DEAL MAP

SAN DIEGO, CA – March 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $92.5 million sale of Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University.

HFF marketed the asset exclusively on behalf of FPA Multifamily, LLC, and procured the buyer, Denver-based Cardinal Group Investments, LLC.

Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet with amenities, including flat-screen televisions, high-speed internet, modern furnishings, full-size washers and dryers, walk-in closets and fully-equipped kitchens.  The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage.  The property is situated less than one mile from campus at 5025 Collwood Boulevard.

The HFF team included senior managing director Sean Deasy, senior director Hunter Combs and director Scott Clifton.

“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said.  “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber.  The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”

 

NEWPORT BEACH, CA – February 28, 2019 – HFF announces it has secured $22.5 million in financing for the William Penn Apartments, a 189-unit, mid-rise apartment building in Los Angeles, California.

HFF worked exclusively on behalf of the borrower, Massie Capital Management, LLC, to place the five-year, floating-rate loan with a debt fund.  Loan proceeds were used to return equity to investors and provide future funding to renovate units.

Originally constructed in 1928, the William Penn Apartments is located at 2208 W. 8th Street, one block south of MacArthur Park in Los Angeles’ Koreatown neighborhood.  The property consists of newly remodeled studio floor plans within a seven-story, historic building that offers immediate access to downtown.  On-site amenities include a newly renovated courtyard with fountain, fire pits and lounge seating; a 24-hour fitness center; resident storage; bike racks; and courtesy patrol service.  The property was 94 percent occupied at closing and is currently undergoing unit renovations.

“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management.  “The William Penn’s pioneering submarket and business plan required a unique lending partner.  HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”

The HFF debt placement team representing the borrower was led by director John Marshall and analyst Devon Dykstra.

“Every year market participants note that the bridge loan market is more competitive than ever and 2019 is no different,” Marshall said.  “HFF advised our client to select a lender who could provide certainty of execution and the best terms available in the market.”

 

HOUSTON, TX – February 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured acquisition financing for Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.

HFF worked on behalf of the borrower, TriArc Properties, to secure a five-year, floating-rate acquisition loan with three years of interest-only payments.  Rhonda J. Sands, Senior Vice President/Commercial Real Estate of Veritex Community Bank, facilitated the loan.  HFF previously assisted TriArc in September of last year with its acquisition of 4 eighty West Parker immediately south of Smart Living at Stuebner Airline.

Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD.  The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet.  Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers.  Common area amenities include two outdoor seating and barbecue areas as well as an open central courtyard.

“We have been operating in this submarket for the past two years with great success, which is why we decided to expand our presence here with the acquisition of this property,” said Joseph Bramante, CEO of TriArc Properties.  “It’s rare to have the opportunity to acquire neighboring properties like Smart Living and 4 eighty West Parker.  We are looking forward to taking advantage of all the synergies this will create as well as those that will be created by our award-winning operations team.  We plan to give the property a light capex update and will rebrand it to better serve the community.”

The HFF debt placement team representing the borrower was led by managing director Cortney Cole.

DALLAS, TX – February 26, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the capital stack of a six-property student housing portfolio totaling 911 units with 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas.

HFF structured the Sharia-compliant joint venture between Vie Management and a Middle Eastern asset manager.  In addition, HFF worked on behalf of the new partnership to secure a $75.385 million, 10-year, 65 percent LTV, interest-only loan.

The properties in the portfolio are University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama; University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida; Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan; Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York; Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania; and Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas.

The HFF equity and debt placement team was led by London-based managing director Claudio Sgobba along with licensed local HFF teams in the respective markets, including managing director Matthew Schoenfeldt, a Michigan licensed real estate broker; director Scott Clifton; and senior global capital and equity placement analyst Hank Huang.

“Vie is the first and only lifestyle brand within student housing,” said Vie CEO Ari Rosenblum.  “Our objective is to continue to produce technology-rich environments where students can stream and dream, socialize and exercise, all within our best-in-class amenity driven spaces.  These acquisitions are new canvases to us; places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.”

