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CHICAGO, IL – January 8, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Commons at Town Center, a boutique luxury residential and retail property in the affluent North Shore community of Vernon Hills, Illinois.
The HFF team marketed the property on behalf of the seller, Inland Residential Properties Trust, Inc. (a member company of The Inland Real Estate Group of Companies, Inc.), and procured the buyer, FPA Multifamily, LLC.
The Commons at Town Center consists of 85 residential units averaging 1,240 square feet and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and N. Milwaukee Avenue at 1255 Town Center, which positions it near 225,000 square feet of retail, award-winning schools and more than a dozen Fortune 500 employers. In addition to the retail component, community amenities include a heated indoor parking garage, fully equipped fitness center, hospitality room and resident lounge. The one- through three-bedroom, condo-quality units feature well-appointed kitchens inclusive of granite countertops, high-end cabinetry, stainless steel appliance and large peninsulas; full-size washers and dryers; large walk-in closets; and expansive balconies. Both the residential and retail components are fully leased.
The HFF investment advisory team included senior director Wick Kirby, managing directors Sean Fogarty and Marty O’Connell and director Kevin Girard.
PHILADELPHIA, PA – October 2, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $42.5 million sale of Stone Rise, a 216-unit, Class A multi-housing community in the Philadelphia suburb of Glenmoore, Pennsylvania.
The HFF team marketed the asset on behalf of the seller, an indirect wholly owned subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS). FPA Multifamily, LLC purchased the offering free and clear of existing financing.
Stone Rise is located 900 Selwyn Place in affluent Chester County. Constructed in 2008, the eight-building property is set on 21 low-density acres near luxury retail, award-winning restaurants, sought-after schools and several heavily traveled thoroughfares, including the Pennsylvania Turnpike, Route 202, Route 30 and Route 422. The unit mix comprises a diverse blend of one- and two-bedroom apartment homes with open floor plans averaging 1,078 square feet. All units have breakfast bars, garden tubs, nine-foot ceilings, washers and dryers, and private patios or balconies. Community amenities include a resort-style pool, 24-hour fitness center, large dog park and business center.
The HFF team representing the seller included senior managing directors Mark Thomson and Ed Coco, senior director Carl Fiebig and director Fran Coyne.
SEATTLE, WA – September 6, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.05 million sale of The James, a 144-unit, garden-style apartment community in Lakewood, Washington.
The HFF team represented the seller, FPA Multifamily, LLC, and procured the buyer, Watt Companies.
The James is located at 4828 123rd Street SW near several of Pierce County’s largest employment drivers, including the adjacent Joint Base Lewis-McChord (JBLM). Additionally, the property provides immediate access to various Seattle MSA commuting options such as Interstate 5 and the Sound Transit Lakewood station. The 14-building property consists of studio, one-, two- and three-bedroom units averaging 731 square feet. Originally constructed in 1976, The James has recently undergone significant common area improvements, including siding replacement, the addition of balcony enclosures, updated landscaping, new signage, a resurfaced parking lot, clubhouse and fitness center remodel and renovations/upgrades to approximately 50 percent of the units.
The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Christopher Ross.
CHICAGO, IL – August 27, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Lex, a 332-unit, high-rise apartment property in Chicago’s South Loop.
The HFF team represented the seller, Crescent Heights, in the sale of the property to the buyer, FPA Multifamily, LLC. The property was purchased free and clear of existing financing.
The Lex is located in the heart of the McCormick Square entertainment district at 2138 S. Indiana Avenue. The property is a 15-minute walk to the lakefront and directly adjacent to the recently constructed Wintrust Arena and Marriott Marquis Hotel. Completed in 2009, The Lex consists of one 35-story tower and one seven-story tower comprising a variety of one-, two- and three-bedroom units averaging more than 900 square feet each. Units feature luxury finishes such as granite countertops, contemporary wood cabinetry, Centiva contour plank flooring, high-end appliances, marble vanities, floor-to-ceiling windows and private balconies with panoramic views of the city. Community amenities include a sixth-floor rooftop terrace with a swimming pool, hot tub, outdoor grilling and poolside lounge seating; 24-hour fitness center; billiards and resident lounge; business center; dog run; and a resident-only secured parking garage. The Lex also features more than 17,000 square feet of ground-floor retail and dining space.
The HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell, senior director Wick Kirby and director Kevin Girard.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Montage Apartments, a 636-unit garden-style multifamily community located in Citrus Heights, California. The $74 million sales price equates to more than $116,000 per unit.
“Sacramento MSA’s strong economic fundamentals are encouraging multifamily property investors,” said Stan Jones, IPA executive director. “Job and population growth are expected to more than double the pace of the national average during the next six years. Private sector growth has been especially strong during the past 10 years, and in the last five years alone, more than 86,000 private sector jobs have been added to the local economy.”
Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, FPA Multifamily LLC, and procured the buyer, JRK Investors Inc.
“Previous ownership invested more than $7 million in Montage Apartments in order to beautify the community and differentiate it from the competitive set,” added Philip Saglimbeni. “Over $3.5 million was invested in systematic unit interior renovations spread across more than 500 units, which has resulted in an approximate 27 percent return on invested capital.”
Marcus & Millichap’s Kenneth N. Blomsterberg, first vice president investments, Tony DeLoney, associate, and Spencer Moyer, associate, assisted in the transaction.
Built in 1987 on 28.7 acres at 12801 Fair Oaks Blvd. in Citrus Heights, the property is 17 miles from California’s state capitol and Sacramento’s central business district. There are more than 285,000 jobs and a working population with over $83,000 in average annual household income within 10 miles of the community. The Sunrise Mall, Marketplace at Birdcage and Citrus Town Center shopping areas are all under two miles away.
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