Sunday, October 23, 2016

The Habitat Company and The Resurrection Project Celebrate Grand Re-opening of Casa Heritage in Melrose Park, IL


Casa Heritage Ribbon Cutting:
Residents join Cook County President Preckwinkle (far left) and Senator Dick Durbin (far right), and the redevelopment team at the ribbon cutting ceremony, marking the official re-opening of Casa Heritage Apartments in Melrose Park, Ill.

Matthew Fiascone
CHICAGO -– Chicago-based The Habitat Company, a leading multifamily property developer and manager in the U.S., in partnership with The Resurrection Project, a non-profit development organization, celebrated the official re-opening of Casa Heritage with a ribbon cutting ceremony on September 29.

Located at 10315 W. Palmer in Melrose Park, Ill., the recently renovated 142-unit community is the only affordable housing option for families in a nine-municipality area.

“We are proud to partner with The Resurrection Project to preserve Casa Heritage and ensure that it remains an affordable housing option for residents in the area,” said Matt Fiascone, president of The Habitat Company.

“As Habitat celebrates its 45th year in business, it’s important to us to remember our roots in affordable housing. Habitat was founded on the premise that no project is only an investment in real estate – it is an investment in the future of the community and in the lives of the people who will live and work there. That sentiment couldn’t be more true at Casa Heritage.”

On hand for the ribbon cutting ceremony were Illinois Senator Dick Durbin, Cook County Board President Toni Preckwinkle, along with many long-time Casa Heritage residents.

“The rehabilitation of Casa Heritage is going to provide a lot of hard working people with a place to be proud to live in,” said Durbin. “The re-opening of the Casa Heritage Apartments will provide 142 units of affordable housing right here.

Toni Preckwinkle
“This complex was made possible by leveraging private and public sector funds and is an example of how we can meet our affordable housing needs. The residents here will have access to important services like credit and housing counseling, financial management, education, and social services, which will help them and help the community.”

“I want to applaud the work of The Resurrection Project and Habitat that have done such an excellent job of preserving 142 units of affordable housing right here in Melrose Park,” said Preckwinkle.

“Currently we have a great need for affordable housing in Cook County and I’m proud to support projects like this one. In an area of diminishing federal resources for affordable housing, having partners like the Illinois Housing Development Authority and the Village of Melrose Park, elected leaders and community organizations are vital to our success.”

For a complete copy of the company’s news release, please contact:

Cara Mooses,, (312) 267-4523
Kim Manning,, (312) 267-4527

Lincoln Harris Secures Two Leases Totaling Nearly 42,000 Square Feet at Piedmont Town Center in Charlotte, NC

Campbell Walker
CHARLOTTE, NC — Lincoln Harris has secured two leases totaling 41,988 square feet at Piedmont Town Center, located in Charlotte, North Carolina. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transactions.

•         Shurtape Technologies LLC signed a 1,265-square-foot lease renewal at Two Piedmont Town Center. Caldwell Rose of NAI Southern Real Estate represented the tenant in the transaction.

•         PNC Bank signed a 30,983-square-foot lease renewal and a 9,740-square-foot lease expansion at One Piedmont Town Center. Jubal Early of Lincoln Harris represented the tenant in the transaction.

“Piedmont Town Center remains a top choice for tenants seeking high quality office space, which is evident by these lease renewals and expansion,” Walker said. “It’s prime location on Fairview Road and ‘live, work, play’ environment offer exactly what today’s tenants are seeking.”

Piedmont Town Center is a Class A mixed-use development project in the
heart of the SouthPark community featuring two office buildings totaling a combined 420,000 square feet, 87,500 square feet of prime retail space and 180 luxury residential units.

For a complete copy of the company’s news release, please contact:

Savannah Durban
The Wilbert Group
404-343-0870 (O) 404-901-4433 (C)

ATTOM Data Solutions Reports Single Family Rental Returns Drop to Nine-Year Low in 2016 as Institutional Investor Purchases Rise in 68 Percent of Markets

Daren Blomquist
IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q3 2016 Single Family Rental Market Report, which found that average single family rental returns dropped to a nine-year low for homes purchased so far in 2016 among 473 U.S. counties analyzed for the report.

