Wednesday, October 26, 2011
IRVINE, CA – HFF announced today that it has secured $15 million in financing for Pine Valley Ranch (top left photo), a 256-unit, recently-completed multi-housing community in Spokane, Washington.
Working on behalf of Wolff Company, HFF placed the 15-year, fixed-rate loan with a major institutional client represented by AEGON USA Realty Advisors, LLC. Loan proceeds paid off the construction loan and recapitalized a portion of the borrower’s equity.
Completed in 2011, Pine Valley Ranch has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each. Community amenities include an outdoor pool, clubhouse with full kitchen, fitness center and theatre room. The property is situated on 24 acres at Highway 27 and East Belle Terre Avenue in southeast Spokane.
The HFF team representing Wolff Company was led by managing director David Bleiweiss (lower right photo) and associate director Greg Brown.
“Through our correspondent lender relationships, we were able to secure an attractive forward fixed-rate loan approximately six months prior to completion and final certificate of occupancy for a partially constructed asset in a secondary market. Also, because of our long-term relationship and history with the borrower, along with the due diligence we provided, the lender was able to get comfortable with the real estate and our loan request,” said Bleiweiss.
Wolff Company is a private real estate investment company that acquires, develops and operates income properties with an emphasis on multifamily assets.
David A. Bleiweiss, HFF Managing Director, (949) 253-8800 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Kitty Wallace (top right photo), Executive Vice President, based in Colliers International’s West Los Angeles office, closed both deals.
The first property is a 149-unit property, Pebble Grove (middle left photo), located at 1790 W. Arrow Route in Upland, Calif. The transaction is valued at $17.135 million. Wallace represented both the Seller, The Watt Companies, and the Buyer, Temecula Village Retail Dev LP.
Pebble Grove is well situated in a good pocket of Upland that is surrounded by affluent neighborhoods such as Rancho Cucamonga and Claremont. It is also conveniently located within 1.5 miles of the 10 freeway, Montclair Plaza, the Montclair Hospital, and the Claremont Colleges.
“There was a bidding war for Pebble Grove with seven potential buyers offering at list price or higher,” said Wallace. “The property ended up closing at a 3.16% CAP Rate on actuals. People were attracted to the property’s size, condition, location, and its value-add potential. We were able to show investors that this 1986 property had significant rental upside that could be achieved through strategic renovations aimed at improving occupancy, increasing rents and the N.O.I.”
The second property, a 32-unit, Montana Avenue Apartments (middle right photo), is located at 11965 and 11973 Montana Ave., Brentwood, Calif. It was sold for $8.85 million. Wallace represented the Seller, American Alliance Capital Group. The Buyer, Kian Investment LLC, was represented by Faraj Kerendian.
The Montana Avenue Apartments are located just one block from upscale shopping on San Vicente Avenue in Brentwood, Calif. Each apartment features original hardwood flooring, high ceilings, amenitized kitchens, and oversized bay windows. Common area amenities include professional landscaping, a courtyard, fountain, on-site laundry, and 23 parking spaces.
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Angela S. Hwang
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ATLANTA, GA – Cassidy Turley Commercial Real Estate Services reports the Metro Atlanta offi ce market posted positive net absorption of 198,508 square feet in the third quarter, bringing the overall vacancy rate down from a record high 21.5% the previous quarter to 21.3%.
During this time period, average asking rates continued their decline, from $18.76 per square foot to $18.60 per square foot.
While the Class A market has been outperforming the Class B market in recent years, with Class B tenants taking advantage of discounted rates and upgrading to Class A space in a fl ight to quality, this quarter saw both classes with net occupancy gains and decreasing vacancy rates, indicating a recovery that is gradually expanding beyond core assets.
Total leasing activity for the third quarter, while down from this period last year, is up from the previous two quarters.
For a complete copy of the report, along with statistics, please contact
Tony Wilbert, Media, firstname.lastname@example.org
171 17th Street NW
Atlanta, GA 30363