Monday, February 1, 2016

29th Street Capital Acquires 11th East Bay Multifamily Property; Deal is Firm’s Fifth in Hayward, CA

Blossom Manor Apartments, 763 Blossom Way, Hayward, CA

Casey Davis
Hayward, CA  (Feb. 1, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Blossom Manor Apartments, a 58-unit multifamily community in the supply-constrained city of Hayward, California. 

This marks 29SC’s fifth acquisition in Hayward and 11th overall in the East Bay since 2013. 29SC plans to strategically invest $750,000 in capital improvements to significantly upgrade the interiors and to enhance the exterior of property.

Blossom Manor Apartments is located in a residential area approximately one mile away from increasingly popular downtown Hayward.

“Hayward has such a central location within the Bay Area that it allows residents to commute to San Francisco, Silicon Valley and other parts of the East Bay with relative ease,” said Casey Davis, 29SC’s Vice President of Acquisitions.

“The San Mateo Bridge, BART and the multiple freeways allow Hayward to attract residents looking for a reprieve from the escalating rents elsewhere in the Bay area. For a value-add company that primarily focuses on workforce housing, Hayward is an attractive market for us,” Davis added.

Strong job creation in San Francisco, Oakland and Silicon Valley has created significant demand and a ripple effect that has created a tight rental market throughout the East Bay, where limited housing supply hasn’t kept up with increased demand. Hayward, the sixth largest city in the East Bay and home to 150,000 residents, provides affordable housing options for workers and families.

29SC purchased the asset through an off-market sale at a discount to comparable sale prices. The seller had owned the building for nearly 30 years. The transaction provides 29SC the opportunity to immediately cure any deferred maintenance and to invest an average of nearly $13,000 per unit.

The renovation budget at Blossom Manor Apartments will be used to increase curb appeal through strategic exterior improvements. Inside the units, 29SC will replace old cabinets, install new countertops, update the flooring and revamp the bathrooms.

The address of Blossom Manor Apartments is 763 Blossom Way, Hayward, Calif. 94541. The transaction closed January 27. The price was not disclosed.

29th Street Capital acquired 12 multifamily assets during 2015 in markets including Houston, Tex., Denver, Colo., Durham, N.C. and Phoenix, Ariz. 29SC is also actively pursuing additional opportunities throughout the U.S. The firm will continue to target smaller value-add deals, which are below the institutional radar, with the intention of offering its investors above market returns.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy on properties that are below the radar of institutional peers. 29SC’s current portfolio consists of 5,861 units, and it has acquired over 6,925 units in 10 markets across the United States. Investments typically require approximately $2 to $10 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

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

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 |

HFF represents The DSF Group in the $129.7 million sale of 217-unit luxury apartment community in Hoboken, NJ

Michael Oliver
FLORHAM PARK, NJ,  Feb. 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the sale of Halstead 800 Madison, a 217-unit, transit-oriented, Class A apartment community in Hoboken, New Jersey.

HFF marketed the property exclusively on behalf of the seller, The DSF Group.  

AvalonBay Communities, Inc. purchased the asset for $129.7 million.  HFF previously assisted The DSF Group in the acquisition of the property in late 2013.

Halstead 800 Madison is located at the intersection of Madison and 8th Streets one block from the 9th Street Light Rail Station, which provides access to the Hoboken PATH station, as well as other waterfront towns such as Jersey City, Bayonne and Weehawken. 

Stephen Simonelli

The PATH station, accessible via the property’s complimentary shuttle service, provides convenient access to the World Trade Center and Lower Manhattan.  Completed in 2008, the five-story property occupies a full city block and has one-, two- and three-bedroom units averaging 998 square feet each. 

The community features an expansive courtyard with resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit.  

Other amenities include a state-of-the-art fitness center, yoga studio, children’s playroom, media room with full kitchen and lounge seating, pet spa, bike repair shop, 24/7 concierge and two rooftop decks providing views of New York City.

