Press Release brought to you by HFF

HFF closes sales totaling $62 million for 12 Los Angeles-area multi-housing properties

11/17/2016

LOS ANGELES, CA – November 17, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed sales totaling $62 million for 12 Los Angeles-area multi-housing properties across three separate transactions since the end of September.

The first transaction, which closed at the end of September, was for the sale of Fairfax WeHo, a 0.79-acre multi-housing development site at 1250 Fairfax Avenue in West Hollywood.  The proposed apartment property was fully entitled and nearly permit ready at closing, and will consist of four stories totaling 53 residential units situated above a one-story parking garage.  The project, designed by local architect R&A Design, features a unique courtyard-style design with sky bridges and a luxury amenity package.  HFF represented Oak Coast Properties in the sale.  The project is due to break ground in 2017.

The second transaction, collectively referred to as the Eastside Portfolio, closed at the end of October and comprises nine multi-housing properties totaling 146 units in the Echo Park, Koreatown and East Hollywood communities of Los Angeles.  The buildings were originally built between 1908 and 1963 and incorporate architectural styles ranging from the Art Deco style of the 1920’s to the Mid-Century modern style of the 1950’s and 1960’s.  HFF marketed the offering on behalf of a private investor.

The final two properties, which HFF marketed on behalf of Interstate Equities Corporation in another portfolio transaction also closed at the end of October, encompassed a total of 68 units located at 1229 and 1318 North Mansfield Avenue in Hollywood.  Universe Holdings was the victorious buyer in an intensely competitive bidding process, and HFF also arranged acquisition financing on the new owner’s behalf.  1229 North Mansfield offers a mix of 36 studio, one- and two-bedroom units totaling 36,312 square feet.  1318 North Mansfield features 32 one-bedroom units totaling 20,590 square feet.  Amenities such as Hollywood & Highland, The Dome (Arclight Cinemas), Avalon Hollywood, The Hollywood Roosevelt Hotel and the Hollywood Walk of Fame are proximate to the properties.

The HFF investment sales team representing the sellers in each of the transactions was led by director Blake A. Rogers and analyst Alexandra Caniglia.  The debt placement team that arranged acquisition financing on the Mansfield Avenue properties was led by managing director Charles Halladay and analyst Tim Brousse.

”Each of these transactions represent deals in which our respective clients were able to capitalize on historically high values to create strong returns for their investors, while each of the winning investors will undoubtedly be able to create extensive value through renovation and development expertise,” said Rogers.  “HFF is grateful to have been a part of each of these win/win trades.”

“Universe Holdings was pleased to close on the Mansfield Avenue properties in yet another successful transaction with HFF,” said Universe Holdings Chairman and CEO Henry Manoucheri.  “Our long history with the firm has been a beneficial relationship for all parties with several hundred million worth of deals closed since May 2012.”

About HFF
HFF 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.

 

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

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HFF

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