Hines Sells Azure Multifamily Asset in St. Petersburg - Hines

Hines Sells Azure Multifamily Asset in St. Petersburg

(ST. PETERSBURG, FL) – 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.

Azure
Caption Azure

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Gustav Mahlerplein 28
Amsterdam, NH 1082 MA
Netherlands
31 6 30 70 81 29

Nordic Countries

Forbindelsesvej 4
Copenhagen 2100
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900