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| Trio Apartments, Downtown Chicago, IL |
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| Mona Carlton |
CHICAGO, IL – HFF announced today that it has closed the
sale of and secured financing for Trio Apartments, a 100-unit,
boutique-style luxury apartment tower in downtown Chicago.
HFF
marketed the property on behalf of the seller, a joint venture between AEW
Capital Management, L.P. and Marquette Companies. AEW sold the property on behalf of AEW Partners VI, L.P., the
sixth in AEW’s opportunistic fund series.
Abacus Capital Group LLC purchased the asset free and clear of existing
debt.
HFF also secured an acquisition loan on behalf of the buyer
through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME
program.
The securitized loan will be
serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer
program.
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| Sean Fogarty |
Completed in 2010, the 22-story tower has 100 units
averaging 1,047 square feet each.
Located at 670 West Wayman in the eastern sector of the West Loop
neighborhood, Trio offers residents a walk-to-work location and nearby access
to public transportation including CTA and Metra train lines.
The future Chicago
headquarters of Google is located six blocks west of Trio Apartments and in
2014 Google’s Motorola Mobility office will open just six blocks east of the
property.
Amenities include a
rooftop garden, fitness center, business center, community room, indoor
assigned parking and 24-hour door staff.
Additionally, the property is situated adjacent to a park with dog run
and a retail development that includes a Jewel-Osco grocery store.
The HFF investment sales team representing the seller was
led by managing directors Sean Fogarty and Marty O’Connell and
executive managing director Matthew Lawton.
HFF’s debt placement team was led by senior managing
director Mona Carlton and managing director Matthew Schoenfeldt.
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| Marty O'Connell |
Founded in 1981, AEW Capital Management, L.P. (AEW) provides
real estate investment management services to investors worldwide.
One of the
world’s leading real estate investment advisors, AEW and its affiliates manage
approximately $38 billion of capital invested in more than $51 billion of
property and securities in North America, Europe and Asia (as of December 31,
2013).
Grounded in research and experienced in the complexities of the real
estate and capital markets, AEW actively manages portfolios in both the public
and private property markets and across the risk/return spectrum. AEW and its
affiliates have offices in Boston, Los Angeles, London, Paris, Singapore, and
Hong Kong, as well as additional offices in eight European cities.
Abacus Capital Group LLC is a New York-based institutional
advisory firm focused on the multifamily sector nationwide. This asset was purchased by a fund sponsored
by Abacus.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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