Saturday, January 12, 2013

ARA Brokers Sale of 505 Units in South Miami-Dade County

Emerald Palms Apartments, Kendall, FL
Miami, FL — The Boca Raton office of 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 Emerald Palms, a 505-unit luxury garden apartment community located in southern Miami-Dade County.

 ARA South Florida-based Senior Vice President Hampton Beebe along with Principals Avery Klann and Richard Donnellan, represented Cleveland, OH-based Forest City Residential Group’s Denver, CO-based Grand Peaks purchased the property for $70,500,000.

Richard Donnellan
 “Emerald Palms was built in multiple phases between 1985 and 2004 and has been owned for nearly 20 years by Forest City,” noted Richard Donnellan. “As a result, the property has maintained stabilized long-term occupancy and premium rental rates.”

 Phase I at Emerald Palms includes 103 townhome units built in 1985 and 316 garden-style units constructed in 1988. Phase II includes 86 apartment and townhome units constructed in 2004.

“Grand Peaks plans to continue to improve Emerald Palms’ position in the market through their management expertise,” noted Hampton Beebe, lead broker on the deal. “Many upgrades have already been implemented by the former owner which enabled them to achieve rent premiums.”

Miami-Dade Community College
Kendall, FL Campus
Emerald Palms is located just west of Florida’s Turnpike at SW 151st Street. The property enjoys a convenient location in the Kendall/South Dade submarket, which includes 13.7 million square feet of office space.

 Significant employers within six miles include Baptist Health of Miami (4,700 employees), Assurant Insurance (2,000 employees), PRC call center (1,600 employees) and the South Dade Government Center (500 employees). The property is also only five miles south of Miami-Dade College’s Kendall Campus, with an enrollment of more than 35,000 students.

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

Lisa Robinson at, 678.553.9360
 Amy Morris at, 678.553.9366;
locally, Marti Zenor, at or 561.988.8800.

ARA Executes Sale of 166 Remaining Units in Downtown West Palm Beach, FL High-Rise

The Strand Apartments, West Palm Beach, FL
West Palm Beach, FL  — The Boca Raton, FL office of 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 166 available units in The Strand, a 275-unit luxury high-rise multihousing community located in downtown West Palm Beach in Palm Beach County.

 ARA South Florida-based Principals, Avery Klann and Marc deBaptiste, along with Senior Vice President, Hampton Beebe, represented Boston-MA-based Cross Harbor Capital Partners in the transaction.

The MORE Group, a Delray Beach, FL-based multifamily organization led by Principal Victoria Wood, provided asset management advisory services for The Strand.

Jeff Greene
 Palm Beach resident Jeff Greene purchased the property for $28,500,000 and plans to continue to rent out the units, which are currently 95% occupied.

 “As one of the last remaining fractured condominiums in South Florida, the buyer saw the intrinsic value of this trophy property,” noted Avery Klann, lead broker on the deal. 

Avery Klann
“In addition to spectacular water and cityscape views, the property is located within the Clematis District, which offers numerous fine dining and shopping opportunities and major employment centers are also just minutes away. ”

 Constructed in 2002, The Strand features high-quality concrete block construction, high-rise design, controlled access garage parking, wide array of floor plans and a myriad of community amenities. 

Marc deBaptiste
The property stands out as one of the few waterfront communities in downtown West Palm Beach featuring unobstructed views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean.

 The 15-story building includes 9’3” and 10’5” ceilings and a six-story enclosed garage parking structure.

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

Lisa Robinson at, 678.553.9360
 Amy Morris at, 678.553.9366;
locally, Marti Zenor, at or 561.988.8800.

Marcus & Millichap Sells 14,375-SF Retail Building in Oakland Park, FL for $1.28 Million

Dixie Plaza, Oakland Park, FL
OAKLAND PARK, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dixie Plaza, a 14,375 square-foot street retail property located in Oakland Park, FL. 

The asset commanded a sales price of $1,280,000.

Barry M. Wolfe
 Vice President Investments Barry M. Wolfe, First Vice President Investments Marc E. Strauss and Associate Richard Moravek in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a private investor from Fort Lauderdale, FL.  The buyer, a private investor from Oakland Park, FL was secured and represented by Strauss and Moravek.

Marc E. Strauss
Dixie Plaza is a well-maintained retail plaza owned by the same owner since 1984. The plaza traditionally has maintained very strong occupancy.

Long term tenants include the Peace Pipe (1998), The Fox and the Hounds Bar (1996), Armen Realty (1997) and Living Reef (2006). These tenants, in addition to Mr. Motor Scooter, Burrito Loco restaurant and more result in a diverse tenant mix without competition from each other.

Dixie Plaza is located at 4800 North Dixie Highway.
For a complete copy of the company’s news release, please contact:

Gregory Matus
Vice President/Regional Manager,
 Fort. Lauderdale, FL
(954) 245-3400

Chatham Lodging Announces First Monthly Dividend

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, announced that its board of trustees has declared a monthly common share dividend of $0.07 for January 2013. 

This represents the company’s first monthly dividend payment. The common dividend is payable February 22, 2013, to shareholders of record on January 31, 2013.

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

Jerry Daly                                                              Dennis Craven
Daly Gray Public Relations                                     Chief Financial Officer
(Media)                                                                 (Company)
(703) 435-6293                                                     (561) 227-1386          

Agree Realty Acquires Portfolio Of Applebee's Restaurants

Joey Agree
FARMINGTON HILLS, MI /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) announced that it has acquired a portfolio of four Applebee's restaurants as well as an Advance Auto Parts in late December 2012.  The aggregate cost of the acquisitions was approximately $10,100,000.

