PORTLAND, OR – HFF announced today that it has closed the $59 million sale of and arranged $44.25 million in acquisition financing for Jory Trail at the Grove, a 324-unit, Class A, garden-style multi-housing community in Wilsonville, a suburb south of Portland, Oregon.
HFF worked on behalf of the seller, a partnership between Holland Partner Group and The Carlyle Group, Inc. M&C Properties out of Salt Lake City, Utah, purchased the asset for $59 million. Additionally, HFF worked on behalf of the new owners to secure a $44.25 million fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Jory Trail at the Grove is situated on 21.25 acres at 8750 Southwest Ash Meadows Road adjacent to Interstate 5 in Wilsonville and less than 20 miles south of downtown Portland. The property is located within the master-planned community The Grove and within walking distance of tech and manufacturing companies, including Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. Completed in 2012, the 94-percent-leased property features walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
The HFF debt placement team was led by managing directors Charles Halladay and Tom Wilson and analysts Sebastian Trujillo and Charlie Watson.
Founded in 2001, Holland Partner Group (HPG) based in Vancouver, Washington, is a fully-integrated real estate investment company. Current assets under management and development represent approximately $7.5 billion in 20,000 apartment homes located in the western United States’ most sought after markets. The company accomplishes its investment objectives in strategic alignment with its capital partners through its five integrated operating companies, including development, construction, acquisition, redevelopment and management. HPG’s combined business volume in 2013 exceeded $1 billion and total employment in 2014 is expected to reach the 1,000 team member mark.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $203 billion of assets under management across 129 funds and 141 fund of funds vehicles as of September 30, 2014. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments - Corporate Private Equity, Real Assets, Global Market Strategies and Solutions - in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700 people in 40 offices across six continents. Learn more at www.carlyle.com.
M&C Properties is a multi-family investment firm based out of Salt Lake City, Utah. Jed Millburn is the founder and managing principal of the firm. M&C currently has more than $500 million in assets (approximately 3,000 units) across the Western United States. The company primarily focuses on acquiring multi-family properties in secondary markets.
HFF (Holliday Fenoglio Fowler, L.P.) 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.