$12M Loan Supports 255-Unit Buy

Five California-based tenants-in-common, operating under La Familia Property Management LLC, obtained an $11.6 million Fannie Mae loan to acquire the Oaks of Ashford Point in Houston. Hunt Mortgage Group provided financing for the buy from The Lynd Co. Lynd will continue to manage the complex at 4040 Synott Rd.

The 255-unit Oaks of Ashford Point consists of one, two and three-bedroom units among two and three-story buildings, and a single-story clubhouse. Amenities include a playground, swimming pool and business center.

“The seller invested approximately $750,000 from 2013 to 2016 to renovate the property, including repairing damaged siding and replacing the water heaters in most of the units,” said Chris Warren with Hunt Mortgage. “In addition, unit upgrades were made in the kitchen, bathroom and living room, as units were turned-over. The new owner is planning upgrades as well,” he added.

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