CHARLOTTE, NC – November 5, 2018 – HFF announces the sale and financing of Southpoint Glen, a 346-unit, suburban, garden-style apartment community in Durham, North Carolina.
The HFF team marketed the property on behalf of the seller, TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA). StoneBridge Investments purchased the property free and clear of existing financing. Additionally, HFF’s debt placement team worked on the new owner’s behalf to secure a seven-year, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Southpoint Glen is located at 5800 Tattersall Drive in a high-growth zip code accessible to employers within Research Triangle Park as well as lifestyle amenities, including 1.3 million square feet of retail at The Streets at Southpoint Mall, more than 20 miles of greenway at the American Tobacco Trail and downtown Durham’s urban center. The property consists of a mix of one-, two- and three-bedroom layouts averaging 885 square feet with upgrades such as new cabinetry, granite-like countertops, stainless steel appliances and new lighting/hardware. Community amenities include a swimming pool, grill and picnic area, fire pit, outdoor kitchen, sand volleyball court, 24-hour fitness center, clubhouse, business center, dog park and children’s playground.
The HFF investment advisory team representing TH Real Estate included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
HFF’s debt placement team representing StoneBridge consisted of managing director Elliott Throne and senior director Roger Edwards.