Monday, October 14, 2013

$22.8 Million Apartment Complex Sale Arranged in Homewood, AL by Marcus & Millichap

The Hill Apartments, 1840 Oxmoor Road, Homewood, AL

HOMEWOOD, AL, Oct. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Hill Apartments, a 122,763-square-foot apartment complex in Homewood, a suburb of Birmingham, Ala.

Patrick Jordan
The $22,875,000 sales price equates to $187,500 per unit.

            Patrick Jordan, a senior associate in Marcus & Millichap’s Memphis, Tenn. office and

 Eddie Greenhalgh, a senior associate in the firm’s Birmingham, Ala. office, represented the seller, a local property owner. Jordan also represented the New Jersey-based buyer.

            “The extremely high barriers to entry in the Homewood multifamily market and The Hill Apartments’ location within Birmingham’s best school district made this asset very attractive to investors,” says Jordan.

Eddie Greenhalgh
            The property was built in 2012 on 3.4 acres at 1840 Oxmoor Road near the new city hall in Homewood, Ala.

            The Hill Apartments feature one-, two- and three-bedroom units with condo-quality finishes such as granite countertops, custom hardwood flooring, crown molding, stand-up showers, balconies and washer and dryer.

Exterior amenities include secure gated entry, a saltwater swimming pool with a gazebo and outdoor kitchen; a state-of-the art 24-hour fitness center, ample parking and a coffee shop/business center.
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

CFA Announces Call for Entries for 2014 Projects of the Year Awards

Mt. Vernon, IA-- The Concrete Foundations Association (CFA) – the voice and established authority for the residential concrete industry – has announced the call for entries for the “2014 Projects of the Year” competition. 

Ed Sauter
The Projects of the Year is a free, competition for members of the CFA providing evidence of the continued excellence and professionalism found in a traditionally unrecognized or under-appreciated industry.

Entering its eighth year as a program that represents achievements across the full spectrum of work completed by members of the CFA, members will have their work presented during the World of Concrete and online at for the general industry and public to evaluate.

“The Project of the Year competition is one of the least utilized benefits for CFA members,” states Ed Sauter, executive director of CFA. 

“Originally the program sought only to find the toughest and most challenging project for that year.  Now the program seeks to validate the work of the entire industry by offering multiple awards in many categories.

“Receiving a Project of the Year recognition honors the commitment to quality and professionalism for the contractor and has proven to be a key component to their marketing for the year ahead.”

Voting takes place at the CFA’s booth location in the Central Hall (C4637) during the World of Concrete in Las Vegas, Jan. 21-24, 2014 in Las Vegas and online at beginning January 1st.

The rules and categories for submission can be found on the CFA website at

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

James R. Baty II
Managing Director
P.O. Box 204, Mount Vernon, IA 52314     
 Ph: (319) 895-6940             
 Fax: 320.213.5556

Marcus & Millichap Arranges Sale of 30,007-SF Shopping Center in Pembroke Pines, FL

Pembroke Corners, 17201 Pines Boulevard, Pembroke Pines, FL

Lori Schneider
PEMBROKE PINES, FL, Oct. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Pembroke Corners, a 30,007-square foot shopping center located in Pembroke Pines, FL. The asset sold for $6,400,000.

Lori Schneider, a Senior Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a developer from Tampa, FL. 

Kirk D. Olson
 The buyer was secured and represented by Kirk D. Olson and Drew A. Kristol, Vice President Investments in Marcus & Millichap’s Miami office. 

Pembroke Corners is a 30,007-square foot shopping center on approximately four acres in Pembroke Pines, a western suburb of Fort Lauderdale, Florida.

 “The property has an interesting blend of three national credit tenants.  Buyer interest for this property came predominantly from a pool of small private investors from across the country.  Ultimately, the buyer was a partnership between a local investor and his South American co-investors,” says Schneider.

Drew A. Kristol
“The historically stable property is 100 percent occupied with tenants that include CVS, Tire Kingdom and Goodyear, among others.

Pembroke Corners is located at 17201 Pines Boulevard in Pembroke Pines, FL.

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

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

Charles Dunn Completes Sales of Two Multifamily Properties in West Los Angeles Totaling $6.9 Million

Saltair Arms, 1250 Saltair Avenue, Los Angeles, CA

LOS ANGELES, CA, Oct. 14, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sales of two, recently renovated vacant West Los Angeles multifamily properties known as Saltair Arms and Brockton Regency.

Paul Kenworthy
Paul Kenworthy represented the single seller of the assets, Dr. Patrick Shoon Shiong, as well as the family trust buyers in the transactions. Both sales garnered record-high pricing for the West Los Angeles area at approximately $406,000 per unit and at cap rates of just under 4 percent.

“Both of these properties were sold for top dollar due to their high quality and prime location,” said Kenworthy, senior managing director with Charles Dunn Company. “The seller had recently completed a total renovation of the properties at a cost of more than $30,000 per unit, making the assets attractive to investors looking for turnkey property.”