The average annual gross rental yield — monthly rent, annualized, divided by median home price — among the 473 counties was 8.7 percent for properties purchased in the first seven months of 2016, down from an average of 8.8 percent for the same time period in 2015 to the lowest level since 2007, when the average gross rental yield across the 473 counties was 7.3 percent.

 “While average rental returns on properties purchased so far in 2016 are at a nine-year low, these returns are still attractive compared to alternative investing opportunities,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“After a drop-off in single family purchases by both individual and institutional investors over the past two years, we’re starting to see investor acquisition activity pick up again.

“Given shifting attitudes toward homeownership that are showing up in stubbornly low homeownership rates and our data showing more than 18 million non-owner occupied single family homes — one in every four single family homes — these single family rental investors will be an important and likely growing force in the real estate market for years to come.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
949.502.8300, ext. 139

Marcus & Millichap Arranges $875,000 Sale of 13-Unit Bayview Apartments in St. Petersburg, FL

Bayview Apartments,  442 30th Avenue North, St. Petersburg, FL

Joshua Teplitzky
ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bayview Apartments, a 13-unit apartment property with a single family home located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Bayview Apartments is a 13-unit apartment community with one, two-bedroom/one-bathroom single family home. The property is located just north of the heart of the rapidly developing downtown St. Petersburg at 442 30th Avenue North.

The offering consists of five buildings, which are comprised of five studio units with 150 to 450 rentable square feet; four, one-bedroom/one-bathroom units with 450 to 540 rentable square feet; four, one-bedroom/one-and-one-half-bathroom units with 535 rentable square feet; and one, two-bedroom/one-bathroom house with 1,180 rentable square feet.

“Bayview Apartments is in a prime location just north of downtown St. Petersburg and adjacent to the Fresh Market off 4th Street,” says Teplitzky. “The property piqued the interest of several multifamily buyer types ranging from local, out-of-area and even developers.

“Through creating an auction environment and generating multiple offers we were able to sell the property at list price, which equated to over $130 per square foot.”

For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager
 Tampa, FL

(813) 387-4700

Saturday, October 22, 2016

L5 Investments and Alamo Equities Partnership Completes $14.25 Million Acquisition of 200-Unit Apartment Community in Sparks, NV

Marina Gardens Apartments, 550 Howard Drive, Sparks, NV

Laura Cathlina
Sparks, NV -– A partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments, a 200-unit apartment community, for $14.25 million in Sparks, NV. The property is situated on 11.78 acres and is located at 550 Howard Drive.

The partnership is planning to add value to the property by investing nearly $4 million for needed updates and upgrades in order to better meet the demand of local renters. It will also be re-branded and re-named Marina’s Edge within the next few months.

Built in 1973, Marina Gardens is a garden-style, pet-friendly community featuring 31 two-story buildings comprised of a total of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units that include private balconies or patios, walk-in closets, and full kitchens. On-site amenities include three laundry rooms, barbeque areas, two playgrounds, and approximately 278 parking spaces.

Kenneth Blomsterberg
The property is less than one-half mile north of Interstate 80 and is one block from Sparks Marina Park, which includes a 77-acre lake and a number of recreational activities.

The community is also easily accessible to the Tahoe Reno Industrial Center, a 107,000-acre park with a 30,000-acre industrial complex that is under phased development. It is slated to be the world’s largest manufacturing industrial park and is creating tremendous job growth for the Reno-Sparks market – upwards of 50,000 jobs could be created by 2017. 

“Marina Gardens is a perfect fit for L5’s value-add investment strategy,” said Michael Flaherty, founder and CEO of L5 Investments, a Northern California-based multifamily investment firm.

 “It is well-located in an explosive growth job market and provides us with the opportunity to add significant value by improving overall management; resolving significant deferred maintenance issues; and adding features and amenities that will attract renters seeking a quality rental living environment.  We hope to continue to add similar, multifamily assets in Reno to our portfolio.”

