Sunday, July 27, 2014

HFF closes sale of and arranges financing for East Texas multi-housing portfolio


Arbors on Chimney Rock Apartments, Tyler, TX (above)
Saddlebrook Apartments, Longview, TX (below)
DALLAS, TX – HFF announced it has closed the sale of and arranged financing for two East Texas multi-housing communities – Arbors on Chimney Rock in Tyler and Saddlebrook Apartments in Longview – totaling 440 units.

                HFF marketed the portfolio on behalf of the seller, Haley Real Estate Group. 

  Coastal Exchange Group purchased the offering for an undisclosed amount. 

  In addition, HFF’s debt placement team secured the $19 million, 10-year fixed-rate acquisition loan on behalf of the buyer through Redwood Trust.

                The Arbors on Chimney Rock is located at 323 Chimney Rock Road just off Broadway Avenue (Highway 69) in Tyler.  Situated on approximately 9.8 acres, the property is 93.18 percent leased and includes 176 one- and two-bedroom units averaging 794 square feet each.  Community amenities include a swimming pool, tennis courts, picnic areas and clubhouse.

Blair Lang
                Saddlebrook Apartments is 91.29 percent leased and includes 264 one-, two- and three-bedroom units averaging 729 square feet each.  Community amenities include a swimming pool, fitness center, sand volleyball court, tennis court, barbecue area and clubhouse. 

Situated on approximately 13.8 acres, the property is located along H.G. Mosley Parkway, directly between U.S. Highway 80 and Loop 281 in Longview.

                The HFF investment sales team representing the seller was led by directors Rob Key and Blair Lang.

HFF’s debt placement team was led by associate director Robert Wooten.

Haley Real Estate Group, based in Omaha, Nebraska, owns and operates more than $560 million of multifamily assets, comprising 10,000+ apartment units across the central United States.

Rob Key
Coastal Exchange Group is a privately-held, family-owned and operated real estate investment firm headquartered in San Diego, California.

 Founded in 1982 by Donald T. Meagher, the firm’s current portfolio includes nearly 5,000 units across the southwestern Unites States with current assets owned and managed located in the markets of San Diego, California; Sacramento, California; Albuquerque, New Mexico; El Paso, Texas; Austin, Texas and East Texas.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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