Hines Sells Azure Multifamily Asset in St. Petersburg
ST. PETERSBURG, FL – March 26, 2015 – (RealEstateRama) — Hines, the international real estate firm, announced today the sale of Azure, a 308-unit, Class A, garden-style multi-housing property to Passco Real Estate Enterprises, Inc. of California. A turnkey project for Hines, capital raise, development, lease-up and sale were completed by the firm a year and a half ahead of schedule. Financials on the deal were not disclosed. HFF marketed the property on behalf of Hines.
Azure is Hines’ first multi-housing development in the Tampa Bay market, and was built on a 13.2-acre parcel within the Carillon Park mixed-use master-planned community, in close proximity to Roosevelt Boulevard, Ulmerton Road and I-275. Completed in 2014, the property consists of seven three-story garden-style buildings and one four-story building. The property is currently 97.5 percent leased and 96.5 percent occupied, and features an array of best-in-class amenities including a clubhouse, a resort-style swimming pool, a state-of-the-art fitness center, outdoor kitchen with gas grills, bocce ball court and outdoor fire pit.
Michael Harrison, Hines senior managing director, said, “Azure was a significant project for us as it was Hines’ first multifamily project in the Tampa/St. Pete market. In addition, the initial capitalization was raised through a successful private placement managed by Hines Securities, Inc., the Hines broker/dealer affiliate. This was the second time that Hines Securities successfully served as the dealer manager for a private placement that raised capital for a Hines project in the southeast.”
Jon Wood, Hines managing director for Azure, commented, “This project is unique because it was built on the last garden apartment site in Carillon Park with very high visibility to I-275. We are very pleased with the final product, which continues to demonstrate that distinctive architecture, high-quality buildings in desirable locations will outperform the market and be attractive to investors.”
Designed by The Preston Partnership of Atlanta, GA, Azure’s architecture evokes a coastal style with buildings clad in clapboard siding, with shake accents, wide eaves, metal roof accents and stucco at the buildings’ bases.
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multifamily and commercial properties throughout the U.S. For more than 15 years, they have delivered sound investment strategies to clients, partners and investors, enabling them to create, maintain and add value to their portfolios through a full set of real estate services, including: investment advisory, asset and property management, leasing property development and construction management.
For more information, visit passco.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s portfolio of projects that are completed, acquired or underway includes 1,163 properties representing more than 389 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 402 properties totaling 170 million square feet, which includes 96.5 million square feet for third parties. With offices in 121 cities in 19 countries, and controlled assets valued at approximately $30.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.