The new ownership plans on implementing upgrades to all 200 units that will include in-unit washer and dryers; upgrades to landscaping; and introducing new branding and signage. Additionally, the property will be professionally managed by FPI, one of the largest property management companies in the nation. FPI also has a strong track record and presence in the greater Reno area.

Jeremy Cline

"Putting all the incredible and exciting market fundamentals aside, we just really liked the Sparks Marina location,” said Jeremy Cline, president and co-founder of Alamo Equities, a Bay Area investment firm. 

“So no matter what happens with the local economy, we think there will always be a strong demand to live in a cool, edgy apartment community that will provide beach cruisers and paddle boards to its tenants."

Sparks is located in the northwest portion of the state, east of Reno and about six miles from the Reno Airport. The Reno-Sparks region has been rapidly growing as large companies, including Tesla, Amazon, Apple, and SuperNAP choose bring operations to the market.

These businesses are spurring a wave of new businesses centered in technology, distribution, warehousing, and manufacturing. Tesla is currently underway with construction of its “gigafactory,” a 5.8 million-square-foot battery manufacturing facility considered to be the second largest building by volume in the world.

Michael Flaherty
Additionally, SuperNAP has made Reno-Sparks its new home and is constructing a $1 billion, 3 million-square-foot campus which is slated to be the world’s largest data center of its kind.

Laura Cathlina of Berkadia arranged the debt on behalf of the ownership. Kenneth Blomsterberg of Marcus & Millichap brokered the transaction on behalf of both the buyer and the out of state sellers, RAF, LLC and BDS, LLC, that owned the property since 2001.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

L5 Investments Partnership Completes $5.82 Million Acquisition of 40-Unit Apartment Community in Seattle, WA

The Columbian Apartments, 1410 to 1414 S. Columbian Way, Beacon Hill, Seattle, WA

Michael Flaherty
Seattle, WA  – A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired The Columbian Apartments for $5.82 million in Seattle, WA.

 The 40-unit property is located in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. The partnership is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters.

Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula.

The property is well located, with excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.

“The Columbian presented us with an ideal opportunity to take a well-located apartment community with significant maintenance and management issues and transform it into a coveted place to live,” said Michael Flaherty, founder and CEO of L5 Investments.

Jason Elrod
“As the Seattle residential market tightens and job growth continues to strengthen, we firmly believe that once repositioned, this property will meet the desires of area renters seeking a high-quality apartment community.”

The partnership is planning on investing approximately $1.4 million to improve and modernize the property which includes a contemporary makeover of the leasing office and common areas. The unit interiors will be renovated with new appliances and finishes as well as the addition of a washer and dryer in each apartment.

Beacon Hill is one of Seattle’s oldest neighborhoods with home prices that have been rapidly appreciating in recent years. The neighborhood sits on a high ridge overlooking Seattle and Elliot Bay. Residents enjoy all the benefits of an urban setting with easy access to the 5 and 90 Interstates, an array of retail and dining options, and nearby employment centers.

Paul Harbor and Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler. Jason Elrod of EHI Real Estate Advisors brokered the transaction on behalf of both the buyer and the seller, a private investor.

In June 2016, L5 Investments and Shuler Architecture acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA for $2.6 million. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

HFF secures $43 million financing for mid-rise apartment community in Dallas, TX

John Brownlee
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $43 million in financing for Alexan Fairmount, a 368-unit, Class AA mid-rise apartment community in Dallas’ Oak Lawn neighborhood.
HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the 12-year, fixed-rate loan with Cigna Investments.  Loan proceeds were used to acquire the property.

Alexan Fairmount is situated one block east of the Dallas North Tollway adjacent to the Maple Avenue restaurant district.  

Positioned near Dallas’ largest employment and entertainment destinations in Uptown, the Medical District, Old Parkland Campus and the central business district, the property is surrounded by the city’s top retail, dining, cultural and nightlife attractions.

