HFF Closes Sale of Three-Property Class A Multifamily Portfolio Within Legacy Town Center in Plano, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a three-property, 1,043-unit Class A multifamily portfolio within Legacy Town Center in Plano, Texas.

The properties include Legacy Village, Lakeside at Legacy Village and Acqua. (above photo)

HFF managing directors Bill Miller (top right photo) and Roberto Casas (middle left photo) led the investment sales team exclusively on behalf of the seller, GE Asset Management (GEAM) and Columbus Realty Partners, Ltd. UDR, Inc. purchased the portfolio for an undisclosed amount on an all cash basis in the first quarter of 2008.

“The Legacy Portfolio represents the very best in-class multifamily product available in the Dallas Metroplex and is located in one the most successful mixed-use developments in Texas,” said Miller.

“The quality of the assets, strength of the location in north Plano, and proximity to the area’s substantial office and retail market fueled investor interest in the offering,” Casas added.

The portfolio is located east of the Dallas North Tollway within Legacy Town Center, a mixed-use development with high-end retail shops, restaurants, a five-screen theater, a full-service Marriott Hotel and Class A office space.

Completed between 2003 and 2007, the properties are 95 percent occupied overall and feature amenities such as jogging trails, swimming pools, 24-hour fitness centers, a clubhouse, game room and business center.

Columbus Realty Partners, Ltd. is a Dallas-based developer of luxury Class A multifamily properties.
GEAM is the executive real estate advisor to the General Electric Pension Trust, and is a wholly-owned subsidiary of the General Electric Company.

GEAM is a global asset manager with $190 billion in assets under management, $7 billion of which is invested equity in real estate assets (as of 12/31/07). GEAM and it predecessor organization have been managing investments for GE’s U.S. employee pension and benefits plans for 80 years.

In 1988, GEAM began offering investment management products and services to investors outside GE, and today counts corporate and public plan sponsors, foundations, endowments, healthcare organizations, Taft-Hartley plans, insurance companies and individual investors around the world as clients.

Investment offerings cover all major asset classes, including U.S. and international equities, fixed income and alternative assets. GE Investment Distributors, Inc., Member FINRA & SIPC, is a wholly owned subsidiary of GE Asset Management Incorporated.

UDR (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Roberto E. Casas, HFF Managing Director, 214 265 0880, rcasas@hfflp.com

William D. Miller, HFF Managing Director, 214 265 0880, wmiller@hfflp.com