CHARLOTTE, NC – HFF announces the sale of and joint venture equity for the development of a 16.02-acre site in Raleigh’s Crabtree Valley area.
The HFF team marketed the site on behalf of the sellers: Wells Fargo Bank, acting as Trustee for a local family, and Kerr Properties, LLC. Dominion Realty Partners (DRP) purchased the site for $6.2 million. Additionally, the HFF team worked on DRP’s behalf to arrange $16.385 million in joint venture equity for the development of a 221-unit multi-housing community planned for the site.
The planned community, Crabtree Lakeside Residences, will comprise seven two- and three-story residential buildings housing 221 Class A units averaging 897 square feet. The property will be located at 5510 Homewood Banks Drive providing access to the highly amenitized Crabtree Valley submarket, key regional connectors such as Interstate 440 and U.S. Highway 70, and major employment and lifestyle centers in downtown Raleigh and North Hills/Midtown Raleigh. Crabtree Lakeside Residences will feature a blend of high-end interior finishes and abundant common area amenities, including a resort-style swimming pool with sundeck, grilling stations, 24-hour fitness center, yoga room, clubhouse, executive business center, game room, multi-section dog park, and walking-distance access to the greenway system, Crabtree Valley Mall and other nearby retail and dining destinations. The development is expected to deliver the first units in late 2019.
The HFF investment advisory team representing the seller included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Sarah Godwin.
HFF’s equity placement team representing Dominion Realty Partners consisted of senior managing director Travis Anderson and senior director Roger Edwards as well as managing director Justin Good.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About Dominion Realty Partners: Dominion Realty Partners (DRP) is a full-service real estate organization providing development, management, leasing, acquisition and investment services. Collectively, the DRP team of professionals brings more than five decades of real estate experience in delivering high quality, environmentally friendly commercial and residential real estate transactions throughout the southeastern and Mid-Atlantic United States. Having completed more than $2.5 billion in real estate transactions, 3.6 million square feet in office projects and more than 3,500 residential units, the DRP team has the capabilities and experience to structure complex financial arrangements and partnerships. In the past 24 months, DRP has developed and acquired more than $400 million in the Mid-Atlantic and Southeast. Learn more at www.drp-llc.com
About HFF: HFF and its affiliates operate out of 25 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.