HOUSTON – HFF has announced that it closed the sale of SouthWind, a 312-unit, Class A multi-housing community in Pearland. HFF marketed the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. An entity, owned by JMG Realty, purchased the asset for an undisclosed amount. SouthWind is at 9720 Broadway Street near State Highway 288 and is 15 miles south of downtown Houston. The property was completed in 2003. The HFF investment sales team representing the seller was led by director Chris Curry, senior managing directors Todd Marix and Todd Stewart and director Tre Banks. “SouthWind offered the buyer a well-located suburban asset in a high growth market and a tremendous amount of upside through a renovation of the existing units,” commented Curry. RealTax Inc. serves the Southern California real estate investment community. With headquarters in Atlanta, JMG Realty continues to acquire properties throughout the Southeast and Southwest. In the last 60 days, JMG Realty has acquired four multi-housing properties in Houston adding 800 units to its portfolio worth more than $100 million.
RALEIGH, N.C. – Grubb Properties and Kalikow Group have broke ground on the Link Apartments Glenwood South, an apartment community complementing the Glenwood South entertainment corridor, and serving downtown Raleigh’s expanding job core. Link Apartments Glenwood South is scheduled for completion in spring 2015. In late April, Grubb Properties completed purchase of the 1.27-acre site, at the intersection of North West Street and West Jones Street. The Kalikow Group, a development partner, is a multifaceted source of equity for a variety of investment platforms including retail, multifamily, condominiums and single-family home development, as well as land-development for national home builders. The project marks the latest expansion by Grubb Properties in the Research Triangle area’s multifamily market. Other investments include the newly opened, 339-unit Sterling TownCenter Apartments near Triangle Town Center Mall, North Carolina’s only Saks Fifth Avenue-anchored retail center, in North Raleigh; Sterling Glenwood Apartments, the former iconic Beckanna community that is undergoing extensive amenity improvements; Sterling Forest Apartments in North Raleigh; and Glen Lennox Apartments in Chapel Hill. In addition, Grubb Properties is leasing the new Whetstone Apartments in Durham beginning this summer under an agreement with Armada Hoffler Properties Inc.
CHICAGO – HFF has completed the sale of the final property of a 13-property multi-housing portfolio totaling more than $900 million in eight major metro areas throughout the United States. The final property, Apex, is a 28-story, 271-unit, Class A condominium tower in downtown Los Angeles. HFF marketed the portfolio on behalf of the seller, ST Residential, LLC. Collectively the assets sold to four separate groups for more than $900 million. Properties in the portfolio included: Apex (Los Angeles); San Pedro Bank Lofts (San Pedro, Calif.) Mosaic II, Houston); 44 Monroe (Phoenix); The Ogden, Juhl, One Las Vegas, Loft 5 and Spanish Palms (Las Vegas); The Element (Tampa); Mezzo (Atlanta); Highgrove (Stamford, Conn.) and The Lex (Chicago). The 93.2 percent leased portfolio totals 3,128 units, and has an average year built of 2008. ST Residential, LLC, is a manager of properties owned by a public-private partnership between the FDIC and a group of leading U.S. private real estate investors, including Starwood Capital, TPG, Perry Capital and WLR LeFrak. The HFF investment sales team representing ST Residential, LLC, was led by Matthew Lawton, executive managing director.
INDIANAPOLIS – Steadfast Apartment REIT bought Harrison Place, a 307-unit complex in Indianapolis, for $28 million.Steadfast Apartment REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Cos. Founded in 1994, Steadfast Companies has evolved into a vertically integrated, multifaceted real estate owner, operator and manager. Steadfast Companies has acquired, developed and managed in excess of $4 billion of real estate, including over 24,500 apartment units and more than 5.2 million square feet of industrial, office and retail space. Steadfast Companies owns and/or operates a diverse portfolio valued at $2.5 billion and is comprised of more than 125 properties across the United States and Mexico.