PHILADELPHIA, PA – July 1, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of and secured financing for Riverwalk at Millennium, a 375-unit, transit-oriented multi-housing community in the Philadelphia-area suburb of Conshohocken, Pennsylvania.

HFF marketed the property exclusively on behalf of the seller, a joint venture between Long Wharf Capital and Scully Company.  Relative Properties purchased the asset.  In addition, HFF worked on behalf of the new owner to place the fixed-rate acquisition loan through Freddie Mac.  The loan will be serviced by HFF, a Freddie Mac Multifamily Approved Lender for Conventional Loans.  In 2015, HFF brokered the sale of the property to Long Wharf and Scully Company and arranged both the joint venture partnership between the two and acquisition financing.

Riverwalk at Millennium is situated on 7.89 acres at 309 Washington Street in Conshohocken, a suburb northwest of Philadelphia that borders the Schuylkill River.  The SEPTA Regional Rail line is a short walk away, and Center City Philadelphia is approximately 20 minutes from the transit-oriented property.  The Schuylkill River Trail, which is used for running and biking along the river between Valley Forge and Center City, is directly behind the property.  The four-story buildings sit above single-story parking garages and house a diverse blend of one- and two-bedroom units with contemporary floor plans averaging 923 square feet.  Units also feature ceilings that are at least nine feet high, plank flooring, full-sized washer/dryers and six-foot windows.  Community amenities include controlled access, a modern clubhouse with fireplace, a resort-style pool with sundeck and grill area and a contemporary fitness center with an on-demand fitness studio.

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

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

BOSTON, MA – June 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has secured financing for CityView at Longwood, a 289-unit apartment high-rise in Boston’s Longwood Medical Area.

Working on behalf of the borrower, a joint venture between Jefferson Apartment Group and LaSalle Investment Management, HFF placed the floating-rate acquisition loan with a Brookfield-sponsored real estate debt fund and ING Capital LLC.

CityView at Longwood is located at 75 St. Alphonsus Street in the Longwood Medical Area, one of the premier medical clusters in the world with 15.5 million square feet of dedicated medical research and treatment facilities, including three teaching hospitals affiliated with Harvard Medical School.  With a Walk Score® of 93, the apartment community is just one block from the MBTA Green Line and within walking distance of the Orange Line providing direct access to downtown Boston.  Additionally, the Fenway neighborhood with an abundance of dining, entertainment and night life options is less than one mile from CityView at Longwood.  Originally built in the 1970’s, the 20-story tower offers studio, one-, two- and three-bedroom units that are currently 95% leased.  Property amenities include a pool, fitness center, resident lounge, laundry room and two-story parking deck with 185 spaces.  The borrower plans to implement a renovation program, substantially upgrading unit interiors, creating a new resident experience and significantly elevating the quality of resident amenities, and adding new amenities, which may include penthouse outdoor rooftop space.

The HFF debt placement team was led by senior managing directors Riaz Cassum and John Rose and senior director Jennifer Keller.

CHARLOTTE, NC – June 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit, mid-rise apartment community in Morrisville, North Carolina.

HFF marketed the property on behalf of the seller, The Bainbridge Companies, LLC and its partner, Amzak Capital Management, and procured the buyer, RK Properties.

Bainbridge Lake Crabtree is located at 2599 Evans Road in the high-growth market of Morrisville and provides connectivity via nearby Interstate 40 to Research Triangle Park and downtown Raleigh.  Completed in 2018, the 9.55-acre property comprises units averaging 1,015 square feet with high-end amenities, including chef-inspired kitchens with islands, stainless steel appliance, quartz countertops and white Shaker-style cabinets; combination walk-in showers and garden tubs; oversized, triple-paned windows with marble window sills; Google fiber; and Nest thermostats. Luxury common-area amenities include a South Beach-style pool with sun deck and tree-lined sun shelf; interior courtyard with fire pits, Edison lighting, gazebo and grilling station; pet spa and pet bark park with canine drinking fountain; exposed brick and glass-defined clubroom; and state-of-the-art fitness center with yoga studio.

The HFF team was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

“With its third purchase in the Carolinas, RK Properties has invested in an asset boasting the Bainbridge Companies pedigree in one of the fastest-growing, tech-centric metros in the country,” Good said.
 
“Bainbridge Lake Crabtree represents superior product in a location defined by connectivity and growth, which is evident in its performance and market reception,” Glenn added. 

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

CHARLOTTE, NC – June 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Spring Forest, a 404-unit multi-housing community in Northeast Raleigh, and The Crest at West End, a 188-unit, value-add apartment community in Carrboro, North Carolina.

