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| Jordan Robbins |
DENVER, CO – HFF announced it has closed the sale of and
arranged financing for two multi-housing communities, Wildwood and Wyndham
Apartment Homes, totaling 570 units in Longmont, Colorado.
HFF
marketed the property on behalf of the seller, an institutional client advised
by CenterSquare Investment Management, a BNY Mellon Company.
Advenir purchased the asset free and clear of existing
debt. HFF also worked on behalf of
Advenir to procure 80 percent loan-to-value, fixed-rate acquisition financing
in two separate transactions through Freddie Mac’s (Federal Home Loan Mortgage
Corporation) CME Program.
Wildwood and Wyndham
were both fixed for 10 years with five years of interest only at 3.86 percent
and 3.84 percent respectively.
 |
| Sean Deasy |
The securitized
loans will be serviced by HFF through its Freddie Mac Program Plus®
Seller/Servicer program.
Wildwood Apartment Homes is located at 3226 Lake Park Way just north of
McIntosh Lake in Longmont. Completed in
1988 and partially renovated in 2010, the garden-style property has 15
three-story buildings that are 95 percent leased.
The 210-unit asset offers one- and two-bedroom floor plans
averaging 859 square feet each.
Community amenities include a swimming pool, spa and clubhouse.
Wyndham Apartment Homes is located at 2540 Sunset Drive, approximately
1.3 miles east of Wildwood Apartment Homes.
Completed in 1990 and partially renovated in 2010, the property has 18
three-story, garden-style buildings comprised of 360 one- and two-bedroom units
averaging 779 square feet each.
 |
| Jeffrey Haag |
Community amenities include a swimming pool, spa, fitness
center, clubhouse and carports. The
property is 95 percent leased.
The
HFF investment sales team representing the seller was led by director Jordan
Robbins along with co-head of HFF’s national multi-housing investment sales
platform, Sean Deasy, associate director Jeff Haag and real
estate analyst Jared Buffington.
HFF’s
debt placement team was led by senior managing director Eric Tupler,
director Josh Simon and real estate analyst Leon McBroom.
“Longmont is one of the strongest rental markets in all of Colorado and
CenterSquare was not only able to capitalize on significant market rent growth,
but also added tremendous value by partially upgrading each of the
properties.
“Advenir was the perfect buyer and will continue to enhance
both properties appeal through further upgrades, which is exactly what is
needed within this tight rental market,” commented Robbins.
 |
| Eric Tupler |
CenterSquare Investment Management Holdings, Inc. was founded in 1987 to
provide real estate investment management services to institutional investors.
In 2006, the company
was acquired by the Bank of New York and is a wholly owned subsidiary of BNY
Mellon.
CenterSquare has been an active
investor in and manager of public, private, global, and U.S.-only real estate
investment strategies for more than 25 years and has invested and managed more
than $6.8 billion of institutional-quality commercial real estate properties
(primarily apartments, office, retail, and industrial) located in more than 30
states across the U.S.
Founded in 1996, Advenir, Inc. is a Real Estate Investment
Company headquartered in Aventura, Florida (Miami-Dade).
Advenir acquires and operates income
producing assets throughout the United States, on behalf of high-net-worth and
institutional investors.
 |
| Josh Simon |
Since inception, Advenir has owned and operated 16,000
multifamily units valued at more than $1.8 billion. Advenir’s current portfolio consists of 8,406 apartment units
valued at more than $800 million.
In addition to Advenir, Inc., Advenir has a Property
Management Company with 275 employees and regional offices in Florida, Texas,
and Colorado; and a Construction Management Company focused on multifamily
development and rehabilitation.
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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