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5122 Morningside Dr, Housto...

Hanover Co & State Farm Insurance Acquires 206-Unit Apartment In Houston With JLL As The Broker
FINANCEDMultiFamily

Hanover Co & State Farm Insurance Acquires 206-Unit Apartment In Houston With JLL As The Broker

5122 Morningside Dr, Houston, TX 77005, USA

Building Size

2,060 SF

Asset Type

MultiFamily

Closing

Aug 20, 2020

AI

The apartment property located at 5122 Morningside Drive in Houston has recently undergone a closed transaction. The property features 206 units and is owned by Hanover Co and State Farm Insurance. The transaction was facilitated by JLL, with Cortney Cole and Dustin Selzer representing the brokerage.

Summary of transaction details

  • Property Type: Apartment
  • Transaction Amount: N/A
  • Address: 5122 Morningside Drive
  • Market: Houston
  • Units: 206
  • Borrower: Hanover Co & State Farm Insurance
  • Broker: Cortney Cole & Dustin Selzer - JLL

This transaction showcases the collaboration between Hanover Co and State Farm Insurance as they acquire the apartment property at 5122 Morningside Drive in Houston. JLL, represented by Cortney Cole and Dustin Selzer, facilitated the deal, ensuring a successful transaction.

Players

Cortney Cole

JLL

Broker

$305.4M

vol

5 deals

Broker

Houston MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93