HFF marketed the properties on behalf of the seller, Carroll Organization, which closed in two separate transactions.  Bridge Investment Group purchased Spring Forest, and Eller Capital Partners purchased The Crest at West End.

Spring Forest is located at 5014 Sedgewick Drive in the rapidly growing Northwest Raleigh submarket.  Situated just off Capital Boulevard, the property provides residents access to a wide variety of retail, including Triangle Town Center, a 1.2 million-square-foot mall, as well as major employment centers such as Downtown Raleigh.  Completed in 1978, the 42.41-acre property consists of one-, two- and three-bedroom floor plans averaging 1,022 square feet.  Community amenities include a swimming pool, playground, clubhouse and laundry center.  The property was 92.1% occupied at closing.

The Crest at West End offers residents a convenient location just off Highway 54 and U.S. Highway 15, which provides direct access to University of North Carolina Chapel Hill, the UNC Hospital system and several other major economic drivers.  Completed in 1988, the 12.6-acre property comprises one- and two-bedroom, partially renovated units averaging 798 square feet.  Community amenities include a playground, laundry center, fitness center, clubhouse and sport courts.  The property was 95.7% occupied at closing.

The HFF investment advisory team representing Carroll Organization was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

“The Crest at West End presented investors the coveted combination of value-add upside in a high barrier-to-entry market, further distinguished by Carrboro’s celebrated culture and Chapel Hill’s world-renowned university and hospital system,” Good said.  “Spring Forest offered the compelling investment opportunity of institutional stewardship, renovation potential and retail proximity all amid one of the nation’s leading growth stories.”

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

CHARLOTTE, NC – June 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Spring Forest, a 404-unit multi-housing community in Northeast Raleigh, and The Crest at West End, a 188-unit, value-add apartment community in Carrboro, North Carolina.

HFF marketed the properties on behalf of the seller, Carroll Organization, which closed in two separate transactions.  Bridge Investment Group purchased Spring Forest, and Eller Capital Partners purchased The Crest at West End.

Spring Forest is located at 5014 Sedgewick Drive in the rapidly growing Northwest Raleigh submarket.  Situated just off Capital Boulevard, the property provides residents access to a wide variety of retail, including Triangle Town Center, a 1.2 million-square-foot mall, as well as major employment centers such as Downtown Raleigh.  Completed in 1978, the 42.41-acre property consists of one-, two- and three-bedroom floor plans averaging 1,022 square feet.  Community amenities include a swimming pool, playground, clubhouse and laundry center.  The property was 92.1% occupied at closing.

The Crest at West End offers residents a convenient location just off Highway 54 and U.S. Highway 15, which provides direct access to University of North Carolina Chapel Hill, the UNC Hospital system and several other major economic drivers.  Completed in 1988, the 12.6-acre property comprises one- and two-bedroom, partially renovated units averaging 798 square feet.  Community amenities include a playground, laundry center, fitness center, clubhouse and sport courts.  The property was 95.7% occupied at closing.

The HFF investment advisory team representing Carroll Organization was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

“The Crest at West End presented investors the coveted combination of value-add upside in a high barrier-to-entry market, further distinguished by Carrboro’s celebrated culture and Chapel Hill’s world-renowned university and hospital system,” Good said.  “Spring Forest offered the compelling investment opportunity of institutional stewardship, renovation potential and retail proximity all amid one of the nation’s leading growth stories.”

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

HOUSTON, TX – June 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has secured acquisition financing for Waterside at Mason, a 246-unit, Class A apartment community in the West Houston suburb of Richmond, Texas.

HFF worked exclusively on behalf of the borrower, Hilltop Residential, to arrange the five-year, fixed-rate loan with interest-only payments through a life company correspondent lender.

Waterside at Mason is located at 1901 Waterside Village Drive in Richmond and is zoned to the Fort Bend Independent School District.  Completed in 2017, the 6.6-acre property offers access to Texas State Highway 99 (Grand Parkway) and the Westpark Tollway, as well as major employment and retail drivers in Sugar Land, Katy, the Energy Corridor, Westchase and the Galleria/Uptown District.  Units include a mix of one- and two-bedroom units averaging 867 square feet. Community amenities include a resort-style pool, fitness center, resident clubhouse with conference room, recreation room with billiards, in-unit washers and dryers, walk-in closets and patios or balconies.

The HFF debt placement team representing Hilltop Residential was led by managing director Cortney Cole and analyst Jett Lucia.