ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.
“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.”
About Invesco Real Estate: Invesco Real Estate is a global leader in the real estate investment management business with over $71.3 billion in real estate assets under management, 441 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $779.6 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of June 30, 2016.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $12 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Carroll Organization: Carroll Organization is a fully integrated real estate investment company focused on acquiring and managing high-quality multifamily properties. Founded in 2004 by M. Patrick Carroll, the company has acquired over $3 billion of multifamily properties on behalf of its institutional partners, private investors, and its own principals. Carroll Organization's investment strategy utilizes its in-house capabilities to unlock value in properties that are perceived to be underperforming and undervalued. Through proactive management, redevelopment and specific submarket selection, the company aims to generate attractive risk-adjusted returns.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.