SAN DIEGO, CA – April 25, 2019 – HFF announces it has arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, California.

HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP, LLC.

Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers.  Due for completion in late 2020, the five-story, Type 3A residential building will be situated over a three-story, Type 1A parking structure with one subterranean level.  The property is situated on 4.5 acres directly west of Phase 5 at the corner of Kearny Villa Road and Lightwave Avenue in the Kearny Mesa submarket.  Planned amenities include a pool and spa area, sky deck with grilling and lounge space, fitness center, club room with indoor/outdoor billiards tables and bar, wine room, business center with conference space and pet grooming center.  Units will range from studio through three-bedroom layouts averaging 895 square feet.

The HFF debt placement team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.

“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” Cole said.  “The Centrum residential market is one of the most highly amenitized in the country.  The area’s short commutes to surrounding employment centers and proximity to retail only serves to enrich residents’ quality of life even further.”

SAN DIEGO, CA – April 24, 2019 – HFF announces the $2.875 million sale of 4183 Alabama Apartments, a nine-unit, garden-style apartment property in San Diego, California.

The HFF team represented the buyer, a private investor who purchased the asset as part of a 1031 exchange. The investor’s legal representation was provided by the law offices of J. Geoffrey Barry, Esq.

4183 Alabama Apartments is located in the North Park submarket proximate to some of San Diego’s best restaurant, nightlife and retail amenities as well as recreational amenities at Balboa Park.  The property also offers residents convenient access to major area thoroughfares, including CA-163 and Interstates 8 and 805.  Originally built in 1975, the property totals 6,000 rentable square feet and was 100 percent occupied at closing.

The HFF investment advisory team representing the buyer was led by senior director Hunter Combs.

DALLAS, TX – April 24, 2019 – HFF announces it has closed the sale of Villas of Josey Ranch, a 198-unit apartment community in the Dallas-Fort Worth submarket of Carrollton, Texas.

HFF marketed the property exclusively on behalf of the seller, a partnership between Harbert Management Corporation and Balfour Beatty Communities, and procured the buyer, Domain Communities.

Villas of Josey Ranch is situated on 12.37 acres at 2050 Keller Springs Road adjacent to Jimmy Porter Park.  In addition, the community is proximate to numerous retail and entertainment options and notable economic drivers, including the Platinum Corridor, Telecom Corridor®, Legacy Business Park and CityLine.  The property’s 19 two-story buildings comprise a mix of one- and two-bedroom units averaging 849 square feet, which are 96.5 percent occupied.  Community amenities include resort-style swimming pools, outdoor picnic area with grilling stations, outdoor kitchen, 24-hour fitness center business center, direct access garages and covered parking.

The HFF investment advisory team representing the seller included senior managing directors Bill Miller and Roberto Casas, managing director Rob Key and senior director Greg Toro.

SAN FRANCISCO, CA – April 18, 2019 – HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.

Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.

1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage.  The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub.  The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99.  The project is due for completion in mid-2021.

The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.

PHILADELPHIA, PA – April 15, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale and secured financing for The Commonwealth, a 98-unit, high-rise apartment building in Philadelphia, Pennsylvania.

HFF marketed the properties exclusively on behalf of the seller, global real estate investment manager Invesco Real Estate, and procured the buyer, a joint venture partnership between The Carlyle Group and Alterra Property Group.  In addition, HFF worked on behalf of the new owner to arrange acquisition financing.

The Commonwealth was originally constructed in 1906 and underwent a full restoration in 2012 that was completed by Alterra Property Group.  Situated at 1201 Chestnut Street, the property’s Midtown Village location has earned it a Walk Score® of 99 and offers residents direct access to all of Center City, Philadelphia’s employment, lifestyle and transportation amenities.  The 15-story building consists of 98 residential units averaging 711 square feet and 8,247 square feet of ground-floor retail.  Units feature stainless steel appliances, granite countertops, European maple cabinetry, wood plank flooring and full-size washers and dryers.  The residential component is 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick and mortar location.

The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne.

HFF’s debt placement team representing the new owner was led by managing director Ryan Ade.

“We have seen a significant uptick in interest for core-plus properties in the Philadelphia region,” Thomson said.  “This was a great opportunity for investors to buy a core-plus building at an attractive basis with upside in one of the best locations in Center City, Philadelphia.  With a lack of velocity of core-plus deals of this size in the area, the property drew significant interest from local, regional and national investors.  We conducted 31 tours of the property, which resulted in offers from 18 different companies.”

MORRISTOWN, NJ – April 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment property in Jersey City, New Jersey.

HFF marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, its growing multi-housing platform.

Soho Lofts is located at 273 16th Street on the border of Jersey City and Hoboken in the expanding “South of Hoboken” neighborhood.  The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal.  Completed in 2018, the property consists of 369 studio through three-bedroom units as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures.  Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage.  Units average 1,191 square feet in size with best-in-class features, including gourmet kitchens with stainless steel appliances, custom cabinetry and granite countertops; bathrooms with enclosed glass showers, rain showerheads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers.  The property includes numerous resort-style amenities, including an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, expansive fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.

The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.

“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” Cruz stated.  “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”