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.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
