Tuesday, February 19, 2013

HFF closes $13 million sale of Decatur, GA multi-housing communities

Jason Nettles
ATLANTA, GA – HFF announced today that it has closed the sale of Birch Grove and Sycamore Chase, multi-housing communities totaling 332 units in Decatur, Georgia.

                HFF marketed the properties on behalf of the seller, an affiliate of Resource Real Estate.    Audubon Communities purchased the assets for $13 million in an all cash transaction.

David Wagner
Birch Grove and Sycamore Chase are situated on a combined 28.35 acres less than one mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive, respectively. 

The properties are located about nine miles east of downtown Atlanta within the perimeter of Interstate 285.  Birch Grove has 168 units and Sycamore Chase has 164 units with a combined occupancy of 94 percent.  Units are primarily two- and three-bedrooms with an average unit size of 1,142 square feet.

Birch Grove Apartments, Decatur, GA
The HFF investment sales team representing Resource Real Estate was led by senior managing director Jason Nettles and director David Wagner.

                Resource Real Estate manages a real estate portfolio with an aggregate value of approximately $1.7 billion, which includes over 24,000 apartment units across 66 multifamily communities in 18 states. It has over 550 employees across the United States with primary offices located in Philadelphia, New York City, Los Angeles, Denver and Omaha.

Sycamore Chase Apartments
Decatur, GA
                Audubon Communities is an Atlanta-based real estate firm with regional offices in New York City and New Orleans that specializes in the redevelopment and repositioning of multi-family assets.  Audubon Communities will manage the property and oversee a major renovation and repositioning of the two communities.  This acquisition marks the fifth Atlanta apartment community acquired by Audubon and its investment partners in the past 16 months.

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

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 | www.hfflp.com

HFF arranges $8.4 million in joint venture equity for development of Seattle multi-housing property

REO Flats, 1515 14th Avenue, Seattle, WA
LOS ANGELES, CA – HFF announced today that it has arranged $8.4 million in joint venture equity for the development of REO Flats, a 108-unit multi-housing property with ground floor retail in Seattle, Washington.

                HFF worked on behalf of Madrona Real Estate Services and Rick Moses Development to secure the equity through Glenmont Capital Management, LLC, a New York-based real estate investment firm. 

  Equity proceeds will be used for construction of the property, which is anticipated to take 16 months.

Christopher Vittetoe
REO Flats is located at 1515 14th Avenue between Pike and Pine in the Pike Pine urban neighborhood of Seattle’s Capitol Hill.  Upon completion, the seven-story property will have 68,723 square feet of residential space and 7,200 square feet of retail space plus 78 parking spaces.

                The HFF team representing the owner was led by director Christopher Vittetoe.

                Madrona Real Estate Services, LLC (“Madrona”) was founded by Bradford G. Augustine in 1996.  Madrona has developed commercial and residential projects throughout the Puget Sound region and currently manages more than 175,000 square feet of commercial property and more than 800 residential and condominium units.  Madrona currently owns or manages approximately 75,000 square feet of retail space on Capitol Hill.

Bradford G. Augustine
Rick Moses Development is a Los Angeles-based development group formed in 2007 by Rick Moses.  

Glenmont Capital Management, LLC (“Glenmont”) was founded in 2000 by Lawrence A. Kestin.  Glenmont is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States.  

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

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 | www.hfflp.com

Hendricks-Berkadia Negotiates $1.4 Million Price in Sale of Eight-Acre Development Site in Palm Beach County, FL

Cole Whitaker
ORLANDO, FL --- Hendricks-Berkadia, which ranks as one of the nation’s largest and most active multi-family investment banking, research and real estate advisory companies, recently negotiated a $1.4 million sale price for an eight-acre development site on Military Trail and Knollwood Rd. in Palm Beach County.

Cole Whitaker, partner who heads the southeast division of Hendricks-Berkadia, and associate partner Hal Warren negotiated the sale representing the seller, Capstone Resdev, LLC.

Hal Warren
CA Miami 7788 OMT LLC was the buyer.

For more information, contact:

Cole Whitaker, Southeast Partner, Hendricks-Berkadia, 407-218-8880, cwhitaker@hpapts.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Kristen Kelly Wins NAIOP Real Estate Award

Kristen N. Kelly
COSTA MESA, CA – NAIOP SoCal, the region’s leading commercial real estate organization, and the Center for Real Estate (CRE) at UC Irvine’s Paul Merage School of Business have selected Kristen N. Kelly, CPA, and an MBA Real Estate student at UC Irvine, as the 2012-13 recipient of the CRE-NAIOP SoCal Fellowship.

The NAIOP SoCal Fellowship is designed to develop and prepare future real estate industry leaders through both a learning experience and a financial award.

Kelly has received a $7,500 scholarship award to support her academic endeavors. Kelly will also serve as a liaison to the NAIOP SoCal Board of Directors where she will have the opportunity to be mentored by some of the nation’s top real estate executives.  She is currently an assistant controller at MBK Real Estate, LLC.

Lang Cottrell
“Kristen is a Miami University graduate, CPA and has gained solid real estate experience with KPMG, LLP and MBK Real Estate, LLC. Her work to date and commitment to building upon that foundation is a benefit to the Center for Real Estate and the future of our local real estate community,” said Lang Cottrell, president of NAIOP SoCal and regional director of Goodman Birtcher.

Cottrell added that this program is another example of the chapter’s commitment to education and fostering the next generation of real estate leaders.

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

Darcie Giacchetto
Spaulding Thompson & Associates

First Green Bank Names Architect for Winter Park, FL Branch; Sets Ribbon Cutting/Grand Opening for New Orlando Branch in April

Kenneth LaRoe
MOUNT DORA, FL --- First Green Bank with headquarters in Mount Dora and branches in Downtown Orlando, Clermont and Ormond Beach, recently appointed the Orlando architectural firm of VOA Associates to draw up building and site plans for a Winter Park branch.

Kenneth LaRoe, chairman and chief executive officer at First Green Bank, said the Winter Park branch will open by the end of the third quarter of this year.

“We can’t be specific on the location because the transaction has not closed,” LaRoe said, adding that the site us under contract.

First Green Bank Headquarters, Mount Dora, FL
Meanwhile, LaRoe said ribbon cutting for the downtown Orlando branch on Orange Ave. will be held April 11 with ceremonies starting at 6 p.m.

LaRoe said loan volume at First Green Bank in January soared over $10 million and February is on track to be a record month.

In 2012, First Green Bank broke records for assets and loan volume with assets totaling more than $200 million and loan volume at $151 million.

First Green Bank‘s headquarters in Mount Dora ranks as one of the few commercial buildings in Florida to earn the U.S. Green Building Council’s LEED Platinum certification. The firm was also named one of the nation’s greenest banks by the American Bankers Association.


Kenneth E. LaRoe, CEO and Chairman, First GREEN Bank, 352-483-9100, ken@firstgreenbank.com
Paul Rountree, President, First GREEN Bank, 352-483-9100, paul@firstgreenbank.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com