HFF BROKERS SALE OF EAST TEXAS MULTIFAMILY PORTFOLIO

TYLER AND LONGVIEW, TEXAS — HFF has closed the sale of, and arranged financing for, two East Texas apartment complexes, Arbors on Chimney Rock in Tyler and Saddlebrook Apartments in Longview, totaling 440 units. HFF marketed the properties on behalf of the seller, Haley Real Estate Group. Coastal Exchange Group bought the properties for an undisclosed amount. HFF’s debt placement team secured the $19 million, 10-year fixed-rate acquisition loan on behalf of the buyer through Redwood Trust. Arbors on Chimney Rock is located at 323 Chimney Rock Road just off Broadway Avenue in Tyler. The property sits on 9.8 acres, is 93 percent leased and includes 176 one- and two-bedroom units averaging 794 square feet. Amenities include a swimming pool, tennis courts, picnic areas and clubhouse. Saddlebrook Apartments is 91 percent leased and includes 264 one-, two- and three-bedroom units averaging 729 square feet. Amenities include a swimming pool, fitness center, sand volleyball court, tennis court, barbecue area and clubhouse. The property is located along H. G. Mosley Parkway, between U.S. Highway 80 and Loop 281 in Longview.