The HFF investment sales team representing The DSF Group was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Michael Oliver and Stephen Simonelli.

“800 Madison is one of Hoboken’s nicest residential assets and its prime location provides easy access to all parts of the city.  The property is very well leased and experiencing rent growth,” Cruz stated.  “The buyer will benefit all around from both the strength of the Hoboken market and the demand for quality units at the property.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF arranges joint venture equity and construction financing for mixed-use project in Staten Island, NY

Lighthouse Point, Staten Island, NY
                                                                                        (Rendering by architect Cooper Carry).

Andrew Scandalios
NEW YORK, NY – Feb. 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity and construction financing for the development of the first phase of Lighthouse Point, a mixed-use residential and commercial project on Staten Island’s St. George waterfront.

HFF worked exclusively on behalf of New York-based developer Triangle Equities to arrange a joint venture equity partnership with Lubert-Adler Partners LP (Lubert-Adler), who contributed a majority interest of the required equity for the $95 million first phase of the project.  

Additionally, HFF secured construction financing for the partnership through Citizens Bank, a subsidiary of Citizens Financial Group, Inc.

The multi-phased development, which will encompass retail, office, hospitality and residential space once completed, is adjacent to the Staten Island Ferry Terminal. 

The $200 million, transit-oriented project will occupy the grounds of the historic United States Lighthouse Depot Complex and will incorporate its existing architectural elements into the final design. 

Rob Hinckley
Phase I of the property will feature a 13-story, 116-unit residential tower; three-story, 59,700-square-foot commercial building; 274-space underground parking garage; and one-acre public plaza and greenspace. 

Phase II, which is not part of this transaction, will consist of the rehabilitation of four historic buildings and the construction of a newly-built, 175-key hotel.

The HFF team representing the developer was led by senior managing director Andrew Scandalios, managing director Rob Hinckley and director Geoff Goldstein.

“The redevelopment of this historic property into a multi-use, live-work-play community is integral to the transformation of the St. George waterfront into a dynamic civic hub,” Scandalios said. 

“Together with the New York Wheel, a 625-foot observation wheel, and Empire Outlets, a 300,000-square-foot shopping outlet mall with hotel, Lighthouse Point will support the creation of a New York destination benefitting local businesses and residents through an influx of commuter and tourist dollars.

“These three transformative projects, among several others currently under construction, represent more than $1 billion of direct investment into the Staten Island North Shore.”

Geoff Goldstein

 “Structuring the capital was extraordinarily complex since the project utilizes many different sources including three New Markets Tax Credit (NMTC) providers, New York City grant money, New York State grant money, commercial bank debt from Citizens Bank and private equity from Lubert-Adler,” Hinckley added. 

“Lighthouse Point also makes use of the ‘80/20’ 421a tax abatement program and is on a city ground lease.”

Hinckley continued, “The endeavor is a shining example of how the public and private sectors can work together to achieve dramatic change by stimulating regrowth and development.  

"Despite the many moving parts and unique nature of the transaction, HFF is pleased to have successfully assisted the developer in securing funding for this landmark project.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF secures $80 million financing for Mockingbird Station in Dallas, TX

Michael Cosby
DALLAS, TX – Feb. 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $80 million in financing for Mockingbird Station, a 560,468-square-foot, open-air, mixed-use multi-housing, retail and office property in Dallas, Texas.

HFF worked exclusively on behalf of the borrower to place long-term, fixed-rate acquisition financing through Cornerstone Real Estate Advisers, acting on behalf of an institutional client.  HFF also assisted in the sale of the property to the borrower in late 2015.

Mockingbird Station is situated on 8.897 acres at 5307 East Mockingbird Lane adjacent to the Mockingbird Station Dallas Area Rapid Transit (DART) light rail station and North Central Expressway.

 Completed in 2001, the asset is across the freeway from Southern Methodist University and is centrally located between the city’s most affluent neighborhoods, including Highland Park, University Park and Lake Highlands.