“We are extremely excited about our new partnership given it will allow us to create value within a defensible niche,” Rosenblum continued.  “With these new acquisitions, we have taken a big first step towards our collective goal of becoming the premier student housing company in the world.”

“It was a privilege to bring together two world-class investment firms as co-owners of this diverse, multi-state, 90-percent-occupied student housing portfolio,” Sgobba said.  “We look forward to assisting this new partnership in future transactions as they grow their holdings in the student housing sector.”

 

SAN DIEGO, CA – February 22, 2019 – HFF announces that it has arranged the sale and acquisition financing for Regents La Jolla, a 333-unit, mid-rise multi-housing building in La Jolla, California.

HFF marketed the property on behalf of the seller, LaSalle Investment Management, Inc.  Raintree Partners purchased the asset free and clear of existing financing.  Additionally, the HFF team worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Company.

Regents La Jolla consists of nine four-story buildings and one single-story cabana building housing a mix of one- and two-bedroom units averaging 966 square feet.  Completed in 2000, the property is part of a 574-home development that includes 241 condominium units not included in the sale.  The 96-percent-occupied community is situated on approximately 8.48 acres at 9253 Regents Road.  Located within the University Town Center (UTC) neighborhood, Regents La Jolla is surrounded by La Jolla’s demand drivers, including being half a mile from the University of California, San Diego, which is the No. 1 employer in San Diego; several of the area’s premier medical/research facilities; Westfield UTC Mall; and 14 million square feet of commercial space.  Community amenities include two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen.

“The rare opportunity to acquire a Class A trophy asset in the UTC submarket, coupled with the $1 billion redevelopment at the Westfield UTC Mall as well as the $2 billion Mid-Coast Trolley project, created a high level of interest,” Combs said.  “The recent additions of Amazon and Apple to the submarket, along with the continued growth of UCSD, will keep demand for quality assets such as this robust.”

The HFF investment advisory team representing the seller included senior director Hunter Combs and senior managing director Sean Deasy.

HFF’s debt placement team representing the borrower consisted of senior managing director Charles Halladay and director Chris Collins.

“We view the acquisition of Regents La Jolla as a strategic long-term investment and a great addition to the 302-unit community we currently own within walking distance of Regents,” said Ian Couwenberg, director of Acquisitions for Raintree Partners.  “The evolution of UTC into a major CBD within the San Diego metro area and clear commitment of neighboring owners as well as the city to re-invest in apartment communities, medical campuses, office, retail and infrastructure made the acquisition of Regents La Jolla an exciting opportunity.”

 

HOUSTON, TX – February 19, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged a $27.55 million refinancing for 100 Park at Century Square, a 249-unit luxury apartment community in College Station, Texas.

HFF worked on behalf of the borrower, a joint venture between Midway and Harrison Street, to secure the loan from an affiliate of Granite Point Mortgage Trust Inc. (NYSE: GPMT).

100 Park at Century Square is located west of University Drive on Century Square Drive across from Texas A&M University within College Station’s 60-acre Century Square mixed-use development that features premier retail and dining, entertainment venues, 60,000 square feet of Class A office space, luxury apartment homes and two full-service hotels, The George and Cavalry Court.  Completed in 2016, 100 Park offers a mix of studio, one- and two-bedroom units with upscale finishes, including stainless steel appliances, granite countertops, wood floors, washers and dryers, large closets and patios or balconies.  In addition to the property’s centralized location, 100 Park incorporates community amenities, including a swimming pool, outdoor lounge and green space, grilling area, state-of-the-art fitness center and covered parking.

The HFF debt placement team representing the borrower was led by senior managing director Colby Mueck along with managing directors Timothy Joyce and Stephen Skok and analyst Stuart Hepler.

 

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