Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the $136.5 million sale of The Residence Buckhead Atlanta, a 370-unit, luxury high-rise apartment community situated within the Buckhead Atlanta mixed-use development in Atlanta, Georgia.

HFF marketed the asset exclusively on behalf of the developer, OliverMcMillan, to Simpson Housing® LLLP (Simpson Housing). HFF previously worked on behalf of the developer to arrange construction financing funding the development of Buckhead Atlanta in 2013.

Completed in late 2014, The Residence Buckhead Atlanta (The Residence) is the residential cornerstone of Buckhead Atlanta, OliverMcMillan’s award-winning mixed-use project. Located along East Paces Ferry Road NE in the exclusive Buckhead neighborhood, The Residence encompasses two 20-story towers featuring luxury finishes and unrivaled amenities, including a resort-style pool, manicured courtyard, state-of-the-art fitness center, theatre, study, conference room, demonstration kitchen and concierge service.

Buckhead Atlanta blends sophisticated architectural design, artful storefronts, rich amenities and lush landscaping to comprise the ultimate street scene dynamic in the southeastern United States. The luxury project has 300,000 square feet of upscale, open-air retail and eateries leased to high-end tenants including Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. Additionally, the project is home to 100,000 square feet of boutique office space serving as the corporate headquarters of Spanx Inc.

The HFF investment sales team representing the seller was led by senior managing directors Jason Nettles and Trey Morsbach and director Megan Thompson.

“This sale highlights the strength of Atlanta’s rental market and its ‘renter-by-choice’ demographic as well as the capabilities of all the parties involved in this transaction,” said Nettles. “OliverMcMillan delivered the premier multi-housing asset in the southeast with this project, and a Simpson Housing joint venture executed flawlessly in adding to their portfolio of best-in-class assets. Bolstered by the strength of the neighboring Shops Buckhead Atlanta, The Residence represents a landmark investment in luxury multi-housing amid a trophy mixed-use environment."

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Flats 8300, a 359-unit, luxury high-rise residential property with ground-floor retail in Bethesda, Maryland.

HFF marketed the property exclusively on behalf of the seller, a joint venture between StonebridgeCarras and an affiliate of Walton Street Capital, L.L.C. Invesco Real Estate purchased the asset.

Recently completed in May 2016, Flats 8300 is located at 8300 Wisconsin Avenue along the Metrorail Red Line on a 1.6-acre site at the intersection of Battery Lane, just south of the National Institutes of Health and Walter Reed campuses. The nine-story property is walkable to numerous retail, dining and entertainment amenities in the Bethesda Row and Woodmont Triangle areas of downtown Bethesda and is less than two miles south of the Capital Beltway (Interstate 495). Flats 8300 encompasses a mix of studio to three-bedroom floor plans along with townhouse and penthouse options. Anchored by a ground-floor Harris Teeter with Starbucks, the amenity-rich property also features breezeway and façade ornamentation by sculptor Kent Bloomer; a half-acre courtyard with water feature and sculptures by artist Barton Rubenstein; ninth-floor clubroom with billiards and bar; green rooftop with fireplace and demonstration kitchen; two rooftop swimming pools; fitness center; business center; pet spa; underground parking with electric car charging stations; and concierge service.

The HFF investment sales team representing the seller was led by Walter Coker, Brian Crivella and Stephen Conley.

“HFF is pleased to have been able to represent the seller on such a transformative asset to the Bethesda submarket,” Coker said. “We were very excited to see that the market responded so well to the outstanding execution and core attributes of the asset.”

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for a 31-property, Low Income Housing Tax Credit (LIHTC) portfolio totaling 8,498 units in various Florida locations.

HFF marketed the portfolio exclusively on behalf of The Wilson Company. Starwood Property Trust, an affiliate of Starwood Capital Group (Starwood), purchased the offering for $563.5 million. Additionally, HFF worked on behalf of the new owner to secure financing totaling $255.87 million through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program on 19 of the assets. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Heavily concentrated in Orlando and Tampa, the portfolio was developed between 1995 and 2004 under Section 42 of the Internal Revenue Code. Under this code, developers receive LIHTC to offset development costs. In return, LIHTC properties are encumbered with long-term rent and income restrictions. On average, maximum allowable rents across the portfolio are approximately $350 below prevailing rents at nearby market-rate communities. Tremendous demand for affordable housing across the portfolio contributed to an average portfolio occupancy exceeding 97 percent at the time of sale.

The HFF investment sales team was led by managing director Doug Childers along with senior managing director Jason Nettles and managing director Matt Mitchell.

HFF’s debt placement team was led by managing director Gregg Shapiro and executive managing director Jody Thornton.

“This transaction represents the beginning of a new era for LIHTC investment sales,” Childers said. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors.”

“Starwood emerged from the field by proposing an expedited closing process and demonstrating a thorough understanding of the opportunity,” added Nettles. “They performed flawlessly as though they had been investing in the LIHTC space for years.”

“In addition to The Wilson Company and Starwood’s performance throughout this process, Freddie Mac clearly demonstrated its commitment to affordable housing through its creativity and collaboration in order to provide attractive financing that supported Starwood’s acquisition of this portfolio,” said Shapiro. “The financing put the borrower in a position to not only achieve their targeted returns on its investment but also to continue to invest in these communities and ensure that they provide high-quality affordable housing long-term.”

“I became president of The Wilson Company in 2003,” said Carolyn Wilson, president of The Wilson Company. “It has been a rocky road for The Wilson Company employees, my family and me. My husband, Jack Wilson, would have been proud of what we have accomplished here. The sale of the portfolio is the culmination of ‘The House that Jack Built’.”

“Our thanks to HFF, who provided and engineered this opportunity, and to the talented Wilson Company team that managed and participated in this amazing transaction,” continued Wilson. “The Wilson Company continues in property management, managing the Franklin Exchange Building in downtown Tampa, which serves as the company’s headquarters, along with other commercial properties.”