PORTLAND, OR – November 1, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $84.3 million sale of and acquisition financing for Arbor Creek, a 440-unit, garden-style apartment community in Beaverton, Oregon.

The HFF team marketed the asset exclusively on behalf of the seller, Jackson Square Properties, and procured the buyer, Security Properties.  Additionally, HFF’s debt placement team worked on behalf of the new owner to secure a seven-year, floating-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.  HFF originally marketed the property to Jackson Square Properties upon its acquisition of the asset in 2014.

Arbor Creek is situated on 22 acres at 3280 SW 170th Avenue approximately 1.5 miles from Nike World Headquarters and within 10 minutes of the Intel Ronler Acres Campus and other major area employers.  Additionally, the property is adjacent to the 222-acre Tualatin Hills Nature Park and offers nearby access to some of the MSA’s top retail centers, major transportation arteries and public transit options.  Originally completed in 1984, Arbor Creek includes one- and two-bedroom units averaging 768 square feet each, 360 of which have been renovated since 2012.  Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.

The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Carrie Kahn.

HFF’s debt placement team representing the new owner consisted of senior managing director Charles Halladay, directors Scott Gilson and Charlie Watson.

WASHINGTON, D.C. – October 31, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $156.2 million in financing for Modera Avenir Place, a best-in-class residential property in Vienna, Virginia.

The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan with MetLife Investment Management.  Loan proceeds were used to retire existing construction financing.

Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops at Avenir Place and Interstate 66.  The transit-oriented community is adjacent to the Dunn Loring-Merrifield Metrorail station (Orange Line) and numerous major thoroughfares that provide accessibility to the entire D.C. metropolitan area.  Modera Avenir Place, a grocery-anchored mixed-use development, was completed in two phases in 2013 and 2015.  The community comprises 628 residential apartment homes averaging 882 square feet, 578 of which are market-rate units.  The studio, one- and two-bedroom floor plans include state-of-the-art features such as gourmet-inspired kitchens with stainless steel appliances and quartz countertops, central heat and air conditioning, high-end light fixtures, hardwood-style flooring and abundant storage.  Community amenities include two swimming pools with sun decks, grilling stations, billiards and gaming consoles, and business centers with cyber cafes.  The property includes a ground-floor Harris Teeter, Inova Care Center and Thai by Thai restaurant.

The HFF team representing the borrower included Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella.

HOUSTON, TX – October 29, 2018 – HFF announces the sale of The Edge at City Centre, a 284-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

The HFF team marketed the property exclusively on behalf of the seller, 29th Street Capital, and procured the buyer, ClearWorth Capital LLC.

The Edge at City Centre is situated on approximately seven acres at 8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions it within two miles of more than 110,000 jobs in the Texas Medical Center.  Additionally, the property is within walking distance to two METRO bus lines and is less than one mile from NRG Stadium.  Originally built in 1983, 29th Street Capital invested more than $2.6 million to rebrand, renovate and reposition with significant capital improvements.  Floor plans include a mix of one- and two-bedroom units averaging 765 square feet.  The property was 94 percent occupied at closing.

The HFF investment advisory team representing the seller included directors Chris Young and Joey Rippel and analyst Connor Phillips.

“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” Young said.  “It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”

“Buyers appreciated that 29th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.” Young added.

HICAGO, IL – October 24, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Wheaton Center, a 758-unit, multi-building apartment property in the west Chicago suburb of Wheaton, Illinois.

The HFF team represented the seller, a joint venture between Draper and Kramer, Incorporated and Edge Principal Advisors LLC, in the sale of the property to the buyer, FPA Multifamily, LLC.  The property was purchased free and clear of existing financing.

Wheaton Center consists of six elevator-served residential buildings, including two 20-story towers and four low- and mid-rise buildings, with units averaging 927 square feet and three levels of finish packages.  Community amenities include a resort-style pool with luxury cabanas, grilling area, state-of-the-art fitness center, community room, conference room, catering kitchen, pet spa, bark park, playground, tennis courts and access to the Illinois Prairie Path.  Most recently renovated in 2017, the property is located at 1 Wheaton Center across from the Wheaton Metra station, which offers access via express train into the Chicago CBD.  In addition, the property is a short commute from six Fortune 1000 companies and other top employers along the Interstate 88 Research Corridor.  Wheaton Center’s centralized downtown location provides immediate access to multiple boutique retail, dining and entertainment venues along the city’s treelined streets.

The HFF investment advisory team included managing directors Marty O’Connell and Sean Fogarty, senior director Wick Kirby and director Kevin Girard.

LOS ANGELES, CA – October 17, 2018 – HFF announces $25 million in financing for The Line Lofts, a newly completed, architecturally inspired community in Los Angeles’ iconic Hollywood neighborhood comprising 82 residential lofts and flats and a robust collection of hospitality-inspired amenity spaces designed to act as an extension of each residence.

The HFF team worked on behalf of the borrower, Wilshire Skyline, to arrange the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company.  The non-recourse loan replaced existing construction financing and includes a $5 million future earn-out component at stabilization.  The loan is among the first of its type to close through a new debt program that allows borrowers to close on long-term loans and lock in lower interest rates prior to being fully stabilized if the development can support strong underwriting and high appraisals.  The property, which celebrated its grand opening on Memorial Day weekend, achieved 75 percent occupancy within its first four months.

The Line Lofts (thelinelofts.com) is located at 1737 N. Las Palmas Avenue just northeast of the high-profile intersection of Hollywood Boulevard and N. Highland Avenue.  Designed by award-winning architect Zoltan Pali of SPF:architects, the six-story, Class A property blends modern architectural elements with energy-efficient, open floor plans ranging from 415 to 1,477 square feet featuring luxury kitchens and baths; double-pane architectural windows, which optimize natural light and views of the city and the Hollywood Hills; wood-grain plank flooring; and atrium-style outdoor balconies.  Common areas include The Sky Lounge, a penthouse-level lounge providing unobstructed views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail.  The property, which has a WalkScore® of 97, offers a menu of various concierge services and offers immediate access to some of Los Angeles’ top retail, dining, nightlife and recreation destinations as well as two metro stations and U.S. Highway 101.

The HFF debt placement team representing the borrower consisted of managing director Mark Wintner.

SAN FRANCISCO, CA – October 11, 2018 – HFF announces the $104 million sale of Meridian at Midtown, a 218-unit luxury apartment community with approximately 14,000 square feet of ground-floor retail in San Jose, California.

The HFF team marketed the property on behalf of the seller, Republic Urban Properties LLC, and procured the buyer.

Meridian at Midtown is situated at 1432 W. San Carlos Street less than one mile west of downtown and just north of Interstate 280.  The property’s Midtown location has earned it a Walk Score® of 90 and provides a true live-work-play setting in one of the Bay Area’s most sought-after submarkets.  Built in 2015, the mid-rise property offers a range of amenities, including three state-of-the-art fitness centers, conference rooms, a resort-style pool with cabanas, community lounge space, dog park, outdoor courtyard, playground and ground-floor retail amenities such as The Breakfast Club and Starbucks.  Residential units include a variety of studio, one- and two-bedroom configurations averaging 875 square feet each.

The HFF investment advisory team representing the seller included managing director Scott Bales, director Peter Yorck and analyst Eric Bet.

“Meridian at Midtown’s central location is within a mile of Google’s proposed campus and the Diridon Station development, which will dramatically shift the core of downtown San Jose closer to Midtown and allow the property to continue to experience tremendous rent growth far into the future,” Bales said.