Business Wire 20-Jun-2017 4:19 PM
SAN DIEGO--(BUSINESS WIRE)-- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Alexan Melrose, a 410-unit, Class A apartment community in the northern San Diego suburb of Vista, California.
HFF marketed the property exclusively on behalf of Trammell Crow Residential and its joint venture partner. MG Properties Group purchased the asset free and clear of existing debt.
Alexan Melrose is situated on approximately 20 acres at 1401 North Melrose Drive about seven miles from beachfront recreation and close to two full-service grocery stores, downtown Vista Village and Del Oro Marketplace. Completed in 2015, the three-story, garden-style community has one-, two- and three-bedroom units averaging 985 square feet with best-in-class finishes such as quartz countertops in the kitchens and baths, European-style cabinetry, stainless steel appliances, hardwood-style flooring, in-unit washers and dryers, soaking tubs and attached garages and carports. Community amenities include a resort-style pool and spa with cabanas, fire pit and grills; state-of-the-art fitness facility with kids entertainment suite; lounge with kitchen, billiards and gaming system; clubhouse with gourmet kitchen, coffee bar and flat screen TV; dog park and dog washing station; community garden; and outdoor tot lot. The community is 97 percent occupied.
The HFF investment sales team was led by director Hunter Combs and senior managing director and co-head of the national multi-housing investment sales platform, Sean Deasy.
This was a unique opportunity to acquire 410 highly-amenitized, transit-oriented units in the supply constrained submarket of Vista, Combs said. Alexan Melrose is well-positioned for long-term growth resulting from its strategic location along the North County Sprinter line, giving residents a convenient commute to emerging downtown Vista and Cal State San Marcos. Additionally, the property is near two of the State Route 78 corridors top employment hubs, Oceanside and Vista, with approximately 30,000 highly skilled jobs within industries such as life science, pharmaceuticals, action sports and information and communication technologies.
About Trammell Crow Residential
Trammell Crow Residential (TCR) is the premier multifamily real estate company the only national group with nearly 40 years of experience in residential development and asset management. Since 1977, Dallas-based TCR has developed more than 250,000 units in major markets. With deep knowledge of local trends and a contemporary vision, TCR is proud to develop and construct market-leading rental communities that offer residents a comfortable, convenient lifestyle. Visit http://tcr.com for more information.
MG Properties Group
MG Properties Group specializes in the acquisition, development, rehabilitation and management of apartment communities throughout the western United States. Since 1992, the company has acquired and managed over 110 properties totalling over 20,000 units. Today, MG Properties Group manages over 14,500 apartment homes in over 55 communities in high-growth cities in California, Arizona, Nevada, Washington and Oregon. The companys apartment portfolio has a total market value of over $2 billion.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are 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, funds marketing, M&A and corporate advisory, loan sales and 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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