A recent refinancing continues the trend of quality apartments selling at low cap rates. Coral Island Apartments, a 316-unit garden-style apartment asset, received acquisition financing of $10.66 million. The undisclosed buyer adds the class-B property located at 4700 South Kirkwood Rd. in Houston to his existing apartment portfolio.  

Travis Fite, senior vice president of NorthMarq’s Houston office, arranged the financing for the borrower through its in-house Fannie Mae team. The transaction was structured with a 10-year term on a 30-year amortization schedule.

“The buyer was in a 1031 Exchange and needed to close quickly,” said Fite. “We were able to issue a Fannie Mae application and close the loan 43 days later.”

The property, just 18 miles from downtown Houston, benefits from close proximity to four schools, numerous restaurants, Arthur Storey Park and entertainment options along Bellaire Boulevard.