Tuesday, August 2, 2011
COLORADO SPRINGS, CO, Aug. 2, 2011 – Advenir, a premier provider of multi-family real estate investment and management services, has acquired Briarglen Apartments (top left photo), a 220-unit apartment community in the Colorado Springs, CO. for $16.35 million. This is the firm’s first acquisition in Colorado.
“We are attracted to the Colorado Springs market because of its high barriers to entry, affluent renter base and anticipated job growth,” said Todd Linden, Chief Acquisition Officer of Advenir. “Briarglen Apartments presented a clear value-add opportunity to improve unit interiors and property amenities in order to significantly drive revenue growth.”
Linden went on to say that Advenir is committed to growing its Colorado operation and are actively looking to acquire value-add multi-family properties in Denver and the surrounding areas.”
Advenir will implement a $1.1 million capital improvement program focused on beautifying the exterior, as well upgrading unit interiors.
Exterior improvements will include new stone facing on the leasing center, exterior paint, landscaping, new signage, and greenspace amenity expansion (BBQ’s, picnic benches, etc.). Unit interior improvements will include new cabinet door fronts and stained cabinet boxes, new cabinet hardware, sprayed countertops, new faucets, wood composite flooring, black appliances, lighting, two‐inch wood blinds, and full size washer dryers.
Advenir represented itself in the transaction. Doug Andrews of Apartment Realty Advisors represented the seller, Denver-based RedPeak Properties.
Built in 1986 and partially renovated in 2007, Briarglen Apartments is 97 percent leased and features 88 one bedroom/one bathroom units, 24 two bedroom/one bathroom units and 108 two bedroom/two bathroom units. Currently, rents average $800-$1,200 per month.
Additional Company information is available at www.advenir.net.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
ATLANTA, GA – HFF announced today that it has closed the sale of Rice Creek Village (top left photo), a 64,446-square-foot, grocery-anchored retail center in Columbia, South Carolina.
HFF marketed the property on behalf of the seller, Varner Properties LLC.
Rice Creek Village is located at 4611 Hard Scrabble Road near Interstate 77 and University of South Carolina in Columbia. The property was developed in 2002 and is 96 percent leased to Publix, Great Clips, The UPS Store, Pizza Hut and Subway.
The HFF team representing Varner Properties LLC was led by directors Jim Hamilton (Middle right photo) and Richard Reid (lower left photo).
Varner Properties LLC. is based in Atlanta, Georgia and is a leading commercial real estate investor and developer throughout the southeast. They have transacted over six million square feet with a value over $1 billion.
Jim R. Hamilton, HFF Director, (404) 832-8460, email@example.com
Richard M. Reid, HFF Director, (404) 832-8460, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
$87 Million Debt Refinance and Credit Line Position Procacci Development Corp. for New Acquisitions and Deals
“Continued expansion in the current economy mandates that we improve our financial position with our debt structure and position ourselves to have the resources on hand to capitalize on opportunities as they emerge,” said Philip J. Procacci (top right photo), founder and CEO.
“With the refinancing and credit line, we have the capital and liquidity to put us in a strong and nimble position if or when new acquisitions and developments present themselves.”
Four of the five buildings are at Crossroads at Dolphin Commerce Center (middle left photo) in Miami: the Keiser University building and adjoining 135,000-square-foot parking garage, two multi-tenant office buildings, and a building developed for the Federal Government.
The fifth facility, the ACES Building in Plantation, is a former Levitz Furniture showroom redeveloped for the Federal Government.
The loan is a five-year note with a five-year extension option. Wells Fargo handled the refinancing, marking the continuation of a long-standing relationship Procacci has enjoyed with the financial services provider. Previous lenders were Wells Fargo and GE Capital.
“This loan gives us the flexibility to reassess where we are in five years,” said Procacci, who still has 14.5 acres ready for development at Crossroads, which front Florida’s Turnpike. “It gives us the agility to substitute or add properties or shift the portfolio around as market conditions or new opportunities unfold.”
