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| 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.
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| 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.
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| 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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