Newmark announces the sale and financing of The Preserve at Old Dowlen, a 304-unit, Class A asset in Beaumont, Texas, just under 90 miles east of Houston. Newmark Senior Managing Directors Brad Shaffer and Brandon Miller represented Houston-based Venterra Realty in the sale to private buyer, LPI Holdings, based in Miami, Florida. Newmark Multifamily Capital Markets Debt & Structured Finance Executive Managing Director Purvesh Gosalia worked on behalf of LPI Holdings to secure a 12-year, fixed rate acquisition loan from Fannie Mae. The property sold for an undisclosed price and was 93 percent occupied at the time of sale.
According to Shaffer, “LPI Holdings chose this property due to the strong historical occupancy and in-place yield. 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 Holdings’ first multifamily acquisition in the Beaumont market.
Constructed in 2008, The Preserve at Old Dowlen is a garden-style community offering one-, two- and three-bedroom units amenitized with washer/dryers, cherry wood cabinets, wood-burning fireplaces, built-in desks and stainless steel appliances. The community offers residents access to a beach entry pool with splash pad and swim-up sundeck, garages and covered parking and a clubhouse with a business center.
Located in the affluent northwest submarket of Beaumont, Texas, residents are conveniently situated adjacent to Parkdale Mall and other major retail centers.
Venterra specializes in the identification, development, finance, acquisition and management of multifamily communities throughout the southern U.S. with a portfolio valued at over $2.8 billion.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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