 The property has 211 Class A, loft-style multi-housing units and features resident amenities such as an Olympic-sized rooftop lap pool and spa, 24-hour health club and 233-space gated parking garage.

 Additionally, the property features 148,878 square feet of 94.4-percent-leased Class A office space; 197,367 square feet of retail, which is 91.8 percent leased to tenants such as Angelika Film Center, West Elm, Urban Outfitters, Ann Taylor and Starbucks; and a mix of 1,257 additional surface and garage parking spaces for the retail/office components.

The HFF debt placement team representing the borrower was led by associate director Michael Cosby and senior managing director Wally Reid.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

Multi Housing Advisors Brokers $8.1 Million Sale of Apartment Community in Mobile, AL

Sutton Place Apartments, Mobile, AL

Jimmy Adams
BIRMINGHAM, AL (Feb. 1, 2016) — Multi Housing Advisors (MHA) has arranged the $8.1 million sale of Sutton Place, a 208-unit apartment community located in Mobile, Alabama.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller, Sutton Place Operating Company, LLC, in the transaction. Springer Capital and Brookside Properties purchased the property.

“Sutton Place is located in a premier area of Mobile, at the corner of University and Grelot, just south of the Airport Boulevard corridor and the University of South Alabama,” Adams said. “This submarket has multiple properties undergoing interior and exterior upgrades due to the potential for rental upside.”  

Sutton Place, a garden-style property containing 208 units, sits within a five-mile radius of a new Publix development, Bel Air Mall, the new Whole Foods, Providence Hospital, USA, and other growing economic drivers.

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

Deborah Rogers
Multi Housing Advisors

Multi Housing Advisors Brokers $13.5 Million Sale of Apartment Community in Athens, GA

Legacy of Athens Apartments, Athens, GA
 ATLANTA, GA (Feb. 1, 2016) — Multi Housing Advisors (MHA) has arranged the $13.5 million sale of Legacy of Athens, a 240-unit apartment community located in Athens, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the sellers, Hawthorne Residential Partners and IBUS USA, Inc. Monument Capital Management and FM Capital purchased the property.

“Legacy of Athens offered the unique opportunity to invest capital in the highly sought-after Athens market,” Stickel said. “While the University of Georgia is the city’s most well-known employer, many have also recognized Athens is truly a booming employment hub with one of Georgia’s lowest unemployment rates and the best growth indicators along with an exceptional quality of life.”

Legacy of Athens consists of 240 units, many of which were upgraded within the past few years with faux stainless steel appliances, resurfaced countertops, and refinished cabinets. Located in flourishing Athens, Georgia, the property is walking distance from the University of Georgia’s new Veterinary Teaching Hospital campus as well as high quality retailers such as Starbucks, Publix, and Chick-Fil-A.

 For a complete copy of the company’s news release, please contact:
Deborah Rogers
Multi Housing Advisors

Charles Dunn Co. Completes $2.45 Million Sale of Vacant Office Building in Downtown Los Angeles to Owner/User

John Anthnoy
LOS ANGELES, CA, Feb.1, 2016 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.45 million sale of a vacant two-story, 6,000-square-foot office property in Downtown Los Angeles.

John Anthony, Chris Steck, and Chris Giordano of Charles Dunn Company represented the seller, a family trust from Los Angeles. The buyer, Rancho Gomez Investments, was represented by Tim Dwight of Colliers. The buyer will use the space for its legal practice.

“This was a rare opportunity for a small owner/user building just West of the heart of Downtown Los Angeles,” said Anthony. “As this market continues to strengthen, we anticipate seeing less and less small building assets becoming available for users.”

Located at 1137 to 1141 W. 6th Street, the property includes gated parking with 12 stalls. It is surrounded by new development; is across the street from Good Samaritan Hospital; and offers convenient access to the 110, 5, and 101 freeways.

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

Darcie Giacchetto