 Completed in 2015, the five-story property wraps around a central pool plaza with fire pit and has additional amenities, including an outdoor gourmet kitchen with grilling station, wellness studio with CrossFit-inspired equipment, yoga and spin room, tanning studio, relaxation garden, bark park with pet grooming station, cyber cafĂ©, social lounge, electronic vehicle charging stations and an access-controlled parking garage.  Alexan Fairmount’s one- and two-bedroom units incorporate luxury finishes such as keyless entry, plank flooring, 10-foot ceilings, spa showers and gourmet kitchens with granite countertops, glass-paneled cabinetry, wine racks and stainless steel appliances.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF closes sale of fully-leased retail center in Elizabethtown, PA

Market Street Square, 1605-1641 South Market Street, Elizabethtown, PA

Chris Munley
PHILADELPHIA, PA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Market Street Square, a 169,856-square-foot, fully-leased, grocery-anchored retail center in Elizabethtown, Pennsylvania.     
HFF marketed the property on behalf of a publicly-traded REIT.  Nassimi Realty LLC, purchased the asset free and clear of existing debt.

Market Street Square is anchored by Weis Markets, Kmart and Dollar General and is also home to national and regional tenants, including Sleepy’s, Sherwin Williams, Subway and Fulton Bank.

The property has an area for a future development or ground lease on a pad site located at the entrance to the center. 

Situated on 18.6 acres at 1605-1641 South Market Street, Market Street Square is located in the dominant retail and commercial corridor in Elizabethtown, a Lancaster County community in southern Pennsylvania approximately 21 miles south of downtown Harrisburg.

The HFF team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz and associate director Michael DiCosimo.

“Grocery-anchored retail positioned within secondary markets continues to remain in high demand,” Munley said.  “This asset in particular offered the ability to add further value through development and leasing opportunities.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Stonemark Managing Barringer Square Apartments; Firm Managing 29SC’s Fifth Houston-Area Community

Walt Lamperski
Atlanta, GA – Multifamily property management firm Stonemark Management has been contracted to manage another Houston-area community for 29th Street Capital (29SC).

Stonemark is now leasing Barringer Square Apartments, formerly know as Clear Lake Condominiums. It is also supervising a $2 million renovation of the community, which has 284 one- and two-bedroom apartments.

29th Street Capital, a privately-held real estate investment and advisory firm, acquired the Webster, Texas community in late September. Stonemark now manages seven communities for 29SC, including five in or near Houston.

“We are excited about the opportunity to make a big difference in this community,” said Stonemark President Walt Lamperski. “Marketing, leasing and supervising large renovations like this are our strong points, and we look forward to continuing to work closely with 29SC. Our goals and skills are well-aligned,” he added.

“We are very excited about this asset’s potential and are looking forward to implementing and executing our business plan with the Stonemark team,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia.

For a complete copy of the company's news release, please contact:

Terri Thornton
Partner, Thornton Communications

Friday, October 21, 2016

HFF arranges $13.6 million financing for Aurora, CO townhome apartment community

Alvista Highline Townhome Apartments, 11135 East Alameda Avenue, Aurora, CO

Josh Simon
 DENVER, CO -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for Alvista Highline, a 90-unit townhome apartment community in Aurora, Colorado.

HFF worked exclusively on behalf of the borrower, Advenir, Inc., to secure the 10-year, floating-rate loan with five years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir@Del Arte Townhomes and will operate in conjunction with the neighboring Advenir@Del Arte apartment community.

Alvista Highline is located at 11135 East Alameda Avenue near Interstate 225 to the east and the Anschutz Fitzsimons Medical Center redevelopment to the north.  Other surrounding amenities include Buckley Air Force Base, the prestigious Cherry Creek North retail corridor, the recently-renovated Town Center at Aurora and the High Line Canal Trail. 

The property, which is approximately nine miles southeast of downtown Denver and a short distance from the future Aurora City Center light rail station, offers a mix of one- and two-bedroom floor plans. 

Eric Tupler
Originally built as condominiums, the eight-building, two-story property features homes with spacious floor plans, one-car attached garages, private entrances and energy-efficient appliances.  

The property also encompasses six, privately-owned condominiums, which were not part of this transaction.

The HFF debt placement team representing Advenir, Inc. was led by managing director Josh Simon and senior managing director Eric Tupler.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |