HFF announces $84.3 million sale of and acquisition financing for Beaverton, OR apartment community

Arbor Creek, 3280 SW 170th Avenue, Beaverton, OR

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $84.3 million sale of and acquisition financing for Arbor Creek, a 440-unit, garden-style apartment community in Beaverton, Oregon.

The HFF team marketed the asset exclusively on behalf of the seller, Jackson Square Properties, and procured the buyer, Security Properties. 

Arbor Creek Apartments Pool Area

 Additionally, HFF’s debt placement team worked on behalf of the new owner to secure a seven-year, floating-rate loan through Freddie Mac’s CME Program.  

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  HFF originally marketed the property to Jackson Square Properties upon its acquisition of the asset in 2014.

Carrie Kahn

Arbor Creek is situated on 22 acres at 3280 SW 170th Avenue approximately 1.5 miles from Nike World Headquarters and within 10 minutes of the Intel Ronler Acres Campus and other major area employers. 

Ira Virden

Additionally, the property is adjacent to the 222-acre Tualatin Hills Nature Park and offers nearby access to some of the MSA’s top retail centers, major transportation arteries and public transit options. 

Originally completed in 1984, Arbor Creek includes one- and two-bedroom units averaging 768 square feet each, 360 of which have been renovated since 2012. 

Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.

The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Carrie Kahn.

HFF’s debt placement team representing the new owner consisted of senior managing director Charles Halladay, directors Scott Gilson and Charlie Watson.

Charles Halladay

Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. 

Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 75 communities with 20,000 units in 10 states.

Security Properties is a national real estate investment, development and operating company headquartered in Seattle, Washington. 

For more than 49 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. 

Since its founding, Security Properties has acquired or developed over 88,000 residential units at a cost of over $6.4 billion. 

Scott Gilson

 Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment and property management specialists. 

 For more information, visit www.securityproperties.com.

Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets.

  Operating throughout the western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. 

Charlie Watson

Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.

CONTACTS:

IRA VIRDEN
OR Lic. #200511080
HFF Senior Managing Director
(503) 224-0444
ivirden@hfflp.com

CHARLES HALLADAY
HFF Senior Managing Director
(415) 276-6300
challaday@hfflp.com

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
ohennessey@hfflp.com

HFF announces $13.1 million sale of unanchored retail strip center in Boca Raton, FL

Rendering of Winfield Plaza, Boca Raton, FL

Eric Williams

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $13.1 million sale of Winfield Plaza, a 30,683-square-foot retail strip center located in the affluent South Florida community of Boca Raton.

The HFF team marketed the property on behalf of a private seller.  A private investor purchased the asset.

Situated on 2.82 acres at 471-515 Northeast 20th Street and 2001, 2151 and 2181-2201 North Federal Highway, Winfield Plaza is exposed to more than 45,000 vehicles per day. 

\The center is less than a mile from downtown Boca Raton, which is experiencing an urban renaissance with a surge in high-density development, and in an affluent area with almost 32,000 residents within a three-mile radius with an average annual household income of more than $105,000. 

Manny de Zarraga

Winfield Plaza comprises a strip center and three outparcels that are home to a variety of well-known tenants within the Boca Raton community, including Osha Thai Restaurant, Sweet Deals Chocolates, Subway, Sr Burrito, Cannoli Kitchen, Children’s Dental, Artful Dodger Bar & Grill, Keter Bakery and Cove Shoe Repair.

The HFF investment advisory team that represented the seller included directors Eric Williams, executive managing director Manny de Zárraga, senior managing director Danny Finkle and managing director Luis Castillo.

“Winfield Plaza represented a rare opportunity to acquire a well-located retail center in eastern Boca Raton,” Williams said.

 “Winfield Plaza, like many other properties in East Boca, has been owned by the same landlord for decades, and investors respond vigorously to the opportunity to acquire similar assets given their scarcity.”

Danny Finkle

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

 

Luis Castillo

ERIC WILLIAMS

FL Lic. #SL3179736

HFF Director

(305) 448-1333

ewilliams@hfflp.com

MANUEL DE ZÁRRAGA

FL Lic. #BK382434

HFF Executive Managing Director

(305) 448-1333

mdezarraga@hfflp.com

DANNY FINKLE

FL Lic. #SL3043501

HFF Senior Managing Director

(305) 448-1333

dfinkle@hfflp.com

LUIS CASTILLO

FL Lic. #SL3203377

HFF Managing Director

(305) 448-1333

lcastillo@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

 

Chatham Lodging Trust Announces Third Quarter 2018 Results

  

Dennis Craven

WEST PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 136 hotels wholly or through joint ventures, announced results for the third quarter ended September 30, 2018.

The company also provided updated guidance for 2018.

