Tuesday, February 10, 2015

HFF secures joint venture equity for The Village at Howard Hughes multi-housing development in Los Angeles, CA


Mark Erland
IRVINE, CA – HFF announced it has secured joint venture equity for the development of The Village at Howard Hughes, a 375-unit, Class A multi-housing development located within the Howard Hughes Center in Los Angeles, California.

                HFF worked on behalf of the developer, Mill Creek Residential Trust LLC, in sourcing the capital from an institutional investor.  Equity proceeds were used to purchase the land in December, as well as fund pre-development, with vertical construction expected summer/fall 2015.

                The Village at Howard Hughes is a future Class A multi-housing development located on 2.91 acres at 5901 Center Drive within the Howard Hughes Center, a 70-acre mixed-use urban campus with 1.5 million square feet of Class A office, retail and entertainment space just off the 405 Freeway in west Los Angeles. 

The project will consist of three six-story, modified Type III, wood-frame buildings with five levels of residential units and one level of at-grade parking situated above additional subterranean parking. 

Sean Deasy
Community features will include amenities programmed in three spacious courtyard areas and a rooftop entertainment deck, and units will have green living features and related technology fitting for the submarket.  Completion of the project is expected in 2018.

                The HFF equity placement team representing the developer was led by director Mark Erland and co-head of HFF’s multi-housing investment sales group Sean Deasy, and real estate analysts Lee Redmond and Sebastian Trujillo.

                “The Village at Howard Hughes is located in a true live-work-play location within walking distance to The Promenade at Howard Hughes entertainment retail center and Class A office space within the Howard Hughes master plan,” Erland said. 

                “Adding to its appeal, the project serves as a gateway to Playa Vista and Silicon Beach, and will offer tenants access to unrivaled amenities through a unique layout with four community areas and convenient parking afforded by the property’s podium design.”

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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