HFF secures $30.8 million financing for 276-unit apartment property in Los Angeles
LOS ANGELES, CA – September 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $30.8 million in financing for Woodlake Manor, a 276-unit apartment property in Los Angeles’ Baldwin Hills neighborhood.
Working exclusively on behalf of the borrower, Vista Investment Group LLC (VIG), HFF placed a seven-year, fixed-rate loan with a local commercial bank. Loan proceeds were used to acquire the asset, which was purchased by VIG for $44 million in a separately-brokered, non-HFF transaction.
Woodlake Manor is located at 4555 West Martin Luther King, Jr. Boulevard. The property was originally built in 1964 and was 97.8 percent leased at closing. The gated community has a picnic area and lush courtyard, and offers nearby access to Interstate 10, two Expo Line light rail stations, several parks and retail amenities, and downtown Los Angeles. The under-construction Crenshaw/LAX light rail is less than one mile from the property. The transaction also included a land parcel currently occupied by two radio towers.
The HFF debt placement team representing VIG was led by director Marc Schillinger.
“We have seen a dramatic improvement in value proposition for the Baldwin Hills submarket throughout the past five years,” said Schillinger. “Continued strong market fundamentals have catalyzed the neighborhood’s growth and we anticipate the area’s positive evolution to continue in the future. With a sale price of nearly $160,000 per unit, this transaction is a perfect example of the shift in investor appetite for this area.”
About Vista Investment Group LLC
Vista Investment Group LLC (VIG) is a privately held real estate investment firm engaged in the acquisition and value-add asset management of commercial real estate in the western United States. Established in 2008, and headquartered in Los Angeles, the company’s primary focus is on the opportunistic repositioning of multifamily and office properties in Northern and Southern California.
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.