ATLANTA, GA – HFF announced today that it has closed the sale of The Apartments at Blakeney, a 295-unit multi-housing community in Charlotte, North Carolina.
This is the first property to close in a seven-asset, Class A Southeast and Mid-Atlantic U.S. multi-housing portfolio that HFF marketed on behalf of the owner, Northwood Ravin and affiliates. Associated Estates Realty Corporation purchased The Apartments at Blakeney. Associated Estates expects to close on the balance of the portfolio in stages through fourth quarter 2014.
The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and executive managing directors Matthew Lawton and Mark Gibson.
“High-quality, well-located assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases,” said Nettles. “This was a very limited offering process, with a handful of very qualified buyers competing for some of the highest quality multi-housing assets in the Southeast and Mid-Atlantic.”
Northwood Ravin was formed by Northwood Investors LLC and Ravin Partners LLC. Northwood Investors is a privately-held real estate investment advisor with more than $3 billion of assets under management. Northwood Investors was founded in 2006 by John Z. Kukral. Ravin Partners was established in 2011 by David Ravin, the former president of the Residential Division of Crosland. Northwood Ravin develops, constructs and manages award-winning luxury multifamily communities throughout the southeast.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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 www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.