Friday, July 27, 2012

Hendricks & Partners Negotiates Sale of Cedarbrook Apartments in Hoover, AL for $16,750,000

BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Cedarbrook Apartments, a 320-unit apartment community located in Hoover, Ala. for $16.75 million.

David Oakley (lower right photo), senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, Cedarbrook Apartments, LLC, an Alabama limited liability company, based in Birmingham.

Cedarbrook, built in 1972 and renovated in 2010/2011, has a total of 329,980 square feet of rentable living space with one-, two- and three-bedroom apartments.

The buyer was Landmark at Deerfield Glen, LLC, based in Florida, and was represented by Tom Hinton of Hinton Properties.

 For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785, 
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Faris Lee Investments Names Michael Ward to Director

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has named Michael Ward (top right photo) to director.

At Faris Lee, Ward will focus on business development, expanding the firm’s market and client share primarily in the multi-tenant retail sector.

Ward had recently worked as vice president, director of acquisitions for Centro Properties where he was involved in the acquisition and closing of nearly $9 billion dollars of retail properties across the country.

“Michael is a strong addition to our team. He brings great diversity to the firm having spent the last ten years working on the principal side of the business,” said Rick Chichester (lower left photo), president and COO, Faris Lee Investments.

 “Michael will provide valuable insight and expertise to our focused approach to retail investment and will play a key role in our growth plans.”

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

Darcie Giacchetto
Spaulding Thompson & Associates