Lee & Associates South Florida announces another significant closing for Miami-based GDF Properties with the acquisition of Holly Hall Apartments in Houston, Texas for $57,995,000, or $101,924.43 per unit.The 569-unit multifamily property located at 2111 Holly Hall Street in Houston closed on September 21, 2021 sold by Harbert Management Corporation FEICA/Holly Hall LLC to GDF Properties who has actively been expanding their portfolio after another recent announcement just this year of a $17MM Broward Multifamily Portfolioacquisition including 29 buildings in Hallandale Beach, Dania Beach, Hollywood and Fort Lauderdale.
Lee & Associates South Florida Principal, Matthew Jacocks, represented GDF Properties in the transaction, and Lee & Associates South Florida Principal, Seth Denison, facilitated the finance structuring and placement for the deal.
The 569-unit property is located near the Astrodome in Houston Texas consisting of 18.57 acres. It sits adjacent to the Texas Medical Center and is two blocks from NRG Stadium. The property is easily accessible to area hospitals, universities, dining, shopping and entertainment, and several local parks. The property features many amenities including controlled secure access, onsite property management and maintenance, fitness center, newly renovated pool and sundeck, spa, picnic and grill area, pet area, and courtyard. The unit mix offers 10 separate floor plans ranging in size from 598 to 1,354 square feet of one to three bedrooms complete with in-unit washer and dryers, granite counter tops, double vanities, custom cabinetry,and walk-in closets.
Matthew Jacocks joined Lee & Associates as Principal in 2020 specializing in Multifamily and Development property disposition and acquisitions. Upon other recent notable transactions, brokering a 48-unit multifamily market-rate conversion,Matthew Jacocks teamed up with Seth Denison who joined Lee South Florida just this year to head up Capital Markets and Debt & Equity structuring services. The duo have known each other over a decade, after first having met in the Masters in Real Estate and Finance Program at FIU, and together they offer clients a unique and broad range of skill sets that create value through the ability to navigate, negotiate and underwrite large transactions in a comprehensive manner within a single team engagement. Currently, they have over $150 million in additional activity under contract, and are elevating the execution of their client’s acquisition,disposition and re-financing needs.
“We are seeing a rush to buy property right now, especially in South Florida market, which has seen an onset of major firms and basic employment arriving over the past 18 months.”
Seth added, “We’ve never been busier. It’s somewhat of a perfect storm with the combination of looming tax changes, pent up demand from last year, and inflationary pressure emboldened by the low interest rate and capital rich environment. The continued deterioration of South America and other major international markets has simply added to a flight to quality in US backed assets. We see a continuation of this in 2022.”
About Lee & Associates South Florida
Lee & Associates South Florida is a full service commercial real estate brokerage firm providing the highest level of service to South Florida’s diverse industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, a 4th generation Miami native in a family that has owned and operated commercial property in the South Florida market since 1928. Our bilingual culture allows for open communications throughout the company, fostering collaboration and information sharing. In addition, the Lee & Associates’ robust national network that sold and leased nearly $16 Billion in commercial real estate in 2019 offers clients a cross-market platform of services and expertise across all asset specialties and representation roles.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
