Wednesday, June 6, 2012

Charles Dunn Co. Completes $2.9 Million Record-Breaking Sale of Nine-Unit Multifamily Property in Los Angeles

 LOS ANGELES, CA. June 6, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,894,000 sale of a nine-unit apartment property located at 3321 Mentone Ave. near the major cross street of National in Los Angeles.  

Albert Shilton (middle right photo) and Blake Rogers (lower left photo) of Charles Dunn Company represented the seller, San Diego-based JM Residential I, L.P.

The buyer was a private investor from Los Angeles and was represented by Centennial Real Estate. The property sold at a cap rate of 4.8 percent and a 14.0 gross rent multiplier.

“This transaction set a sales record for the 90034 zip code,” said Rogers. “It garnered the highest gross rent multiplier and lowest cap rate since 2006, as well as the highest price per square foot of $360 since 2001. The quality and unit mix of the asset, along with the lack of inventory contributed to the record breaking price.”

 Built in 2005, the property totals 8,036 square feet and was 100 percent occupied at the close of escrow.  The building amenities include private rooftop sun decks. The units consist entirely of two-bedroom/2.5-bathroom townhomes.

“The townhome-style offering and the age of the building, along with the freeway-close location were all factors in attracting multiple buyers who saw the long-term value in this multifamily property,” added Shilton.


Darcie Giacchetto
D.G. Communications, Inc.

KB Partnership Awards Charles Dunn Co. 1.1-Million-SF Industrial Property Management Assignment in Vernon, CA and Los Angeles

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been awarded the KB Vernon Portfolio, a nearly 1.1 million square foot property management assignment from KB Partnership, a partnership between Black Equities and ARKA Properties both based out of Beverly Hills, California.

The KB Vernon Portfolio totals ten buildings and is nearly 100 percent occupied. It consists entirely of industrial properties in the cities of Vernon and Los Angeles.

With this latest assignment, Charles Dunn Company now manages a total of 6.6 million square feet of industrial property located throughout Los Angeles County with a total property management portfolio in excess of 23 million square feet throughout California, Utah, Pennsylvania, Florida, Ohio and Arizona for third-party clients. 

 The firm has added approximately 2 million square feet of property management assignments so far this year.

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

Darcie Giacchetto
D.G. Communications, Inc.

HFF secures $19.3 million financing for Class A multi-housing community in Gainesville, FL

MIAMI, FL – HFF announced today that it has secured a $19.3 million financing for Wildflower Apartments (top left photo), a 201-unit, Class A multi-housing community in Gainesville, Florida.

Working exclusively on behalf of EPOCH Properties, HFF placed the seven-year, fixed-rate loan through Prudential Mortgage Capital Company. 

Wildflower Apartments is located at 1210 Southwest 11th Avenue directly across from the University of Florida campus and Shands Hospital.  The 99 percent occupied property has five residential buildings with one-, two- and three-bedroom units available with or without lofts. 

Built in 2007, community amenities include structured parking, concierge service, fitness facility, billiards room with pub area, air-conditioned basketball/sport court, resort style pool, resident’s club and surround sound screening room.

The HFF team representing the borrower was led by director Elliott Throne (middle right photo).

“This deal represented perfect circumstances for the lender to seize the opportunity to make an excellent investment in the area’s premier multi-housing project with a superior sponsor who is locking in financing at a time when rates are at incredible lows” stated Throne.

ELLIOTT P. THRONE                                  
HFF Director                                                   
(305) 421-6549                                                                                                                            

HFF Associate, Marketing  
(713) 852-3500   

HFF closes $40 million sale of 441 Stuart Street in Boston

 BOSTON, MA – HFF announced today that it has closed the sale of 441 Stuart Street (top centered photo), a 163,770-square-foot office building in Boston, Massachusetts. 

HFF marketed the property exclusively on behalf of the seller, ST Residential.  Synergy Investments purchased the property for $40 million free and clear of debt.

Located in the epicenter of Boston’s 24/7 core, 441 Stuart Street is an Art Deco-style building near Boston’s Back Bay and South End neighborhoods.  The property provides nearby access to public transportation in addition to having ground-floor retail space. 

The HFF team representing the seller was led by managing director Coleman Benedict (middle right photo) and director Ben Sayles lower left photo).

“This asset was particularly attractive to investors due to its premier location and value-add components,” said Benedict.  “In the end, Synergy provided the most compelling bid for our client.”

Synergy Investments is a Boston-based real estate investment firm focused on the acquisition and operation of office, retail and residential assets, and their associated debt.


COLEMAN J. BENEDICT                            
HFF Managing Director                                 
(617) 338-0990                                                                                                                         

HFF Associate, Marketing  
(713) 852-3500   

HFF closes sale of five-property hotel portfolio

DALLAS, TX – HFF announced today that it has closed the sale of five hotels totaling 1,319 guest rooms in Florida, North Carolina and Texas.