These acquisitions bring the Company's 2012 total acquisition activity to approximately $81.5 million, compared to the Company's 2011 total acquisition volume of approximately $39 million.

Acquisition activity for 2012 totaled approximately 400,000 square feet, in 15 states, spanning 13 retail sectors with an average lease term of 14.5 years.  Approximately 68% of the annualized base rents for these 2012 acquisitions are from investment grade retailers.

The recently acquired Applebee's assets are located in Harlingen, Texas, and Wichita Falls, Texas, as well as two properties in Pensacola, Florida. Each of the restaurants is on a new 20 year lease providing for fixed annual rental increases.  The Advance Auto Parts is located on an outlot to a Walmart Supercenter in Lebanon, Virginia. 

 "We are pleased to add the Applebee's restaurants to our growing portfolio," said Joey Agree, President and Chief Executive Officer.  "We continue to expand and diversify our portfolio of assets leased to industry leading tenants."

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

Alan Maximiuk,
Chief Financial Officer,

Roberts Realty Investors, Inc. Updates Status of Peachtree Parkway Sale in Atlanta, GA

Charles S. Roberts
 ATLANTA, GA /PRNewswire/ -- Roberts Realty Investors, Inc. (NYSE MKT: RPI) announces that the sale of its 20 acre Peachtree Parkway property to Lennar Multifamily Investors, LLC for a net sales price of $7,090,000 is scheduled to close on February 7, 2013. 

Lennar completed its due diligence on the Peachtree Parkway property on January 4, 2013 and in accordance with the terms of the sales contract its $300,000 earnest money deposit is now non-refundable.

We intend to use the $7,090,000 of sale proceeds to pay off our Peachtree Parkway land loan, which will significantly reduce the company's debt.  The payoff of the Peachtree Parkway land loan will also release our North Springs property, which serves as $4,400,000 of additional collateral for the Peachtree Parkway land loan. 

North Springs, GA Commuter Rail Station
The North Springs property is a 10-acre site located on Peachtree Dunwoody Road in Sandy Springs across from the North Springs commuter rail station that is zoned for 356 apartment units, 210,000 square feet of office space, and 56,000 square feet of retail space. 

The North Springs property has a book value of $11,000,000 and after the closing of the sale, the company will own the North Springs land on a free and clear basis, which will provide the company with additional financial flexibility and further growth opportunities. 

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

Charles S. Roberts, President, +1-770-394-6000, Fax: +1-770-551-5914

240 Nevada Apartment Units Sell for $17.1 Million

The Waterford Apartments, Sparks, NV
SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Waterford Apartments, a 240-unit multifamily community in Sparks. The $17.1 million sales price equates to $71,250 per unit.

            Kenneth Blomsterberg, a first vice president investments in the firm’s Sacramento, Calif. and Reno, Nev. offices, represented the selling group, led by Silverwing Development’s J. Carter Witt III, and the buyer, a Danville, Calif.- based apartment investment firm.

Ken Blomsterberg
  “Waterford Apartments’ unique combination of in-demand location, superior condition and amenities make it an exceptional opportunity for the investor,” says Blomsterberg.

“Effective rents in the nearby Reno/Sparks metro rose a modest one-half percent last year, and vacancies declined by 55 basis points,” Blomsterberg adds. “Although we do see some trends toward home buying in the area, premium properties in desirable submarkets like this one are on solid ground where revenue is concerned.”

Located at 800 Nichols Blvd., the 201,904-square foot, 1980-built property overlooks Sparks Marina Park and includes 32 two-story wood frame buildings with vinyl siding.

 It comprises 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath single-floor units, and eight three-bedroom/two-bath duplex units.

Waterford Apartments was extensively renovated during the past five years with all-new windows, doors, siding, landscaping, a pool and spa, and washers and dryers in more than 80 percent of its units. Other amenities include fully equipped kitchens, a health club, and lighted tennis and basketball courts. The asset’s professionally maintained and gated grounds are landscaped in a Mediterranean style, with fountains throughout.


Public Relations
(925) 953-1716

HFF places $15.6 million loan with Freddie Mac for St. Petersburg, FL luxury high-rise

Skyline Fifth Apartments, St. Petersburg, FL
 MIAMI, FL – HFF announced it has placed a $15.6 million loan with Freddie Mac for Skyline Fifth, a 178-unit, luxury high-rise multi-housing property in St. Petersburg, Florida.

                HFF worked exclusively on behalf of the borrower, Altis, LLC, to secure the 10-year, 3.71 percent, fixed-rate loan through the agency’s CME Standard Execution Program.  

Loan proceeds were used to acquire the property.  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Elliott Throne
Skyline Fifth is located at 441 33rd Street North close to Interstate 275 and St. Pete Beach in the Kenwood area of St. Petersburg.  Originally built in 1962, the property underwent a complete renovation in 2009 and is currently 97 percent leased. 

Skyline Fifth features one- and two-bedroom units in nine different floorplans.  Community amenities include a swimming pool, cardio center and a café lounge with internet access. 

Manny de Zarraga
 The HFF team representing Altis, LLC, was led by director Elliott Throne and executive managing director Manny de Zárraga.

“The borrower locked in great, long-term financing on a practically brand new asset whose local popularity is evidenced by its very high occupancy. 

"Like many borrowers today, who are taking advantage of this very low interest rate environment, the buyer now has a great financial asset to go along with their real estate asset,” said Throne.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |