Walker & Dunlop Completes Sale and Financing for Apartments in Prime Houston Neighborhood
BETHESDA, Md., July 14, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it completed the sale and acquisition financing for 7 Square, a 402-unit, Class A apartment community in Houston, Texas. Located less than ten miles from Downtown Houston, the property features excellent access to major employment centers, shopping, entertainment, and top-rated schools.
Walker & Dunlop's Ryan Epstein and Jennifer Ray represented the seller in the disposition. The team collaborated with Mark Vinitsky and Harvey Pava of Walker & Dunlop's Capital Markets group to structure acquisition financing for the buyer at closing. The bridge loan features a three-year term with interest-only payments.
"7 Square has an unparalleled location within the Memorial school district. While the property is beautifully appointed, the asset had never gone through a programmatic upgrade and new ownership has the opportunity to make modest upgrades to further improve rental rates and operations," said Managing Director, Ryan Epstein. "The buyer plans on updating both the units and common areas to better compete with newer assets in the area."
Located along Houston's major thoroughfares, 7 Square is perfectly positioned to cater to renters looking to shorten their commute and maintain the benefits and amenities of the city's urban core. The property features upscale interiors in one- and two-bedroom apartment options. Community amenities include two pools, a fitness center, yoga and spin room, private wine room, outdoor grilling stations, and structured parking.
Walker & Dunlop is a leader in multifamily property sales, having completed
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.
