Thorofare Capital Provides $48 Million Loan for Houston Apartment Complex
Thorofare’s loan allowed Versity Invest to purchase The Hayworth, a 246-unit property in Houston. The property, built in 2017 has large units that average 1,427 square-feet each. It’s made up of three buildings ranging from three to eight stories. The 92%-occupied property is situated behind a Whole Foods grocery store along Wood Hollow Drive.
Thorofare’s Edward Prosser sizes up the investment climate, “While the capital markets and monetary backdrop are causing varied investment sentiment, we have seen over 20,000 Houston apartment units absorbed in the past year and a record low amount of for-sale inventory including Class A, institutional-quality assets.”
The $48 million loan is non-recourse, long-term financing. An affiliate of Transwestern Investment Services was the seller.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.