DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Alta Farmers Market, a 313-unit, Class A apartment community in Dallas’ Farmers Market District.
HFF marketed the property exclusively on behalf of the seller, Wood Partners, LLC. Mindful Capital Group purchased the asset for an undisclosed amount free and clear of existing debt. HFF also worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Barings Real Estate Advisers (Barings), one of the world’s largest real estate-focused investment managers, acting on behalf of an institutional client.
Alta Farmers Market is situated on 4.712 acres at 1110 S. Cesar Chavez Boulevard within walking distance of the recently redeveloped Dallas Farmers Market, as well as music venues, restaurants and breweries in Deep Ellum. Completed earlier this year, the property’s position in the southeast portion of the Dallas central business district provides easy access to numerous major roadways, including Interstate 30, 35, 45 and the Dallas North Tollway. The asset encompasses one-, two- and three-bedroom layouts featuring stainless steel appliances, quartz countertops, custom cabinetry, faux wood floors, in-unit washers and dryers, walk-in closets, balconies/patios and modern luxury finishes. Community amenities include a swimming pool with grilling area; roof deck with bar and downtown views; open courtyard with fire pit; 24-hour fitness center with personal training and group fitness programs; resident lounge with billiards and game area; business center and pet walk area with wash station.
The HFF investment sales team representing Wood Partners, LLC was led by senior managing directors Roberto Casas and Bill Miller and director Greg Toro.
HFF’s debt placement team representing Mindful Capital Group was led by director Brent Bowman and associate director Michael Cosby.
About Wood Partners, LLC: Wood Partners, LLC (Wood Partners) is a national real estate company that acquires, develops, constructs and manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 63,000 homes with a combined value of more than $10.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 19 major markets nationwide, including Atlanta, Austin, Baltimore, West Palm Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, visit www.woodpartners.com.
About Mindful Capital Group: In 2003, Jeffrey Pechter and Stephen Block created Mindful Capital Group (Mindful) following successful, experienced careers in commercial real estate. Since formation, Mindful has invested in a variety of property types, including multifamily, office, industrial, medical and flex space, and recently completed the sale of a 22-property, self-storage portfolio comprising more than 1.5 million square feet. In addition to Alta Famers Market, Mindful recently acquired two other Class A multifamily properties in Texas. Mindful is based in Delray Beach, Florida. To learn more about Mindful Capital Group, visit www.mindfulcapitalgroup.com.
About Barings: Barings is a $284+billion* global asset management firm dedicated to meeting the evolving investment and capital needs of its clients. The firm builds lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and uncompromising service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Babson Capital Management, Cornerstone Real Estate Advisers and Wood Creek Capital Management are now operating as a unified company under the Barings name. Learn more, at www.barings.com. *As of September 30, 2016.
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. Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.