Norwalk, CT, December 10, 2007 – GE Real Estate, a leading global resource for commercial real estate capital, has made a $8.6 million equity investment with Trammell Crow Residential (TCR) for the development of Alexan Eagle Creek, a Class A multifamily property in Houston. The 412-unit property will have 18 buildings on 19.5 acres of land adjacent to new single-family community.
Alexan Eagle Creek is GE Real Estate’s most recent development transaction with TCR following its equity financing for Alexan 360, a 592-unit apartment project in Atlanta. TCR is one of the largest apartment developers in the United States with construction start-ups for 9,000 units in 2006.
Located along Beltway 8 in the rapidly growing northeast submarket of Houston, the Alexan Eagle Creek will be designed with upscale features such as 9-foot ceilings, crown moldings and washer/dryers in all units. This strong submarket features several existing and planned single-family communities and retail development, and has an expected average occupancy of approximately 94 percent over the next four years. GC 144 Eagle Construction Limited Partnership will be the general contractor for the Alexan Eagle Creek development. The first units are scheduled for delivery in August 2008.
"We are pleased that GE Real Estate is able to support our development activities in this thriving area, which continues to benefit from job and population growth,” said Ken Valach, Executive Managing Director for TCR “We look forward to expanding this relationship for other projects in our development pipeline."
"TCR has an impeccable track record for developing Class A multifamily communities in major markets nationwide,” said Mark DePucchio, managing director for the Ventures Investments group at GE Real Estate. "We welcome opportunities for future collaborations with this well-respected market leader."
GE North American Equity has demonstrated a proven ability to source transactions, execute quickly and deliver reliable operating results. Its joint venture group co-invests with partners using preferred or common equity to buy, reposition, manage and develop assets across most commercial real estate sectors, with the majority of equity investments made in the multifamily, office, industrial, retail and self park sectors.
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About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$72 billion in assets and a presence in 31 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$276 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
