ATLANTA, GA – HFF announced today that it closed the sale of Virginia Highlands, a 270-unit, garden-style multi-housing community in Atlanta’s historic Virginia Highland district.
HFF marketed the property for Fairfield Residential. TA Associates Realty purchased Virginia Highlands for $41 million free and clear of existing debt.
Virginia Highlands is located at 609 Virginia Avenue with 600 feet of frontage on The Atlanta Beltline and in close proximity to Piedmont Park and the soon-to-open Ponce City Market. Situated on 6.5 acres of land, the property features studio, one- and two-bedroom units averaging 744 square feet each.
The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.
“This property’s strong historical performance and its irreplaceable location in one of Atlanta’s most walkable locations presented investors a tremendous value-add opportunity,” commented Nettles.
Fairfield Residential (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States. The firm consistently ranks among the leading multi-housing developers, builders, redevelopers, managers and owners in the United States and is active in nearly 40 geographically diverse markets. Fairfield employs approximately 1,600 people in offices strategically located throughout the country. www.fairfieldresidential.com.
Established in 1982, TA Associates Realty ("TA Realty") is one of the largest and most experienced privately held real estate advisors in the United States. TA Realty manages96 million square feet of commercial real estate and 8,900 residential units located in 35 markets nationwide. TA Realty's strong risk-adjusted returns through multiple cycles have established the firm as one of the premier real estate advisors in the country. TA Realty's funds I-IV were disposed and liquidated on schedule. www.tarealty.com.
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.