Third Quarter 2018 Key Metrics:

Portfolio Revenue per Available Room (RevPAR) – Increased 1.1 percent to $147, compared to the 2017 third quarter, for Chatham’s 40, comparable wholly owned hotels (excludes the Residence Inn Charleston Summerville which opened in August 2018). 

Average daily rate (ADR) declined 1.0 percent to $171, while occupancy rose 2.3 percent to 86 percent.

Net Income - Improved $0.2 million to $14.7 million. Net income per diluted share was $0.31 versus $0.36 in the 2017 third quarter.

Adjusted EBITDA – Advanced $1.4 million to $38.6 million, within guidance and compared to $37.2 million in the 2017 third quarter.

Adjusted FFO – Rose $1.3 million, to $28.4 million, versus $27.0 million in the 2017 third quarter. Adjusted FFO per diluted share was $0.61, compared to guidance of $0.58-$0.62 per share.

Operating Margins – Experienced a 90-basis point decline to 48.1 percent in comparable gross operating profit margins.  Comparable Hotel EBITDA margins were off 110 basis points to 41.3 percent, within guidance range of 41 to 42 percent.

Acquisition – Acquired the 96-room Residence Inn by Marriott Charleston Summerville, S.C., for $20.8 million, or approximately $217,000 per room.

 CONTACTS:

Dennis Craven (Company) 

Chief Operating Officer 

 (561) 227-1386  

 Chris Daly (Media)

Daly Gray, Inc.

(703) 435-6293

BBX Capital Real Estate Enters into An Agreement to Acquire A 50% Membership Interest in The Altman Companies

Joel Altman

                                                                 

FORT LAUDERDALE, FL and BOCA RATON, FL – BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX, OTCQX: BBXTB) (“BBX” or the “Company”), and The Altman Companies, jointly announced they have entered into an agreement pursuant to which BBX Capital Real Estate has agreed, subject to the satisfaction or waiver of the conditions to closing, to acquire a fifty percent (50%) membership interest in The Altman Companies, LLC (“Altman Companies”), which includes membership interests in Altman Development Company, Altman-Glenewinkel Construction and Altman Management Company and interests in the manager of eight multi-family real estate developments (the “Developments”) for $22.7 million. 

“We are extremely excited about BBX Capital Real Estate’s investment in The Altman Companies.  Our team has been partners with BBX Capital Real Estate in apartment developments for many years and have enjoyed a terrific working relationship and many successes together,” said Joel Altman, CEO of the Altman Companies. 

 “We believe our long affiliation with BBX and BBX Capital Real Estate allows for a virtually seamless integration and is a ‘win-win’ for our companies, our associates and our partners.”

“The Altman Companies, with its 50-year successful track record, a fantastic team of professionals and a robust pipeline of opportunities, will continue to be led by Joel and the current management team.

Seth Wise

"This transaction formalizes the parties’ relationship, while offering BBX Capital Real Estate a complete platform in an asset class we believe, over the long term, to be an excellent place to deploy capital where BBX has the opportunity to earn significant returns on its capital and generate earnings from the operating platform over time,” said Seth Wise, President of BBX Capital Real Estate.

  

For more complete and detailed information regarding the above described transaction between BBX Capital Real Estate and The Altman Companies, including the related Developments and terms and conditions, please see BBX Capital Real Estate’s Report on Form 8-K, which is available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com.

 CONTACTS:

BBX Capital Contact:

Investor Relations: Leo Hinkley, Managing Director, 954- 940-5300

Email: LHinkley@BBXCapital.com

BBX Capital Real Estate & Altman Companies Media Contact:

Kip Hunter Marketing, 954-765-1329, Nicole Lewis /Aimee Adler 

Email: nicole@kiphuntermarketing.com, aimiee@kiphuntermarketing.com

www.AltmanCos.com.

http://www.bbxcapital.com/bbx-capital-real-estate/overview/

www.BBXCapital.com.

HFF announces $156.2 million financing for Modera Avenir Place in Vienna, VA

Modera Avenir Place, Vienna, VA

 WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces $156.2 million in financing for Modera Avenir Place, a best-in-class residential property in Vienna, Virginia.

Nicole Brickhouse

The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan with MetLife Investment Management.  Loan proceeds were used to retire existing construction financing.

Jennifer Keller

Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops at Avenir Place and Interstate 66. 

Sue Carras

The transit-oriented community is adjacent to the Dunn Loring-Merrifield Metrorail station (Orange Line) and numerous major thoroughfares that provide accessibility to the entire D.C. metropolitan area. 

 Modera Avenir Place, a grocery-anchored mixed-use development, was completed in two phases in 2013 and 2015.  The community comprises 628 residential apartment homes averaging 882 square feet, 578 of which are market-rate units. 

Jamie Leachman

 The studio, one- and two-bedroom floor plans include state-of-the-art features such as gourmet-inspired kitchens with stainless steel appliances and quartz countertops, central heat and air conditioning, high-end light fixtures, hardwood-style flooring and abundant storage. 

