Hayden Properties Snags 216-Unit Stoneleigh on Spring Cypress

Hayden Properties of Lake Oswego, OR, struck a deal with Seneca Investments to buy the 216-unit Stoneleigh on Spring Cypress, located in Spring, TX. The complex, located at 7215 Spring Cypress Rd. in Houston’s far north submarket, sold for an undisclosed amount. The property is valued at $17.1 million.

HFF’s Joey Rippel, Todd Marix, Chris Curry, Chris Young and Connor Phillips represented the Addison, TX-based seller/developer. Additionally, the HFF debt placement team, led by Tyler Ford, secured a fixed-rate acquisition loan through Freddie Mac’s CME Program.

Stoneleigh on Cypress delivered in 2005, and consists of 11 three-story residential buildings containing one-, two- and three-bedroom units. The complex, which is 94.4% occupied, has a resort-style swimming pool, shaded outdoor grilling areas, a volleyball court, dog park, fitness center, clubhouse, conference room and covered and garage parking.

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