DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for The Villages of Addison, a 264-unit, garden-style community in Dallas, Texas.
HFF marketed the property on behalf of the seller, The Connor Group. Advenir, Inc. purchased the offering for an undisclosed amount. This asset is Advenir’s first acquisition funded by a $100 million revolving credit facility that HFF recently secured on its behalf.
The Villages of Addison is located at 17671 Addison Road just west of the Dallas North Tollway and less than two miles south of the President George Bush Turnpike interchange in Far North Dallas. Other nearby amenities include the Galleria Dallas, Addison Circle, Bent Tree Country Club and the University of Texas at Dallas campus.
The property is approximately 95 percent leased and offers a variety of one- and two-bedroom units ranging from 698 to 1,168 square feet. The community features a resort-style swimming pool, spa, fitness center, sauna, outdoor grilling/picnic areas, clubhouse, game room, lounge and business center. Advenir will rebrand The Villages of Addison as Advenir@Addison.
The HFF investment sales team representing the seller was led by senior managing directors Roberto Casas and Bill Miller and directors Greg Toro and Rob Key. The HFF debt placement team representing Advenir was led by managing director Josh Simon and senior managing directors Eric Tupler and Andy Scott.
About The Connor Group: The Connor Group is a real estate investment firm focused on luxury apartment properties throughout the United States. Based in Dayton, Ohio, the company has completed more than $2.2 billion in transactions throughout the past 24 months. For more information, please visit connorgroup.com.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 22,000 multifamily units valued at just under $3.3 billion. Advenir’s current portfolio consists of 11,500 apartment units valued at more than $2.3 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 315 employees and regional offices in Florida, Texas and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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 sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.