DEAL MAP

Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization for the acquisition and renovation of Stone Ridge Apartments and Bristol Ridge Apartments, two apartment properties totaling 363 units in Nashville, Tennessee.

The HFF team worked on behalf of Los Angeles-based Archway Equities LLC to arrange the capitalization for the $29 million acquisition of Stone Ridge and Bristol Ridge Apartments.  The seller acquired the assets in 2012 and 2013 as distressed bank-owned assets and spent the last six years improving and stabilizing them.  The new partnership, with the help of asset managers Magma Equities and 37urban, intends to re-brand both assets and complete a renovation plan that will improve amenities and aesthetics on both properties.

Archway’s purchase of Stone Ridge and Bristol Ridge Apartments closed just days ahead of Amazon’s announcement of 5,000 new jobs in the Nashville market as well as the announcement of a new 600-employee office for Ernst and Young and AllianceBernstein’s move of its headquarters from downtown Manhattan to downtown Nashville.

Both properties are within six miles of downtown Nashville, accessible via U.S. Highway 41 and Interstates 24 and 40.  The communities are adjacent to the Murfreesboro Pike retail corridor, which provides a wide variety of shopping and dining options, and proximate to the proposed MLS Stadium at the Nashville Fairgrounds.  The area is also well-connected to public transportation and the Nashville International Airport.

The HFF equity placement team representing the sponsor included senior director Zack Holderman and analyst Daniel Pinkus.

“We are excited to enter the market with these two assets,” stated Sean Moghavem, President of Archway Equities.  “Between the $300 million, 30,000-seat MLS stadium development and the $1.2 billion airport expansion nearby, we knew it would be a strong opportunity for us.  We’re eager to find more assets here in the coming months and believe this market will continue to bear successful opportunities for us.”

“This portfolio is an excellent example of a forward-thinking sponsorship group with the capabilities and expertise to execute a complex business plan,” Holderman added.  “Nashville is an exciting market with strong fundamentals, particularly for this profile of investment, which is located in a rapidly gentrifying submarket.”

 

DALLAS, TX – December 5, 2018 – Holliday Fenoglio Fowler, L.P. (“HFF”) announces a joint venture equity raise for the acquisition of two adjacent apartment communities in Dallas, Texas, totaling 712 units – Emory at Horizon North and Ashmore at Horizon North.

The sponsor, Archway Equities LLC, engaged HFF to source funding for the acquisition of the properties through Atlantic Creek Real Estate Partners, LLC.

Emory at Horizon North is an institutional-class property built in 1995 consisting of 14 three-story residential buildings comprising 348 units, which total 300,019 rentable square feet.  Ashmore at Horizon North was built in 1997 consisting of 16 three-story residential buildings comprising 364 units, which total 309,360 rentable square feet.

The Plano-adjacent properties are situated on a total of approximately 36 acres at 4200 and 4300 Horizon North Parkway.  The properties are immediately northwest of the President George Bush Turnpike and Dallas North Tollway in North Dallas, which provides residents easy access around the DFW metroplex.  The communities each have separate amenity packages, which include features such as resort-style pools, sports courts, picnic/grilling areas, fitness centers, business center and conference rooms.  The joint venture is planning to further enhance the amenities and renovate unit interiors in the next 24 months.

The HFF team representing Archway Equities LLC included director Michael Cosby along with senior director Mark Erland and director Matthew Benson.