CHICAGO—HFF has just completed the sale of the final property of a 13-property multi-housing portfolio located in eight major metro areas throughout the US. The final property, Apex, is a 28-story, 271-unit, class A condominium tower in downtown Los Angeles.
The properties sold relatively quickly. HFF began marketed the portfolio on behalf of the seller, ST Residential, LLC in 2013. Due to confidentiality agreements, HFF could not disclose the separate costs, but collectively the assets sold to four separate groups for more than $900 million.
In addition to Apex, properties in the portfolio included: San Pedro Bank Lofts in San Pedro, CA; Mosaic II in Houston; 44 Monroe in Phoenix; The Ogden, Juhl, One Las Vegas, Loft 5 and Spanish Palms in Las Vegas; The Element in Tampa; Mezzo in Atlanta; Highgrove in Stamford and The Lex in Chicago. Tenants occupy 93.2% of the portfolio, which has 3,128 units, an average year built of 2008 and an average unit size of 1,215-square-feet.
HFF executive managing director Matthew Lawton led the investment sales team. ST Residential manages properties owned by a public-private partnership between the FDIC and a group of US private real estate investors, including Starwood Capital, TPG, Perry Capital and WLR LeFrak.
As reported in GlobeSt.com, in 2013 Boston-based Winthrop Realty Trust bought four of these properties for $246 million including Mosaic II, a 29-story tower comprised of 396 units and 20,065-square-feet of ground-level retail space. It was completed in 2009, a year after the second largest of the four, 44 Monroe, a 34-story property comprised of 184 units and 1,377-square-feet of ground-level retail. Also included was the Highgrove property, an 18-story, 92-unit apartment building; and San Pedro Lofts, comprised of 89 units in two distinct residential buildings.