CHARLOTTE, NC – HFF announces the $73.92 million sale of and acquisition financing for Weston Corners, a newly built, 308-unit, mid-rise multi-housing community in Cary, North Carolina.
The HFF team marketed the property on behalf of the seller, Woodfield Development, and procured the buyer, Lantower Residential. Additionally, HFF’s debt placement team worked exclusively on the new owner’s behalf to arrange an acquisition loan through New York Life Real Estate Investors.
Completed this year, Weston Corners features a mix of studio, one-, two- and three-bedroom units with high-end amenities, including 10-foot ceilings, stainless steel appliances, quartz countertops, designer kitchen cabinetry and lighting, walk-in custom closets, full-sized washers and dryers, hardwood-style flooring and balconies. Common area amenities include a pool with sundeck and outdoor kitchen, sky terrace, fitness center with yoga room, massage room, dog spa, clubroom with kitchen and game room, conference room and Wi-Fi lounge, outdoor courtyards and direct access to the Indian Creek Greenway and Trailhead. Situated just south of Crabtree Lake at 6000 Elevate Circle, the property is central to Research Triangle Park, Raleigh-Durham International Airport, North Carolina State University via nearby Interstate 40 as well as downtown Raleigh, Durham and Chapel Hill.
The HFF investment advisory team representing Woodfield Development included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
HFF’s debt placement team representing Lantower Residential consisted of senior directors Jamie Leachman and Roger Edwards.
Holliday GP Corp. ("HFF"), a North Carolina licensed real estate broker.
About Woodfield Development: Woodfield Development is a premier developer and operator of Class A multifamily communities in the Mid-Atlantic and southeastern United States. The partners in Woodfield share a depth of experience in development, asset management and real estate capital markets. Since the formation of the company in 2005, Woodfield has completed 35 communities, has eight communities under construction and 13 projects at various stages of entitlement and design. From the first development and each one thereafter, Woodfield Development’s singular goal has been to deliver well-conceived, thoughtfully designed, market-supported projects that hit the mark and then some. With a track record that stands alone, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every project, every time.
About Lantower Residential: Lantower Residential is a vertically integrated real estate company and subsidiary of H&R Reit specializing in the acquisition and management of multifamily communities in the U.S. The company aims to create real value for its shareholders through a disciplined acquisition and management strategy that facilitates ideal multifamily investments in growth markets. The company focuses on submarkets where it has vast institutional knowledge and applies its proven track record to the acquisition, financing, management and positioning of each individual deal.
About New York Life Real Estate Investors: New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company. New York Life Real Estate Investors is a full-service, fully integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities and unsecured REIT bonds. With over $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $51.9 billion is gross and includes AUA ($1.6 billion), and debt ($0.3 billion) as of 6/30/18. Net AUM for Real Estate Investors is $50.0 billion as of 6/30/18.
About HFF: HFF and its affiliates operate out of 26 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.