HFF Closes Sale of Two Multifamily Housing Communities in Raleigh, North Carolina

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Spring Forest, a 404-unit multi-housing community in Northeast Raleigh, and The Crest at West End, a 188-unit, value-add apartment community in Carrboro, North Carolina.

HFF marketed the properties on behalf of the seller, Carroll Organization, which closed in two separate transactions.  Bridge Investment Group purchased Spring Forest, and Eller Capital Partners purchased The Crest at West End.

Spring Forest is located at 5014 Sedgewick Drive in the rapidly growing Northwest Raleigh submarket.  Situated just off Capital Boulevard, the property provides residents access to a wide variety of retail, including Triangle Town Center, a 1.2 million-square-foot mall, as well as major employment centers such as Downtown Raleigh.  Completed in 1978, the 42.41-acre property consists of one-, two- and three-bedroom floor plans averaging 1,022 square feet.  Community amenities include a swimming pool, playground, clubhouse and laundry center.  The property was 92.1% occupied at closing.

The Crest at West End offers residents a convenient location just off Highway 54 and U.S. Highway 15, which provides direct access to University of North Carolina Chapel Hill, the UNC Hospital system and several other major economic drivers.  Completed in 1988, the 12.6-acre property comprises one- and two-bedroom, partially renovated units averaging 798 square feet.  Community amenities include a playground, laundry center, fitness center, clubhouse and sport courts.  The property was 95.7% occupied at closing.

The HFF investment advisory team representing Carroll Organization was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

“The Crest at West End presented investors the coveted combination of value-add upside in a high barrier-to-entry market, further distinguished by Carrboro’s celebrated culture and Chapel Hill’s world-renowned university and hospital system,” Good said.  “Spring Forest offered the compelling investment opportunity of institutional stewardship, renovation potential and retail proximity all amid one of the nation’s leading growth stories.”

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

About Carroll Organization: Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management.  The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $2 billion of equity through Carroll Organization sponsored funds and joint ventures.  Carroll has successfully purchased, developed or sold over $9 billion of real estate.  Carroll Organization's regional offices are located in Houston and Orlando.  Today, the company manages over 30,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S.  The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $125 million of construction management for both its owned and fee partners.  From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite and close transactions.  For more information, visit CarrollOrganization.com

About Bridge Investment Group: Bridge Investment Group is a privately held real estate investment management firm with $13.5 billion in assets under management.  Bridge combines its 1,200-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing and debt strategies.

About Eller Capital Partners: Chapel Hill, North Carolina-based Eller Capital Partners is a private equity real estate firm focused exclusively on investing in multifamily assets that are located in the growing regions of the southeastern United States.  Since 2007, Eller has acquired over $350 million of well-located properties, applying a vertically integrated, value-added approach to optimize the performance of each asset.  Eller has a senior management team that offers over 100 years of experience in the multifamily industry and has been directly and meaningfully involved in real estate transactions totaling well over $1 billion.  The company has expertise in all aspects of real estate acquisition, renovation, construction management, property management, asset management, fund management and disposition. For more information, visit ellercapital.com

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.

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