 |
| Marc Schillinger |
LOS ANGELES, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $30.8 million in
financing for Woodlake Manor, a 276-unit apartment property in Los Angeles’ Baldwin
Hills neighborhood.
Working exclusively on
behalf of the borrower, Vista Investment Group LLC (VIG), HFF placed a
seven-year, fixed-rate loan with a local commercial bank. Loan proceeds were used to acquire the asset,
which was purchased by VIG for $44 million in a separately-brokered, non-HFF
transaction.
Woodlake Manor is located
at 4555 West Martin Luther King, Jr. Boulevard.
The property was originally built in 1964 and was 97.8 percent leased at
closing. The gated community has a
picnic area and lush courtyard, and offers nearby access to Interstate 10, two
Expo Line light rail stations, several parks and retail amenities, and downtown
Los Angeles.
The under-construction Crenshaw/LAX light
rail is less than one mile from the property.
The transaction also included a land parcel currently occupied by two
radio towers.
The HFF debt placement
team representing VIG was led by director Marc
Schillinger.
“We have seen a dramatic
improvement in value proposition for the Baldwin Hills submarket throughout the
past five years,” said Schillinger.
“Continued strong market fundamentals have catalyzed the neighborhood’s
growth and we anticipate the area’s positive evolution to continue in the
future. With a sale price of nearly
$160,000 per unit, this transaction is a perfect example of the shift in
investor appetite for this area.”
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
No comments:
Post a Comment