– HFF announced today that it has closed the sale of the Woodlands of Crest Hill, a 730-unit multi-housing community in Crest Hill, Illinois and the Fountains at Stone Crest, a 400-unit multi-housing community in Westmont, Illinois.
HFF marketed the properties on behalf of the seller, a joint venture between MetLife, Redwood Capital Group and Westdale Asset Management. The transactions were part of a three-property portfolio with the third property sold in a separately marketed transaction.
The Woodlands of Crest Hill is located at 1615 Arbor Lane immediately north of Joliet and approximately 44 miles southwest of downtown Chicago. Situated on 26.65 acres, the garden-style property has undergone kitchen and bath renovations as well as other property upgrades throughout the past few years and includes a mixture of studio, one and two-bedroom units averaging 649 square feet each. Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.
The Fountains at Stone Crest is located at 1 Fountainhead Drive approximately 10 minutes north of Argonne and 26 miles southwest of downtown Chicago in DuPage County. The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each. Community amenities include a 5,300-square-foot clubhouse consisting of a great room, business center, fitness center and indoor racquetball court as well as a swimming pool with sundeck, playground and picnic area.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.
Metropolitan Life Insurance Company (MetLife) is a subsidiary of MetLife, Inc., a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its real estate investments department, MetLife oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.
Redwood Capital Group is a fully integrated asset investment company that focuses on the acquisition and asset management of multi-family real estate. The company was formed in 2007 and currently owns nearly 9,000 apartment units within the United States.
Westdale Asset Management provides a variety of property management services for multi-family residential communities throughout the United States. Westdale currently offers over 180 communities with over 47,000 individual units for rent. Westdale Asset Management is part of Westdale Real Estate Investment & Management which is privately held with its headquarters located in, Texas.
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.