HFF marketed the offering on behalf of the seller, FelCor Lodging Trust.  The portfolio was sold free and clear of debt. 

 The five fee-simple hotels were sold unencumbered of property management but with the current franchise affiliations which included Doubletree, Embassy Suites, Sheraton and Holiday Inn.

The HFF team representing seller was led by senior managing director Bill Stadler (middle right photo) and managing director John Bourret (lower left photo).

Founded in 1994, FelCor Lodging Trust is a real estate investment trust that owns interests in 70 hotels and resorts, located in major markets throughout the United States.  FelCor’s portfolio consists primarily of upscale hotels and resorts flagged under globally recognized brands.


WILLIAM STADLER                                 
HFF Senior Managing Director             
(214) 265-0880                                                              

JOHN BOURRET                               
HFF Managing Director            
(214) 265-0880                                             

HFF Associate, Marketing  
(713) 852-3500   

Berger Commercial Realty Represents Industrial Development International in Purchase of 42 Acres of Land in Davie, FL for More than $20.6 Million

 FORT LAUDERDALE, Fla. (June 5, 2012) – Berger Commercial Realty founder and president Lloyd Berger (top right photo) and broker Reese Stigliano (top left photo), SIOR, along with Pat Montalbano of Montalbano Commercial Realty, represented Industrial Development International (IDI) in the purchase of 42 acres of land in Davie, formerly the Palma Nova mobile home park, for $20,689,000.

The seller was Silver Oaks Land Owner LLC. The deal closed May 30.

 IDI has submitted plans to the Town of Davie to construct 700,000 square feet of industrial warehouses spread among four buildings on its newly acquired land, which is located at Southwest 56th Avenue and Southwest 36th Street.

 "IDI saw the value in developing what may be Broward’s last major industrial Park," Lloyd Berger said. "It has been some time since we've seen new industrial development in the county. IDI's proven track record helps ensure this project will get built." 

The project is planned in two phases. Phase I includes a 122,175-square-foot building and 167,175-square-foot building on the western portion of the site, and phase II includes a 237,560-square-foot building and a 177,650-square-foot building on the site's eastern portion. A timeline for construction has not yet been released.

Atlanta-based IDI, which has had a regional office in Fort Lauderdale since 1999, has developed more than 4.5 million square feet of business center space in Broward and more than 1 million square feet in Central Florida. The company is currently building a 264,000-square-foot warehouse in Miramar.


Marielle Sologuren
Pierson Grant Public Relations
6301 Northwest 5th Way, Suite 2600
Fort Lauderdale, FL 33309
Phone: (954) 776-1999, ext. 226
Fax: (954) 776-0290

Arbor Funds $42.8M in Fannie Mae and Bridge Deals Nationwide

UNIONDALE, NY (June 6, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight Multifamily loans totaling $42,830,200 under Arbor’s Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Military Housing Loan, Fannie Mae DUS® Dedicated and Traditional Student Housing Loan and Arbor Bridge Loan product lines across the country.

These loans include:

·         Brannigan Village Apartments, Winston-Salem, NC (top left photo) – This 254-unit property received $12,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Brannigan Village includes an in-ground swimming pool facility, a tennis court facility and playground.

·         Wilshire Park Apartments/Wilshire Landing Apartments, Wilmington, NC (top right photo) – This 96-unit dedicated student complex received $8,500,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The two properties were built in 2009 and 2011 to serve the University of North Carolina Wilmington.  Along with an onsite in-ground swimming pool, each apartment includes a washer, dryer and 42-inch flat screen television.

·         Birchfield at Millstone, Fayetteville, NC (middle left photo) – This 60-unit property received $5,000,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Birchfield at Millstone is a new property completed in 2011 and its amenities include a fitness center and resort-style swimming pool area with a sundeck and clubhouse.

·         Indigo Pines Apartments, Daytona Beach, FL (middle right photo) – This 240-unit property received $5,720,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Amenities at Indigo Pines include a fitness center and swimming pool.

·         Marina Vista Apartments, Daytona Beach, FL (lower left photo) – This 192-unit property received $3,000,000 funded under the Fannie Mae DUS® Student Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Marina Vista Apartments serves nearby Daytona State College and Bethune Cookman University. The property has undergone recent significant renovations, and its amenities include a picnic area with barbeque grills, a playground and in-ground swimming pool.

·         A 101-unit property in San Antonio, TX  received a $2,884,000 acquisition loan with a two-year term funded under the Fannie Mae Bridge Loan product line.

·         Whitney Manor Apartments, Hartford, CT (lower right photo) – This 58-unit property received $2,426,200 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Whitney Manor has undergone extensive renovations in the past few years, adding a new central hot water system, unit appliances as well as new exterior paint and siding.

·         Lynn Portfolio, Lynn, MA (bottom left photo) – This 53-unit complex received $2,400,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The Lynn Portfolio is centrally located only nine miles north of Boston.

