Federal Capital Partners Completes D.C. Sale

Federal Capital Partners sells an asset in Washington, D.C.; Wood Partners breaks ground in Colorado; and HFF closes on a $10.9 million value-add transaction.

The Allegro

Washington, D.C.—Federal Capital Partners has completed its sale of Allegro, a 297-unit asset located in Washington, D.C., to Prudential Real Estate Investors, which picked up the asset on behalf of one of its client funds. HFF marketed the property on behalf of the seller.

“The sale of Allegro represents a continuing trend of institutional capital seeking core multi-housing investments in Washington, D.C.’s best urban neighborhoods,” says David Nachison, senior managing director at HFF, adding that the Columbia Heights location is a popular hub for young professionals.

Allegro is located a 3460 14th Street NW, which is walking distance to the Columbia Heights Metro Station. Completed in 2009, the asset has an amenity package that includes a resident lounge, two courtyards, underground parking and grilling stations. The spaces retail component is 100 percent leased to tenants and restaurants including Thaitanic II and Le Caprice.

Federal Capital Partners refinanced the property back in June 2011 to the tune of $81.5 million. HFF represented the firm in that transaction as well.

Wood Partners Breaks Ground in Colorado

Alta Rendering

Broomfield, Co.—Wood Partners has started construction on Alta Harvest Station Apartments, a planned 297-unit gated community in Broomfield, Co. The projected LEED Silver asset will be comprised of 13 three-story buildings with a mix of one-, two- and three-bedroom units averaging 940 square feet in size.

The project will be modeled after the company’s successful Alta Aspen Grove in nearby Littleton, which is a 280-unit, garden-style, eco-friendly and transit-oriented community at 7317 S. Platte River Parkway.

Community-wide amenities will include a plaza with seating and water features, a resort-style pool, an outdoor fireplace, a dog park and wash, bicycle repair shop, and a state-of-the-art fitness center. There’s also a yoga/serenity room, a Japanese meditation area, a business/office center with wireless Internet, and a grilling area with flat-panel TV displays.

HFF closes $10.9M value-add transaction

Brandon, Fla.—HFF announced today that it has closed the sale of Palms at Brandon, a 184-unit multi-housing community in Brandon, Fla.

The HFF Florida multi-housing group represented a private seller in the sale of the property to an affiliate of Tripointe Property Group, an Ohio-based investment group focused on acquiring value-add multi-housing assets.  The property sold for $10.9 million or approximately $59,000 per unit.

Palms at Brandon lies on 11.6 acres near the Westfield Town Center in Brandon, a growing bedroom community of Tampa, Fl. Constructed in the 1970’s, the property had been converted to condominiums in 2005, although no units are separately owned. The property offers one and two bedroom flats, as well as two-story townhome units. Many units feature large balconies, patios or enclosed backyards. Amenities include two swimming pools, a fitness center and two tennis courts.

Leading the transaction for the HFF Florida multi-housing group were directors Matt Mitchell and Jaret Turkell and real estate analyst Maurice Habif. Steven Soclof, CEO of Tripointe Property Group, negotiated the purchase on behalf of the buyer.

“We are excited to add the Palms at Brandon Apartments to our growing Florida multi-housing portfolio. Located in the heart of the dynamic Brandon market, the Palms at Brandon is a seasoned property that provides a wonderful rental housing option for residents of this vibrant community,” said Soclof.