HFF closes sale and secures financing for 315-unit apartment community in suburban Atlanta, GA

The Estates at Vining Station, Vinings, GA

                                                                      (Photo by Pat Kelly with Sky-Shots Aerial Photography Inc.)

 

Megan Thompson

 ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and secured financing for Estates at Vinings Station, a 315-unit, garden-style multi-housing community in the northwest Atlanta suburb of Vinings.

HFF marketed the property on behalf of the seller, Invesco Real Estate.  The asset was purchased free and clear of existing debt by a joint venture between PCCP, LLC and Carroll Organization. 

Additionally, HFF assisted the new owner in securing the seven-year, 70 percent LTV, floating-rate acquisition financing 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.

Estates at Vinings Station is situated on 15.29 acres at 4695 North Church Lane SE along South Atlanta Road with direct access to Interstate 285. 

Jason Nettles

The property is proximate to the flourishing Cumberland Galleria office submarket and has direct access to the trendy West Midtown district via South Atlanta Road.

 SunTrust Park, which will serve as the new home to the Atlanta Braves, is being constructed a short distance from the property with an expected delivery date of April 2017. 

Approximately 59 percent of the residences underwent renovation beginning in 2013 to the present with upgrades including: black/stainless steel appliances, quartz countertops, tile backsplash, espresso cabinets, vinyl plank flooring in the kitchens and baths, new carpet in living areas, new light fixtures and brushed nickel finishes.  

Estates at Vinings Station has one-, two-, and three-bedroom units averaging 1,091 square feet each and offers 25 townhome units with attached garages.

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.

HFF’s debt placement team was led by senior managing director Ed Coco and director Chip Sykes.

Ed Coco

“Estates at Vinings Station represents one of the last garden-style properties to likely ever be built in the Vinings area with current trends leaning toward higher-density, structured-parking assets, which now represent nearly all of the new supply in this burgeoning submarket,” said Nettles.

 “Invesco realized their investment objectives, and we believe the buyer’s business plan is well conceived for future asset appreciation.”

 “Carroll Organization continues to acquire and manage a portfolio of high-quality assets in Atlanta and across the South,” said Coco.  “It was our pleasure to assist with financing for their acquisition of Estates at Vinings Station in a transaction that provided loan terms and structure that will help them achieve their business plan.”

 

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 | hfflp.com

ohennessey@hfflp.com

www.pccpllc.com.