TAMPA, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Bel Air Apartments, a 528-unit multi-housing community in St. Petersburg, Florida.
HFF marketed the offering exclusively on behalf of the seller, a privately held real estate investment firm that owned the property for approximately 20 years. The buyer, a private partnership, purchased the asset free and clear of existing debt. Additionally, HFF worked on behalf of the new owners to secure the floating-to-fixed-rate acquisition loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) Moderate Rehab Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Bel Air Apartments is located in St. Petersburg’s Gateway market at 1200 102nd Avenue North within walking distance to a Publix grocery store, restaurants and other retail amenities. The Gateway market is St. Petersburg’s largest office market and is approximately seven miles west of Tampa’s Westshore Business District. Bel Air Apartments offers a variety of one- and two-bedroom units averaging 974 square feet each. The community overlooks four scenic lakes and features four swimming pools, a fitness center, clubhouse, two shuffleboard courts and car care center.
The HFF investment sales team was led by senior managing director Matt Mitchell and associate director Zach Nolan.
HFF’s debt placement team was led by director Campbell Roche and managing director Elliott Throne.
“Bel Air Apartments is an ideal value-add play in an exciting location in the middle of a major office market,” said Mitchell. “The property further benefits from its proximity to the area’s top-notch beaches and downtown St. Petersburg, which is booming.”
“We continue to see an increasing number of investors seeking to deploy capital into apartments in the Tampa Bay market due to favorable market fundamentals,” added Mitchell.
HFF’s Tampa investment sales team was named No. 1 Commercial Real Estate Firm in the Tampa market by the Tampa Business Journal in 2016.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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 sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.