This is the second refinancing Procacci secured in July. The developer refinanced $17.5 million in debt related to four development projects for the U.S. General Services Administration in Florida and Tennessee, which also involved securing a $15 million revolving line of credit.
All of the properties are leased to federal agencies under long-term leases.
For more information, log on to www.procacci.us.
Media Contact: Todd Templin, Boardroom Communications, 954-370-8999 or 954-290-0810
SAN DIEGO, CA – McCarthy Building Companies, Inc. (www.mccarthy.com), one of the nation’s leading education facility builders, has begun construction for the new 180,000-square-foot, four-story Math and Science Building (top left photo) in the heart of San Diego Mesa College (middle right rendering), located at 7250 Mesa College Dr. in the Clairemont area of San Diego, Calif.
The new Math and Science Building will occupy the area immediately east of the existing Learning and Resource Building and south of the I-300 Building.
Last November, construction crews began disassembling three older buildings on the campus before performing hard demolition and breaking ground for the new facility. Construction is being carefully monitored and managed to minimize disruption to regular campus activities.
The new $92 million instructional building is being funded by the $1.555 billion Propositions S and N construction bond program, which is providing for new teaching and learning facilities, major renovations and campus infrastructure projects at Mesa, City and Miramar colleges, and six continuing education campuses. Completion is slated for March 2013.
This is the second major project McCarthy has worked on at San Diego Mesa College on behalf of the San Diego Community College District. The company also built the new three-story, 50,000-square-foot Allied Health Building, which was completed in August of 2009.
Designed by Architects | Delawie Wilkes Rodrigues Barker, the new San Diego Mesa College Math and Science Building will house four floors of classrooms, laboratory space and offices for the departments of biology, chemistry, mathematics, and physical sciences. Additionally, several faculty/student interaction areas have been incorporated into the building's design. The new Math and Science Building will be constructed of structural steel with concrete shear walls and an exterior curtain wall.
Project team consultants for the new San Diego Mesa College Math and Science Building include Hope Engineering for structural engineering, and X-nth for mechanical and electrical engineering. The program manager for the Propositions S and N construction program for the San Diego Community College District is Gafcon.
Bonnie Kutch, Director, 619-299-1010 , Kutch & Company
3904 Groton Street | Suite 203 | San Diego, California 92110
FORT LAUDERDALE, FlL, Aug. 2, 2011 – Institutional Property Advisors (IPA), a national brokerage platform specializing in serving the needs of institutional and major private investors, has listed an 836-unit, two-property luxury multifamily portfolio in North Lauderdale.
Combined, the Hamptons and Vinings properties (top left photo) encompass a total of 829,232 square feet. IPA is a division of Marcus & Millichap Real Estate Investment Services.
Jamie B. May (middle right photo), a senior director in the Tampa office of IPA, and Tal I. Frydman (bottom left photo), a vice president investments in the Fort Lauderdale office of Marcus & Millichap, secured the exclusive listing for these two adjacent assets. May and Frydman are representing the seller, a publicly traded company based in New York.
“The seller has decided to sell these two assets to take advantage of low cap rates within a supply constrained environment,” says May. “Both assets are almost fully occupied, further boosting their appeal to a wide array of local and out-of-state investors.”
“This is an opportune time to sell multifamily real estate in Broward County,” says May. “Transaction volume in the county continues to pick up as buyers and sellers are more willing to meet each others’ pricing expectations. Still-low interest rates, combined with broader access to financing, have pulled many investors off of the sidelines,” he adds.
“By purchasing this portfolio, both institutional and well-capitalized private investors will have the opportunity to own a large inventory of well-appointed, stabilized units that have been recently renovated,” says Frydman. “In addition, the new buyer will have the ability to raise rents once interior renovations are completed, making this an excellent valued-added opportunity.
