MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $52.7 million sale of and secured $26.6 million in acquisition financing for Bridges at Kendall Place, a 228-unit, luxury apartment community in Miami, Florida.
HFF represented the seller, Jamestown, in the sale of the asset to Stockbridge Capital Group, LLC (Stockbridge), who purchased the asset on behalf of a pension fund. Additionally, HFF assisted the new owner in securing a 10-year, 3.45 percent, fixed-rate acquisition loan through Prudential Mortgage Capital Company.
Bridges at Kendall Place is situated on 15.81 acres at 8485 Hammocks Boulevard in the Kendall neighborhood of western Miami. Completed in 2013, the property is within walking distance to several retail and dining options and convenient to several of the Miami area’s largest employers. The garden-style community has seven, three-story residential buildings totaling 244,236 square feet offering one-, two- and three-bedroom floor plans. Property amenities include a swimming pool and sun deck; kids’ room and playground; dog park; clubhouse; fitness center; business center; and access to an adjoining park with lakes and walking trails.
The HFF investment sales team representing Jamestown was led by managing director Jaret Turkell and associate director Maurice Habif.
HFF’s debt placement team representing Stockbridge was led by managing director Elliott Throne and director Chip Sykes.
“Bridges at Kendall Place is a best-in-class asset in one of South Florida’s most dynamic and rapidly growing submarkets,” said Turkell. “This property is a core asset that is well positioned for long-term growth and strong performance.”
“Further adding to the asset’s upside, the buyer was able to lock in excellent long-term, fixed-rate acquisition financing while interest rates are at incredibly low levels,” added Throne.
About Jamestown: Founded in 1983 with headquarters in Atlanta, Georgia and Cologne, Germany and offices in New York City, San Francisco, California and Washington, D.C., Jamestown is a leader in acquisitions and value-added management. Over 30 years, Jamestown has generated approximately $9.9 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.
About Stockbridge Capital Group, LLC: Stockbridge Capital Group, LLC (Stockbridge) is a real estate investment management firm which, together with its affiliates, has approximately $9.8 billion in real estate and real estate-related assets under management as of September 30, 2015. Stockbridge’s investment portfolio comprises more than 30 million square feet of existing office, industrial, retail, hospitality and residential properties throughout the United States. In addition to real estate ownership, Stockbridge also specializes in large-scale development and redevelopment projects. Stockbridge is headquartered in San Francisco with offices in Chicago, New York, Atlanta and Los Angeles. For more information, please visit www.stockbridgerealestate.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.