DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for The Livingston, (top right photo) a 180-unit, Class A multifamily community built by local developer Tonti Properties in Plano, Texas.The HFF investment sales team was led by managing directors Bill Miller (middle left photo) and Roberto Casas (bottom right photo) who marketed the property on behalf of the seller, Tonti Properties.
Sunstone Realty Advisors purchased The Livingston for an undisclosed amount free and clear of debt.
“The sale of The Livingston went very smoothly and closed in just over 60 days. Sunstone bought a great asset in an excellent location just off Wyndhaven and the North Dallas Tollway.
Tonti Properties’ strategy of holding their assets for the long-term is evident in the quality of the assets they develop,” said Miller.
Senior managing director John Brownlee (bottom left photo) handled the debt portion of the transaction on behalf of Sunstone Realty Advisors, arranging the $12.845 million loan through Wachovia Multifamily Capital, Inc. – FNMA.
The financing has a seven-year term and a 5.38 percent fixed-rate. Loan proceeds were used to acquire the property. The Livingston is located at 6301 Windhaven Parkway adjacent to the Dallas North Tollway in the northern Dallas suburb of Plano.
The 96.7 percent leased property has one-, two- and three-bedroom units averaging 1,188 square feet each. Community amenities include a swimming pool, fitness center, laundry facility and 190 attached garages.
“The Livingston’s location in West Plano is ideal. It is close to numerous corporations including EDS, Frito-Lay, Pizza Hut, PepsiCo, Dr Pepper/Seven Up, JCPenney and Mary Kay,” added Brownlee.
“In addition, West Plano led the Dallas/Fort Worth metro in multifamily demand during the last 12 months ending third quarter 2008, and forecasts predict the submarket will remain one of the metro’s demand leaders during the next 12 months.”
Tonti Properties focuses on the development, acquisition, management and ownership of multifamily apartment communities throughout the Southeast and Southwest.
Headquartered in Vancouver, British Columbia, Sunstone Realty Advisors invests in multifamily assets throughout Canada and the United States.
Contacts:
Contacts:
John S. Brownlee, (214) 265-0880, Senior HFF Managing Director, jbrownlee@hfflp.com
William D. Miller, (214) 265-0880, HFF Managing Director, bmiller@hfflp.com
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