“The North Lauderdale multifamily market continues to strengthen in spite of the current economic soft patch,” continues Frydman. “The average occupancy rate currently stands at 95 percent.”
The first property – the Hamptons – is a 668-unit luxury apartment complex with an occupancy rate of 98 percent. Located at 1400 Avon Lane, the asset has four resort-style swimming pools and two tennis courts.
The Vinings is a 168-unit luxury complex with a current occupancy rate of 99 percent. The property, located at 1200 Hampton Blvd., has a resort style swimming pool and tennis court.
The deadline for offers is Wednesday, Aug. 24.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ORLANDO, FL --- Maximize Angel Investments Orlando, Inc. has changed its name to Maximize Angel Investments Central Florida.
William C. De Temple (top right photo), chief executive officer of Maximize Angel Investments Central Florida (www.MaxAngelInvestments.com) said the new name reflects his organization’s efforts to invest millions of dollars in promising startup companies in Orange, Osceola, Seminole, Volusia, Brevard and Lake Counties.
De Temple, is actively recruiting investors to join 24 members who have pledged $50,000 per year or more to back startup technology, manufacturing, and retail enterprises throughout the region.
Maximize Angel Investments Central Florida is hosting a seminar for potential investors Sept. 15 at the Grand Bohemian Hotel in Downtown Orlando that will feature Angel Investment Guru Dave Berkus (middle left photo), who has more than 70 successful angel investment startups to his credit.
Berkus is an informative, engaging and thoroughly entertaining speaker and the author of books on angel investment strategies.
De Temple said he is accepting corporate sponsors for the seminar at $500 for bronze sponsors, $750 for silver sponsors, $1,125 for gold sponsors and $1,500 for platinum sponsors.
For more information, contact
William C. De Temple, Maximize Angel Investments Orlando, Inc. 386 843-1919 or 407-674-1925, firstname.lastname@example.org
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644 4142 Lvershelco@aol.com
Cuhaci & Peterson Architects Named to Expand and Remodel LA Fitness on Orange Blossom Trail in Orlando, FL
Lonnie Peterson (top right photo), chairman at Cuhaci & Peterson Architects, said the facility will expand the fitness center’s space to 12,000 square feet and include cycling, cardio and workout rooms.
For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, email@example.com
Franklin Street Real Estate Services Reports 100% Increase in South Florida Multifamily Sales Volume in First Half 2011
A total of 11 multifamily sales were tracked during the first half of 2011,equating to a volume of $253,439,701. The volume during that same period last year was only $123,404,000.
This increase was driven by the large number of apartment communities listed for sale at the beginning of this year, combined with a recovering rental market and the increased availability of capital to finance new acquisitions.
This is despite the surprisingly low transaction volume during the first quarter of 2011, which was similar to the first quarter of 2010.
The majority of transactions during the first half of 2011 were “traditional” multifamily rental communities, accounting for 77% or nine of the eleven sales. Only two distressed sales, including one bulk condo sale, transpired during the first half of 2011.
This is in direct contrast to the same period last year where distressed sales accounted approximately half of all transactions tracked. In total for 2010, distressed sales and bulk condo sales, accounted for 40% of the total transaction volume.
The average price per unit during the first half of this year was $94,333, which is a 32% increase over the same period last year at $71,454 per unit.
For a complete copy of the company’s report, please contact:
Douglas E. Drive (top right photo)r, CCIM, Senior Director, Franklin Street Real Estate Services,
515 Las Olas Blvd., Suite 1040 ▪ Fort Lauderdale, FL 33301
Office: 954.640.1100 ext. 507 ▪ Fax: 954.640.1101
Direct: 954.671.1827 ▪ Cell: 954.865.1453
Said David P. Stockert (top right photo) CEO and President, “We are pleased that the strength of our business supports the 10% increase in the quarterly rate of dividends to common stockholders. With today’s announcement, we expect our annual run-rate of common stock dividends to rise to $0.88 per share.”
