Thursday, June 14, 2012
ATLANTA, GA – HFF announced that it closed the sale of Paces Station (top left photo), a 610-unit, Class B garden-style multi-housing community in Atlanta’s Vinings neighborhood.
HFF marketed the property on behalf of a national REIT. The buyer, TA Associates Realty, purchased Paces Station for $57 million, or $93,400 per unit, in an all-cash transaction.
Paces Station is located at 3000 Paces Walk near Interstate 285 northwest of downtown Atlanta. The three-phased community is situated such that each phase offers its own entrance and amenity package.
Completed in 1989, the community includes 51 buildings totaling 593,922 square feet and includes one- and two-bedroom units averaging 974 square feet each.
The HFF team representing the seller was led by senior managing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo).
“Paces Station’s location in Vinings, one of Atlanta’s most desirable in-town neighborhoods, provides a great value-add opportunity for the buyer,” commented Nettles who continued, “Paces Station represents one of the last untouched rehab opportunities for a Class B asset in Vinings. This unique position created a very institutional bid pool and the property sold to an unleveraged, core buyer.”
Established in 1982, TA Associates Realty is one of the largest and most experienced privately held real estate advisors in the United States. TA Associates Realty manages 91 million square feet of commercial real estate and 12,300 residential units located in 35 markets nationwide.
HFF Senior Managing Director
HFF Director, Marketing
Boca Raton, FL — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the South Florida Bulk Portfolio, a two-property bulk offering comprised of Portofino at Jensen Beach (top left photo) and Courtney Park at Winston Trails (middle right photo) located in Lake Worth, FL.
ARA South Florida-based Principals Marc deBaptiste and Avery Klann, along with Senior Vice President, Hampton Beebe represented Dizengoff-Trading Group, an private Israel-based investor with regional offices in Boca Raton, in the transaction.
Both Portofino at Jensen Beach and Courtney Park at Winston Trails are garden-style communities with a diverse mix of functional floor plans, located within close proximity to major arteries, employment centers and recreation.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor, at mzenor@ARAusa.com or 561.988.8800.šš
NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market two 12-story office buildings encompassing 56,724 square feet in Midtown Manhattan’s NoMad neighborhood.
“The buildings are prominently located on the south side of East 33rd Street between Madison Avenue and Fifth Avenue,” says Hosey.
“They are currently 100 percent leased to a diverse group of tenants at below-market rates but one or both could be converted into condominiums, high-end apartments or a boutique hotel.”
The properties are located at 10 East 33rd St. and 12 East 33rd St. in Manhattan.
The location is adjacent to the Empire State Building (lower left photo), which receives more than 15,000 visitors daily. The buildings are also steps from Madison Square Garden, Madison Square Park and the prime Fifth Avenue and 34th Street retail corridors. Direct access to major transportation hubs such as the No. 6 line subway station, Penn Station, Grand Central Station, the Midtown Tunnel and the Lincoln Tunnel is nearby.
The two office buildings feature 22 full-floor office lofts and 4,000 square feet of ground floor retail. The properties total 50 feet of frontage on East 33rd Street (Block: 862, Lots: 66 and 67). Both buildings are situated on 25-foot by 98-foot lots and are built 25 feet by 94 feet. The properties are zoned C5-2 (R10A equivalent).
The buildings have received significant improvements, including new lobbies and new elevators within the last year. Both properties have private security and a full-time super on the premises.
Public Relations Manager
U.S. Foreclosure Activity Increases 9 Percent in May, According to RealtyTrac® U.S. Foreclosure Market Report
IRVINE, CA, June 14, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for May 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 205,990 U.S. properties in May, an increase of 9 percent from April but still down 4 percent from May 2011.
The report also shows one in every 639 U.S. housing units with a foreclosure filing during the month.
“U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,” said Brandon Moore (top right photo), CEO of RealtyTrac.
“Based on the rise in pre-foreclosure sales we’ve seen so far this year, a higher percentage of these new foreclosure starts will likely end up as short sales or auction sales to third parties rather than bank repossessions going forward.
“While pre-foreclosure sales have less of a negative impact on home values than bank-owned sales, they still represent a discounted sale where a distressed homeowner is losing his or her home.
“Disposing of distressed homes by pre-foreclosure sale can also benefit lenders and servicers because pre-foreclosure homes sell at a higher average price point than bank-owned homes,” Moore continued.
“Our first quarter foreclosure sales report showed that the average price of a pre-foreclosure home was more than $27,000 higher than the average price of a bank-owned home — which quickly adds up given that there have been an average of 1.6 million nationwide foreclosure starts per year for the past five years.
“More banks are now recognizing that treating the problem of delinquent mortgages with short sales rather than bank repossessions can help them minimize their losses and also avoid taking on more REOs, which they then have to manage, maintain and market for sale.”
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