Monday, December 24, 2012

Rock Ventures Wraps Up 2012 with Purchase of Five Downtown Detroit Properties

Dan Gilbert
 DETROIT, MI /PRNewswire/ -- Rock Ventures announced the purchase of five additional properties, wrapping up a year in which it acquired eight buildings totaling 630,000 square feet of commercial space.

The newest acquisitions bring Rock Ventures' downtown Detroit real estate investments to 15 buildings totaling 2.6 million square feet of commercial space, and three parking structures for a combined 3,500 parking spaces.

In addition, Rock Ventures broke ground on a 33,000 square-foot specialty retail development and 10-story parking garage last month, renovated 633,000 square feet of commercial space, and located 45 companies to the city, including Twitter, Chrysler, Metro-West Appraisal, and numerous technology related start-ups.

Rock Ventures' family of companies, including Quicken Loans and Title Source, has brought 7,000-plus people to work in downtown Detroit since August 2010.

"It has been an exciting year of opportunity in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.  "Our focus in 2013 will be on the three R's - residential, rail and retail - all of which are vital in creating the vibrant, thriving urban core that we all envision."

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

Paula Silver,

Lynd and Endeavor Real Estate Group Start Construction on 36-story, Luxury Apartment High-rise in Downtown Austin, TX

Michael Lynd Jr.
 San Antonio, TX – San Antonio-based Lynd, in partnership with Austin-based Endeavor Real Estate Group, has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building in downtown Austin.

 Equity for the project is being provided by an institutional investor, who is being advised by Dallas-based L&B Realty Advisors, LLP.  This is the second collaboration between Lynd and L&B Realty Advisors – the first being the successful EnV Chicago high-rise, which was awarded Multifamily Executive’s Project of the Year in 2011. 

 The Bowie, located at 311 Bowie Street, sits along the banks of Shoal Creek and the planned expansion of the famed Hike and Bike Trail.  The site is directly across the street from Whole Foods’ headquarters and flagship grocery store and sits within the Market District – one block east of Lamar Blvd. and two blocks north of Lady Bird Lake. 

“Lynd and Endeavor have assembled an excellent team to design and build what we believe will be one of the finest luxury residential rental buildings in all of downtown Austin,” said Michael Lynd, Jr., CEO of Lynd. 

“Together, Lynd, Endeavor, and L&B are focused on delivering a residential experience that reflects the unique spirit, texture and culture of Austin. This is a special project with a fantastic location.”

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

Todd Templin
Boardroom Communications

 Lynd Contact:
Daniel Zunker, Lynd

Charles Dunn Co. Completes $13.5 Million Sale of 45-Unit Luxury Multifamily Property in Hollywood Hills Submarket of Los Angeles

1865 North Fuller Ave., Hollywood Hills, CA
LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $13.5 million sale of a 45-unit multifamily property located adjacent to Runyon Canyon Park at 1865 N. Fuller Ave. in the Hollywood Hills submarket of Los Angeles.

 Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based South Brockton Partners, LLC, as well as the buyer, Los Angeles based Dorchester Properties, LLC.  The sale closed at a 4.7 percent cap rate.

Hamid Soroudi
1865 N. Fuller sits adjacent to Runyon Canyon Park located on nearly one-acre of land and property amenities include controlled access, two elevators, gym, resort-style swimming pool and gated parking garage.  The units are very large with approximately 1,400 square feet. Some of the units have  been renovated with granite counter tops and new kitchen and bathroom cabinets and flooring.

 “The buyer intends to reposition the property and will renovate the common areas and the remaining un-renovated units in order to eventually increase rental rates,” said Soroudi.  

 Soroudi leads Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.


Darcie Giacchetto
D.G. Communications, Inc.

Marcus & Millichap Announces Sale of Hidden Oaks in Dunedin, FL for $345,000


Hidden Oaks Apartments, Dunedin, FL

DUNEDIN, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hidden Oaks, a 10-unit apartment property located in Dunedin, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. 

The asset commanded a sales price of $345,000.

Michael P. Regan and Francesco P. Carriera, vice president investments and James Vestal, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. 

Michael P. Regan
The buyer, a limited liability company was also represented by Michael P. Regan, Francisco P. Carriera and James Vestal. 

Hidden Oaks was built in 1974 and is located at 590 New York Avenue in Dunedin.  This 10-unit apartment community is situated on approximately .55 acres of land and is comprised of one, two-story building. 

 There is a mix of one and two bedroom apartments and all units have central air-conditioning.  Community amenities include on-site laundry facility, ample on-site parking and screened-in porches.

“This sale represents a strong demand for the dwindling supply of distressed assets in the market” says Vestal.

Press Contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700