Post Properties Announces Second Quarter 2011 Earnings
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $8.8 million, or $0.17 per diluted share, for the second quarter of 2011, compared to a net loss attributable to common shareholders of $35.5 million, or a net loss of $0.73 per diluted share, for the second quarter of 2010.
Net income available to common shareholders for the six months ended June 30, 2011, was $8.4 million compared to a net loss of $38.6 million for the six months ended June 30, 2010. On a diluted per share basis, net income available to common shareholders was $0.17 for the six months ended June 30, 2011, compared to a net loss of $0.79 for the six months ended June 30, 2010.
For a complete copy of the company’s news release and financials, please contact Chris Papa, 404-846-5000
CHICAGO, IL - Tuesday, Aug. 2, 2011. Essex Realty Group, Inc. is pleased to announce the sale of Main Street Village Shopping Center (top left photo) , a lifestyle center located at 16065-93 S. LaGrange Road in Orland Park, Illinois. The property consists of a single multi-tenant building with six retail spaces.
David Schwartz, Jason Fishleder, Doug Imber and Matt Welke, all of Essex, were the brokers on the transaction. The price was approximately $1,050,000.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
If you would like more information, please call Doug Imber at 773.305.4902 or e-mail him at firstname.lastname@example.org.
Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902
Faris Lee Investments Completes $6.6 Million Sale of a Best Buy-Occupied Retail Property in Kenosha, WI
Jeff Conover, senior managing director of Faris Lee Investments represented the all-cash REIT buyer, Phoenix-based Cole Capital, as well as the seller GM Investors from Del Mar, Calif. The property closed at a 7.73 percent cap rate.
“With just eight years remaining on the lease term, Faris Lee’s strategy for marketing the property was to focus on the successful retailer and store location that has been doing exceptional sales of approximately $1,100 per square foot annually,” said Conover.
“Additionally, a planned I-94 and Highway 50 split interchange along with a new frontage road and no competition in the area, were also attractive factors to the investment for the buyer.”
The property is situated in a well-traveled area which sees more than 120,000 cars per day.
The Best Buy property is located within the regional retail hub for several other national and regional retailers including Woodmans Grocer, Gander Mountain, and Steinhafels Furniture serving the community of Kenosha and nearby cities with over 202,000 people within the area. The City of Kenosha benefits greatly from its location between Milwaukee and Chicago on the (I-94) freeway. While
Located just over the Illinois/Wisconsin state line, Kenosha is traditionally considered part of the Chicago MSA. The tax benefits from the tax savings Illinois consumers save by shopping just over the border, benefits the property with an increased volume of demand from shoppers.
For more information, please visit www.farislee.com.
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates,
For Faris Lee Investments
These loans include:
Logan and Astor Apartments, Norristown, PA (top left photo) – The 84-unit complex received $3,150,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
12 Chandler Avenue, Taunton, MA (top right photo) – The 31-unit complex received $2,130,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
466 Broadway, Chelsea, MA (middle left photo) – The 17-unit complex received $1,900,000 funded under the Fannie Mae DUS® Affordable Housing product line. The seven-year refinance loan amortizes on a 30-year schedule.
Woodville Plaza Apartments, Jackson, MS (middle right photo) – The 96-unit complex received $1,170,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 25-year schedule.
Magnolia Place Apartments, Windsor Locks, CT – The 31-unit complex received $1,500,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Austin Street Apartments, New Haven, CT – The 24-unit complex received $1,050,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Each of the loans was originated by John Kelly (bottom left photo), Vice President, in Arbor’s full-service Boston, MA, office.
“In the case of the Chandler as well as Logan and Astor properties, the respective borrowers were able to place long-term financing on well-maintained and managed assets,” Kelly said.
“For the Magnolia Place and Austin Street properties, our clients were able to take advantage of Arbor’s small balance program and the low interest rate environment to position the assets for the long-term.”
Contact: Christopher Ostrowski, email@example.com