– HFF announced today that it has closed the sale of The Brentdale, a 412-unit, multi-housing community in Plano, Texas.
HFF marketed the property on behalf of the seller, a joint venture between Intercontinental Real Estate Corporation and the Pinnacle Family of Companies. Resource Real Estate purchased the property for an undisclosed amount free and clear of existing debt.
The Brentdale is located at 1515 Rio Grande Drive near the intersection of 15th Street and Custer Road and in close proximity to a variety of major employment centers such as the Richardson Telecom Corridor, Collin Creek Mall, Legacy Business Park, Plano Industrial Business Park and the Texas Instruments plant. Situated on 20.96 acres, the property is 93.2 percent leased with units averaging 862 square feet each. Community amenities include five resort-style pools, a heated spa, racquetball court, tennis court, fitness center, tot lot, clubhouse and covered parking.
The HFF team representing the seller was led by directors Rob Key and Blair Lang.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development,management and asset management. The company has developed, managed and owned more than $6 billion in real property assets across all property types including commercial, mixed-use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2.4 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value-oriented development projects.
The Pinnacle Family of Companies, founded in 1980, is a privately held organization that invests, develops and manages multifamily assets across the United States. Throughout the last 10 years, Pinnacle has invested $369 million of equity in more than 147 assets totaling 28,605 units and $1.8 billion in initial asset capitalization. Today, Pinnacle is one of nation’s largest multifamily services firms with more than 2,800 team members and 115,000 units under management.
Resource Real Estate(“RRE”) is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. For more than two decades, RRE and its affiliates have managed real estate assets for institutional and individual investors. RRE and its parent company have offices in New York, Los Angeles, London, Singapore as well as its headquarters in Philadelphia and additional locations across the U.S. RRE owns and manages real estate assets with an aggregate value of approximately $1.8 billion. RRE is a wholly-owned subsidiary of Resource America(NASDAQ: REXI). As of March 31, 2013, Resource America managed $15.3 billion across various asset classes.
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.comor follow HFF on Twitter at www.twitter.com/hff.