HFF announces the sale and financing of an eight-property multihousing portfolio totaling 2,883 units in various high-growth submarkets within North Carolina’s Research Triangle.
The HFF team marketed the offering on behalf of the seller, and procured the buyer, a Carroll Organization joint venture. Additionally, HFF’s debt placement team worked on behalf of the new owners to arrange floating-rate acquisition loans for six of the eight communities through Freddie Mac’s CME Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The properties in the portfolio are: Oaks at Weston in Morrisville; Meadows at Kildaire in Cary; The Reserve at Lake Lynn, Woodland Court, Walnut Creek and Spring Forest Apartments in Raleigh; Copper Mill in Durham; and The Crest at West End in Carrboro. Units average 962 square feet overall and the average year of completion for the portfolio is 1990. The portfolio’s location within the Research Triangle positions it within the path of sustainable job growth from the region’s innovation-based economy, which is anchored by three research universities – Duke University, the University of North Carolina at Chapel Hill and North Carolina State University. Financing was secured for Oaks at Weston, Meadows at Kildaire, The Reserve at Lake Lynn, Woodland Court, Walnut Creek and Copper Mill.
The HFF investment advisory team representing the seller included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark along with senior managing director Roberto Casas.
HFF’s debt placement team representing the new owner included managing director Elliott Throne, senior director Roger Edwards, senior managing director Ed Coco and associate Ware Shipman.
Holliday GP Corp. (HFF) is a North Carolina licensed real estate broker.
