Joint venture equity arranged by HFF for residential tower development in downtown San Diego
SAN DIEGO, CA – April 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the development of 330 Thirteenth, a 221-unit, 23-story, Class A+ residential tower straddling downtown San Diego’s Ballpark District/East Village neighborhood.
HFF worked on behalf of the developer, The Richman Group (Richman), to arrange a joint venture equity partnership with American Realty Advisors (American), who contributed equity for the project.
Due for completion in 2018, 330 Thirteenth will be situated on a .92-acre site adjacent to the new $184 million San Diego Central Library in San Diego’s desirable Ballpark District/East Village neighborhood. The project is being designed by Los Angeles-based DesignARC and San Diego-based Rob Wellington Quigley, FAIA, the firm responsible for the new library that was 30 years in the making. The 240-foot tower will encompass approximately 207,401 rentable square feet of residential space, 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. Studio, one- and two-bedroom floor plans ranging from 430 to 1,191 square feet will be offered, and units will have luxury finishes and private balconies offering views of the Pacific Ocean and San Diego skyline. Community amenities will include a swimming pool and spa; fitness center; yoga studio; game room with lounge; and resident sky lounge that overlooks the Central Library’s iconic dome.
The HFF equity placement team was led by senior managing directors Aldon Cole and Tim Wright and director Hunter Combs.
“The project, also known as Library Tower given its prominent setting, was thoughtfully planned and engineered by a seasoned Richman team and attracted a wide range of investment interest,” Cole said. “We were pleased to see the formation of the partnership between Richman and American, both of whom share a long-term commitment to building a legacy asset.”
About The Richman Group
The Richman Group (Richman) and its affiliates are active in the development of a wide range of luxury and affordable residential housing. Richman affiliates have developed more than 20,000 residential units. The firm is capable of delivering the entire development process in-house from site selection through marketing and management and, in some cases, construction services. The company’s expertise in identifying high-quality, well-situated properties with strong market potential and/or a favorable capital structure has been part of its success as a developer.
About American Realty Advisors
With more than $7.3 billion in assets under management, American Realty Advisors (American) is an investment manager to institutional investors and has provided real estate investment management services for more than 27 years utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multifamily and retail properties. More information regarding American can be found at www.americanreal.com.
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.
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.