Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization for the acquisition and renovation of Stone Ridge Apartments and Bristol Ridge Apartments, two apartment properties totaling 363 units in Nashville, Tennessee.

The HFF team worked on behalf of Los Angeles-based Archway Equities LLC to arrange the capitalization for the $29 million acquisition of Stone Ridge and Bristol Ridge Apartments.  The seller acquired the assets in 2012 and 2013 as distressed bank-owned assets and spent the last six years improving and stabilizing them.  The new partnership, with the help of asset managers Magma Equities and 37urban, intends to re-brand both assets and complete a renovation plan that will improve amenities and aesthetics on both properties.

Archway’s purchase of Stone Ridge and Bristol Ridge Apartments closed just days ahead of Amazon’s announcement of 5,000 new jobs in the Nashville market as well as the announcement of a new 600-employee office for Ernst and Young and AllianceBernstein’s move of its headquarters from downtown Manhattan to downtown Nashville.

Both properties are within six miles of downtown Nashville, accessible via U.S. Highway 41 and Interstates 24 and 40.  The communities are adjacent to the Murfreesboro Pike retail corridor, which provides a wide variety of shopping and dining options, and proximate to the proposed MLS Stadium at the Nashville Fairgrounds.  The area is also well-connected to public transportation and the Nashville International Airport.

The HFF equity placement team representing the sponsor included senior director Zack Holderman and analyst Daniel Pinkus.

“We are excited to enter the market with these two assets,” stated Sean Moghavem, President of Archway Equities.  “Between the $300 million, 30,000-seat MLS stadium development and the $1.2 billion airport expansion nearby, we knew it would be a strong opportunity for us.  We’re eager to find more assets here in the coming months and believe this market will continue to bear successful opportunities for us.”

“This portfolio is an excellent example of a forward-thinking sponsorship group with the capabilities and expertise to execute a complex business plan,” Holderman added.  “Nashville is an exciting market with strong fundamentals, particularly for this profile of investment, which is located in a rapidly gentrifying submarket.”

FLORHAM PARK, NJ – December 6, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.

The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (DSF), and procured the buyers, Azure Partners and Harbor Group International, LLC.

Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet.  The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants.  As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline.  DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge.  Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.

The HFF investment advisory team representing The DSF Group included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios.

“The asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz stated.  “Also, the ability to add value by renovating the units was a key driver for the investor pool.”

“We are very pleased with the sale of Halstead New Rochelle,” stated DSF President Josh Solomon.  “This is another successful execution of our value-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”

SAN FRANCISCO, CA – December 6, 2018 – HFF announces the $41.05 million sale of a four-property multi-housing portfolio totaling 201 units in the Sonoma County community of Rohnert Park, California.

The HFF team marketed the property on behalf of a private investor, and procured the buyer, a private Colorado-based firm.

The assets in the portfolio are: Atherton, a 40-unit community located at 181 Avram Avenue; Brewster Ames, a 27-unit community located at 7300 Adrian Drive; Tivoli Gardens, a 29-unit community located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit community located at 8288 Lancaster Drive.  The properties have an average occupancy greater than 97 percent and provide direct access to major North Bay employers via Highway 101 and the Cotati and Rohnert Park SMART stations.  Additionally, the properties are located near numerous existing retail amenities as well as the future Rohnert Park Station Avenue, a mixed-use project that will encompass 120,000 square feet of retail and dining, 130,000 square feet of creative office, 300 apartment units, 115 for-sale townhomes and a 150-key boutique hotel.

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

"Investors are viewing Rohnert Park as an emerging Sonoma County market with tremendous rental upside," Bales said.  "The new owners saw that potential in this portfolio and plan to immediately undertake extensive capital improvements and unit upgrades, with a goal of repositioning the portfolio and providing best-in-class amenities to compliment the upgraded units."

SAN DIEGO, CA – December 5, 2018 – HFF announces the $4.4 million sale of 326-340 Palomar Avenue, an eight-unit, garden-style apartment community in La Jolla, 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.

326-340 Palomar Avenue is located in the prestigious La Jolla neighborhood, just off La Jolla Boulevard near Bird Rock and Windansea Beach and less than 15 miles north of San Diego’s CBD via Interstate 5.  Originally built in 1965, the property features exclusively two-bedroom units averaging 850 square feet.  326-340 Palomar was 100 percent occupied at closing. 

The HFF investment advisory team representing the buyer consisted of senior director Hunter Combs and senior associate Trent Jemmett.

CHICAGO, IL – December 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces that CIBC Bank USA has been selected to provide $31.1 million in financing to Vermilion Development for the construction of 43 luxury condominium units and 12 townhomes at Alcove M.D.P. (https://alcovemdp.com/) in Chicago’s Wicker Park neighborhood.

Alcove will be located at 1650 West Division Street and is scheduled to break ground in the first quarter of 2019.  A seven-story condominium tower will include 43 units averaging almost 2,000 square feet.  The 12 townhomes, each with attached garages, are sized between 3,000 and 3,500 square feet.  All residences will include dedicated parking, private outdoor space, smart-home technology, hardwood floors, quartz countertops, professional-grade appliances, and full-size washers and dryers.

Located in the heart Wicker Park – one of Chicago’s hottest residential neighborhoods – Alcove is steps away from entertainment and shopping destinations as well as transportation options that provide efficient access to downtown Chicago and surrounding neighborhoods.  The project, which has a professionally landscaped courtyard and walkways, is uniquely situated between the retail corridors along Milwaukee Avenue and Division Street providing residents direct access to some of the city’s best retail and restaurants in the immediate area.

Perhaps the most compelling element of the project is its price point.  Condominium units, which include generously sized and well-designed two-, three- and four-bedroom options, start at $600,000.  The townhomes, all of which include four bedrooms, start at $1 million.  A dedicated sales center for the project is located at 1295 North Milwaukee Avenue, and pre-sales are well under way.

The HFF debt placement team representing Vermilion consists of director Christopher Knight.

“Alcove’s well-priced luxury units with thoughtful layouts and high construction quality in the heart one of Chicago’s most desirable neighborhoods make it a standout,” Knight said.  “The CIBC loan is a great execution for both the bank and Vermilion, but the project will ultimately benefit future residents most.”

DALLAS, TX – December 5, 2018 – Holliday Fenoglio Fowler, L.P. (“HFF”) announces a joint venture equity raise for the acquisition of two adjacent apartment communities in Dallas, Texas, totaling 712 units – Emory at Horizon North and Ashmore at Horizon North.

The sponsor, Archway Equities LLC, engaged HFF to source funding for the acquisition of the properties through Atlantic Creek Real Estate Partners, LLC.

Emory at Horizon North is an institutional-class property built in 1995 consisting of 14 three-story residential buildings comprising 348 units, which total 300,019 rentable square feet.  Ashmore at Horizon North was built in 1997 consisting of 16 three-story residential buildings comprising 364 units, which total 309,360 rentable square feet.

The Plano-adjacent properties are situated on a total of approximately 36 acres at 4200 and 4300 Horizon North Parkway.  The properties are immediately northwest of the President George Bush Turnpike and Dallas North Tollway in North Dallas, which provides residents easy access around the DFW metroplex.  The communities each have separate amenity packages, which include features such as resort-style pools, sports courts, picnic/grilling areas, fitness centers, business center and conference rooms.  The joint venture is planning to further enhance the amenities and renovate unit interiors in the next 24 months.

The HFF team representing Archway Equities LLC included director Michael Cosby along with senior director Mark Erland and director Matthew Benson.