Done Deals: HFF closes sale of 3 multi-housing properties in Georgia and Tennessee

Thursday, November 24, 2016

HFF closes sale of 3 multi-housing properties in Georgia and Tennessee

ALARA River Oaks Apartments, Franklin, TN

Jason Nettles

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of three southeastern U.S. multi-housing properties totaling 816 units: ALARA North Point and ALARA Park Bridge in Alpharetta, Georgia, and ALARA River Oaks in Franklin, Tennessee.

HFF marketed the properties on behalf of the seller, American Realty Advisors. The assets were sold in three separate transactions to separate buyers. ALARA North Point sold to Greystar, ALARA Park Bridge sold to Stockbridge Capital Group and ALARA River Oaks to TH Real Estate, a division of TIAA Global Asset Management.

The three, garden-style assets, which are located in two of the Southeast’s leading submarkets, have an overall occupancy of 94 percent. ALARA North Point comprises 264 units and is located at 900 Jameson Pass in the Atlanta suburb of Alpharetta, approximately 25 miles northeast of downtown.

The 352-unit ALARA Park Bridge is situated 4.3 miles northeast of ALARA North Point at 15000 Parkview Lane. ALARA River Oaks consists of 200 units situated on a 34.4-acre site at 1000 Champions Circle in Franklin, Tennessee, to the south of Nashville’s central business district. Each of the properties offer a full amenity package featuring resort-style swimming pools, grilling areas, fitness centers, pet parks, expansive clubhouses and business centers.

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

“Record-setting job growth, population gains, company relocations and cultural buzz define both the Atlanta and Nashville markets,” said Nettles. “As a result, the properties are well-positioned for long-term asset value preservation due to their strategic location in two of the country’s fastest growing metropolitan areas.”