All of the loans were originated by John Edwards (bottom right photo), Vice President in Arbor’s Boston, MA, office.

 “As evidenced by this wide variety of transactions, Arbor provides a tremendous diversity of loan products wherever our clients do business.” Edwards said. “Of course, with the Multifamily market currently outperforming other asset classes, Arbor has made sure it is there for its clients in a variety of ways as they seek to take advantage of current fundamentals. This speaks to our greater personal commitment to each and every client.”

Contact:  Christopher Ostrowski,

IPA Sells 91 Units in Los Angeles for $16.1 Million

LOS ANGELES, CA– Marcus & Millichap’s Institutional Property Advisors (IPA), the firm’s recently formed institutional multifamily brokerage division, has brokered the sale of  Ardmore Court Apartments (top left photo), a 91-unit apartment complex near the Wilshire District in Los Angeles. The sales price of $16,150,000 equates to $177,473 per unit and $296 per square foot.

 Greg Harris (middle right photo), an executive vice president, and Kevin Green (middle left photo) and Joe Grabiec (lower right photo), both associate directors, represented the seller, a joint venture between Fowler Properties Acquisitions/PCCP and CalSTRS. The buyer was a Los Angeles-based private party also represented by IPA.

“The buyer seized a unique opportunity to acquire a sizeable market-rate asset in Los Angeles’ coveted Koreatown neighborhood,” says Grabiec. “Due to its infill location and strong micro-economic trends, the property is well poised for future rent growth and the realization of its upside potential.”

The 54,617-square foot property is located on a corner lot two blocks north of Wilshire Boulevard and west of Normandie Avenue at 510 South Ardmore Ave., two miles south of the Hollywood Freeway, U.S. Highway 101. The neighborhood is close to the Wilshire District, less than five miles from the heart of Hollywood and five miles to downtown Los Angeles.

Ardmore Court Apartments is a three-story apartment building constructed in 1980 and renovated in 2008/2009. All units have wall air conditioning and heating units and are separately metered for gas and electricity. The property features 19 spacious studios and one- and two-bedroom floor plans.

 The apartments have modern kitchens with stainless steel sinks, gas ranges, dishwashers and designer-selected carpeting, flooring and window coverings. Select units feature private balconies.

Community amenities include gated subterranean parking with 109 parking spaces, controlled access, courtyard areas and centrally located laundry facilities on each floor.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Franklin Street’s Atlanta Office Expands for Third Time in Three Years

ATLANTA, GA— Franklin Street’s fast-growing Atlanta operation has nearly doubled the size of its space, moving into a 5,600-square-foot office with room for over 40 employees in the Lenox Plaza building (top left photo) Peachtree Road NE, in the heart of Buckhead.

This marks the third expansion in three years for the Atlanta team.

Since Franklin Street’s first Atlanta office opened in 2010, its capabilities have grown from retail investment sales to also include multifamily and commercial property management, multifamily investment sales, retail tenant representation, retail landlord representation, a commercial insurance division, and capital advisory services.

Franklin Street is leasing the premises from HD Realty, LLC, the owners of Lenox Plaza. “We chose this building because of the convenience to hotels, restaurants, and public transport,” said Danny York (lower right photo), Franklin Street’s Chief Operating Officer. “Also, the owners are investing substantial capital into the building to improve its appearance.” 

 For more information on Franklin Street, please see the company’s website at

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

Noelle Anderson, APR
Principal & President
True Blue Communications

Plaza Advisors Announces Sale of Vine Street Square in Kissimmee, FL

TAMPA, FL June 6, 2012 --Plaza Advisors is pleased to announce the sale of Vine Street Square (top left photo) in Kissimmee (Orlando MSA), Florida.

 The shopping center is situated at the intersection of US 192 and Dyer Boulevard and totals 120,699 square feet of gross leasable area.

The major tenants include Walmart Neighborhood Market, Office Max, Dollar Tree, Humana, and a freestanding Outback Steakhouse.

The asset was constructed in phases between 1986 and 1996. The property was 97.6% leased at the time of sale.

Jim Michalak (middle right photo) and Paul Bores (middle left photo) of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer were Kimco Realty Corp and The Phillips Edison Group LLC, respectively. 

“The capital market demand for the asset was remarkable and resulted in a tremendous number of offers” Jim Michalak stated. “Buyers ranging from REITs, institutions, Broker Dealer Funds as well as private equity investors submitted offers”.

Additionally Michalak emphasized that “the compelling reason for the aggressive bidding was that the asset is grocery anchored with the investment grade credit of Walmart”.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties throughout the State of Florida.

 Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

Plaza Advisors has closed over 100 shopping center transactions, with a combined GLA exceeding 13 million square feet with an aggregate sales volume in excess of $1.5 billion.


Jim Michalak
Managing Partner
 Plaza Advisors
3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627