Community amenities include two swimming pools with sun decks, grilling stations, billiards and gaming consoles, and business centers with cyber cafes.  The property includes a ground-floor Harris Teeter, Inova Care Center and Thai by Thai restaurant.

The HFF team representing the borrower included Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella.

Mike Tepedino

Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. 

The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. 

Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. 

 As of June 30, 2018, the company’s portfolio comprises 74 communities representing over 20,250 apartment homes that are operating and/or under construction. 

Walter Coker

 For more information, please visit www.MillCreekPlaces.com.

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. 

With more than $130 billion in assets under management and over 800 professionals (as of June 30, 2018), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. 

Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives.

  For more information: www.jpmorganassetmanagement.com.

  

Brian Crivella

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

NICOLE BRICKHOUSE

HFF Director

(202) 533-2500

nbrickhouse@hfflp.com

JAMIE LEACHMAN

HFF Senior Director

(202) 533-2500

jleachman@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

HFF announces $26.65 million refinancing of 245-bed student housing portfolio near University of Southern California

19-Property Student Housing Portfolio near University of South California campus

Greg Brown

 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.65 million refinancing of a 19-property, 245-bed student housing portfolio near the campus of The University of Southern California (USC) in Los Angeles.

The HFF team worked as an exclusive advisor to the borrower, Mosaic Investment Partners, LLC, a fully integrated student housing operator based in Los Angeles, to secure the five-year, fixed-rate loan through a national bank. 

The portfolio is located less than a half of a mile north and west of USC’s campus within walking distance to all of the university’s educational centers and recreational facilities. 

 Additionally, the properties are located close to USC Village, which boasts a Trader Joe’s grocery store, Target and several fast-casual restaurants, in addition to academic space. 

The 19 properties total 81,374 square feet and are fully leased to undergraduate and graduate students. 

AJ Manas

The HFF debt placement team representing the borrower consisted of senior director Greg Brown and associate AJ Manas.

“We’re very grateful for HFF’s exceptional advice, guidance and overall results during this process,” George Alva of Mosaic commented.  “Thanks to their efforts we now have a lender who understands our property portfolio, and as a result, structured our debt facility to truly address our current needs and future growth plans.”

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Mosaic Student Communities is a licensed and fully-insured property management company and California corporation, that manages over 60 properties and 725 student residents for Mosaic Investment Partners as well as for third-party clients. 

George Alva

 Mosaic Student Communities has a best-in-market leasing department and is considered a leading provider of off-campus student housing at USC.

Mosaic Investment Partners is the entity that executes, directs and manages the property acquisitions, debt and equity financings, and renovation and construction activity.

Learn more at www.livewithmosaic.com.

CONTACTS:

GREG BROWN

CA Lic. #01335204

HFF Senior Director

(949) 253-8800

gbrown@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

HFF announces full capital stack financing for Class A office development within Raleigh’s North Hills

Rendering of planned Tower IV Offices,
 Raleigh, NC

Travis Anderson

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announces debt and equity financing for Tower IV, a 326,625-square-foot, Class A office tower to be built in Raleigh, North Carolina.

The HFF team worked on behalf of the borrower, Kane Realty Corporation, in a joint venture partnership with Lionstone Investments, to secure the construction loan through Bank OZK. 

Currently under construction and due for completion in 2020, Tower IV will be a best-in-class, 18-story tower with 8,234 square feet of ground floor retail as well as an eight-story, 880-space parking deck.

The 326,625 square feet of office space located throughout 12 floors will feature typical floorplates of 30,014 square feet and is already considerably preleased. 

Roger Edwards

The project is located within North Hills, a flourishing development in midtown Raleigh that offers a unique combination of places to live, work, shop, play and stay, and is easily accessible from Interstate 440 as a regional destination. 

Additionally, it is a short drive from the Triangle area’s other demand drivers, including the Research Triangle Park, Cary, Chapel Hill, downtown Raleigh and Durham.

The HFF debt placement team representing the borrower included senior managing director Travis Anderson, senior director Roger Edwards, and associate John Gavigan.

Kane Realty Corporation is a vertically integrated commercial real estate firm providing development, construction management, leasing, and property management services. 

Founded in 1978, Kane Realty is the preeminent mixed-use developer in North Carolina, developing over 6.5 million square feet since inception. 

Kane’s signature mixed-use property at North Hills (Raleigh, North Carolina), the first true mixed-use property in the region, resulted in the emergence of Raleigh’s Midtown district.

John Gavignan

Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work – Places for Productive People®.

  Lionstone Investments is a registered investment adviser subsidiary of Columbia Management Investment Advisers, LLC.

  For more information, please visit www.lionstoneinvestments.com.

CONTACTS:

TRAVIS ANDERSON

HFF Senior Managing Director

(704) 526-2800

tanderson@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com