CHICAGO, IL – January 3, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $61.88 million in joint venture equity for the development of 845 West Madison, a 586-unit, luxury multi-housing project in Chicago’s West Loop/Fulton Street submarket.

The HFF team worked on behalf of the developer, Lendlease and The John Buck Company, to arrange the joint venture equity partnership with Intercontinental Real Estate Corporation.

845 West Madison is slated to welcome first move-ins in the summer of 2020 and will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail along Madison and Monroe Streets.  Located on the former H20+ Cosmetics site, the project will encompass an entire city block.  The site is steps from many of the city’s Michelin-rated restaurants, some of the top nightlife destinations and a growing number of retail options.  845 West Madison is also a short walk to Chicago’s central business district with more than 46.3 million square feet of office space in the West Loop submarket.  The transit-served development will provide residents with multiple connectivity points to the entire Chicagoland area.  The project is just off Interstate 90/94 and within four blocks of two CTA “L” stations serving the green, pink and blue lines and CTA bus stops serving routes 8, 20 and 126.

Designed by GREC Architects, the podium-style project’s façade will pay homage to Fulton Market’s industrial history by incorporating classic masonry details at the street level ascending to modern glass at the top of the towers.  Units will feature top-of-the-line finishes, including stainless steel appliances, gas cooktops, quartz countertops, ceramic tile backsplashes, floor-to-ceiling windows, engineered wood floors throughout, frameless shower doors, nine-foot ceilings, in-unit washers and dryers, and balconies in select units.  Both towers will share a one-acre outdoor amenity deck, featuring expansive green spaces, two pools and a lounge area with grills and fireplaces.  Additional community amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and a 278-stall parking garage.

The HFF equity placement team representing the developer included managing director Danny Kaufman, director Christopher Knight and associate Mary Dooley.

Los Angeles, CA --TruAmerica Multifamily in partnership with Intercontinental Real Estate Corporation (“Intercontinental”) has acquired the leasehold interest in the largest transit-oriented development in San Diego County, the 527-unit Alterra & Pravada at Grossmont Station in La Mesa, CA. 

“High-density, transit oriented development such as Alterra & Pravada is an example of smart growth and sustainability principles that promote housing affordability and reduce traffic congestion on our streets and highways,” said TruAmerica CEO and founder Robert E. Hart.  “We continue to seek accretive investments where we can add value and generate appropriate risk adjusted returns for our investors, while at the same time contribute to the solution of quality affordable workforce housing with access to jobs, not just here in California but throughout the United States.” 

Completed in 2010 by the seller Fairfield Grossmont Trolley LLC in partnership with the Metropolitan Transit Authority, the LEED Gold certified community features one- and two-bedroom units situated in six, four-story buildings on a high-density eight-acre site.   Of the 527 units, 15% are dedicated for rent to moderate and very low housing wage earners. 

TruAmerica and Intercontinental will undertake a capital improvement program that will consist of a modest refresh of the nearly 10-year-old interiors as units turn, and will upgrade the common area amenities that include Alterra & Pravada’s two clubhouses, two pools and pool decks.  The exterior renovation program also will include new landscaping and paint to improve the overall curb appeal of the community.  

“Upon the execution of our business plan, residents will benefit from an upgraded living experience, complementing Alterra & Pravada’s greatest amenities which are its location, walkability and commutability, setting it far apart from other properties in the competitive set,” said Jessica Levin, Senior Director, Acquisitions for Intercontinental Real Estate Corporation.  “We believe that this compelling combination will make this asset an excellent long-term investment for our investors.”

The largest of 23 transit-oriented developments (TOD) in San Diego County, the poperty is located immediately adjacent to the Grossmont Transit Center at 8727 Fletcher Parkway in La Mesa, 11 miles east of downtown San Diego. Served by the Orange and Green Lines of the San Diego Trolley and Metropolitan Transit Center bus lines, The Grossmont Traffic Center is a key trolley system transfer point providing direct routes to the region’s major entertainment and employments hubs including El Cajon, Mission Valley and Downtown San Diego. Much of the success of Alterra & Pravada as a TOD is reflected in the average weekday boarding count of more than 2,600 riders at Grossmont Trolley station making it one of the heaviest used stops in San Diego County. 

Alterra & Pravada is also within walking distance to The Grossmont Shopping Center with more than a million square feet of retail shops and restaurants, as well Sharp Grossmont Hospital, La Mesa’s largest employer. 

In 2012, The League of California Cities recognized Alterra & Pravada for combining many of the current smart growth points, utilizing existing infrastructure, promoting transit and providing measures for sustainability with close proximately to jobs and entertainment.

With the acquisition of Alterra & Pravada, TruAmerica Multifamily’s San Diego portfolio totals more than 1,600 units with assets in Oceanside, Vista, Escondido and El Cajon.     

This is the seventh joint venture for TruAmerica and Intercontinental, which together own more than 2,200 units in California and Washington.  

Kevin Mulhern, Rachel Parson, Stewart Weston and John Montakab  of CBRE’s San Diego Multifamily Investment Group represented TruAmerica and Intercontinental and the seller, Fairfield Grossmont Trolley LLC in the transaction.

The acquisition was leveraged with 10-year financing through Fannie Mae’s preferred borrower program, Borrower Channel, arranged by CBRE’s Capital Markets group led by Vice Chairman Troy Tegeler in the firm’s Orange County, CA office.  

CHICAGO, IL – July 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Burnham Pointe, a 298-unit high-rise apartment property in Chicago’s South Loop.

The HFF team advised on the transaction between the seller, Crescent Heights, and the buyer, a joint venture between Draper and Kramer, Incorporated and Intercontinental Real Estate Corporation.  The property was purchased free and clear of existing financing.

Burnham Pointe is located at 730 S. Clark Street within walking distance to the Harrison, LaSalle and Library/Van Buren “L” stations; the LaSalle Street Metra station; and retail and dining amenities in the historic Printer’s Row neighborhood.  The 28-story property comprises a mix of one- and two-bedroom luxury units featuring spacious layouts, stainless steel appliances, floor-to-ceiling windows and large balconies.  Community amenities include a resistance pool, spa, sauna, outdoor terrace with fireplaces, fully equipped fitness center, clubroom with full kitchen/bar, private lounge, dog run and 24-hour doorman.  The property is 96 percent occupied.

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