The Woodlands’ 3,500-acre Creekside Park, which is the master-planned community’s newest village. Trammell Crow Residential paid special attention to include features that promote comfortable and convenient living. Noteworthy features include: an electronically keyed unit and amenity access, USB charging stations, designer granite countertops, an upgraded unit finish package, a stainless steel appliance package, track and pendant lighting and under-cabinet kitchen lighting. Island kitchens with expanded counters for seating, direct-access garages and fenced yards are also available in select units. Community amenities include resort-style pools connected with a large, covered entertainment pavilion with an outdoor kitchen, a cyber cafe, a clubroom with large HD flat screen televisions, a resident lounge with a professional-grade kitchen, a coffee bar, complimentary WiFi, and a dog-park with water and wash stations.
Rotan noted, “Trammell Crow Residential and Carlyle built the Alexan Creekside community with a unique vision for the asset. The attention to detail and cutting edge technology are evident when you tour the property. There is everything from the premium technology packages, the fenced yards, the keyless entries and the expansive pool area that rivals any property in Houston.” Allen added, “Trammell Crow Residential set a new standard for the suburban garden product with Alexan Creekside’s extraordinary common areas and unit interiors. Francis Management saw a premier asset in the growing Woodlands submarket and performed very well in closing. ARA Newmark is especially gratified having helped TCR find the site, raised the equity and ultimately sold the asset.”
Located just four and a half miles from The Woodlands town center, residents of the property enjoy convenient access to high-end shopping and popular restaurants. Also, Exxon Mobil’s new three-million-square-foot campus is less than four miles away. The Exxon campus is set to house 10,000 employees once fully completed.
According to Marshall, “TCR was one of the first multihousing groups in this cycle to purchase land in the area. They were attracted to this site due to its proximity to the Creekside Park village in The Woodlands, but paid a fraction of what land typically costs in The Woodlands.”
Alexan Creekside is located in Tomball, TX with easy access to the Grand Parkway, Interstate 45 and the Hardy Tollway.
About Trammell Crow Residential
Dallas, TX-based Trammell Crow Residential (TCR) is the only national multifamily real estate group with more than 35 years of experience in residential development and asset management. Since 1977, TCR has developed more than 230,000 units in most major markets across the country. Currently, the company owns nearly 14,000 apartment units nationwide, with an additional 9,000 new units planned for construction this year. For more information, please visit www.TCR.com.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student and manufactured housing and multihousing land. ARA, A Newmark Company comprises the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA, A Newmark Company’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA, A Newmark Company’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.