Kenworthy added that all the units were fully furnished from forks and knives to beds, sofas, art work, coffee tables, kitchen /dining room set up, and TVs, making the properties a unique offering to potential tenants.

Brockton Regency Apartments
 1251 Brockton Avenue, Los Angeles, CA
Saltair Arms was built in 1987 and is located near Wilshire and Bundy at 1250 Saltair Avenue. The property totals nine units and was sold for $3.6 million to an all-cash buyer, Rios Family Trust. 

The unit mix includes three, two-bedroom/two-bathroom units; three, one-bedroom/one bathroom units plus a loft; and three, one-bedroom/one-bathroom units.

Brockton Regency was built in 1986 and is located at 1251 Brockton Avenue and is also located near Wilshire and Bundy. The property totals eight units and was sold for $3.3 million to an all-cash buyer, Gleitman Family Trust. 

 Kenworthy has more than 25 years of experience in multifamily for the West Los Angeles/Brentwood/Westwood area, giving him street-level market knowledge as well as an ongoing understanding of all current development and redevelopment projects in the area. He also utilizes his thorough investor database that includes the key players in the marketplace.  

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

Darcie Giacchetto
D.G. Communications, Inc.

HFF arranges $16.4 million refinancing for multi-housing community in Tampa, FL

Wildwood Acres Apartments, 13418 Dottie Drive, Tampa, FL

MIAMI, FL – HFF announced today that it has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multi-housing community in Tampa, Florida.

Elliott Throne
HFF worked exclusively on behalf of the owner to secure the seven-year, 2.42 percent, adjustable-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Wildwood Acres is a unique project with 168 single-story duplex buildings and one quadraplex building offering single-family home type features such as private front entrances and large fenced in backyards. 

Situated on approximately 34.86 acres, the property is 99 percent leased and includes a mixture of one-, two-, three-, and four-bedroom units averaging 946 square feet each. 

Todd Adams
Community amenities include two swimming pools, a laundry facility, several picnic areas and dog park.  Wildwood Acres is located at 13418 Dottie Drive within minutes of Interstate 75, Fletcher Avenue and the University of South Florida’s main campus.

The debt placement team representing the borrower was led by director Elliott Throne and associate director Todd Adams from HFF’s Miami office along with local market support from director Matt Mitchell in HFF’s Tampa office.

"While some borrowers are locking in long-term, fixed-rate financings, others are taking great advantage of Freddie's seven-year, adjustable rate loan structure," stated Throne.

Matt Mitchell
"These loans offer great starting rates (in the mid-two percent range with the expectation to stay low for the next few years) and very flexible prepayment schedules.”
 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF secures $24.425 million financing for GAI Building in downtown Orlando, FL

GAI Building, 618 East South Street, Thornton Park neighborhood, Orlando, FL

Michael Weinberg
ORLANDO, FL –HFF announced today that it has secured $24.425 million in financing for the GAI Building, a 106,506-square-foot, Class A office building in downtown Orlando.

HFF worked on behalf of 618 East South Street, LLC, an affiliate of the Ustler Group of Companies, to secure the 10-year, fixed-rate loan through GE Capital Real Estate.   Loan proceeds will replace existing construction debt on the property.

The GAI Building is located at 618 East South Street in Thornton Park at the eastern gateway to downtown Orlando.  Built in 2011, the seven-story building is the first privately-developed, LEED-certified office property in downtown Orlando.  The building is more than 90 percent leased and is anchored by GAI along with XOS Digital and Regus.

Elliott Throne

The HFF team representing the borrower was led by associate director Michael Weinberg and real estate analyst Whitaker Leonhardt in HFF’s Orlando office along with director Elliott Throne from HFF’s Miami office.

“The Ustler team was able to deliver and stabilize another best-in-class asset to downtown Orlando during one of the most difficult economic downturns of our generation.  Their hard work translated into tremendous capital markets interest in the asset,” stated Weinberg.

Based in Orlando, the Ustler Group of Companies consists of various commercial real estate development, brokerage, ownership, management and investment entities with a focus on downtown Orlando and urban infill opportunities.  For more information, please visit
 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Meridian Capital Group Arranges $10.1 Million in Acquisition Financing for the Ocean Reef Office Property Located in Key Largo, FL

Ocean Reef, 31 Ocean Reef Drive, Key Largo, FL
Boca Raton, FL Oct. 14, 2013– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $10.1 million mortgage for the purchase of the Ocean Reef office property located in Key Largo, FL on behalf of a foreign sponsor.

The seven-year loan, provided by a local portfolio lender, features a competitive fixed-rate of 3.95%, 50% recourse, amortizes over 25 years and has no prepayment penalty.

This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office. 

 Ocean Reef is composed of three multi-story office buildings totaling more than 30,000 square feet and is located at 31 Ocean Reef Drive. Notable tenants include Bank of America, Northern Trust, The UPS Store and The Chamber of Commerce.

Key Largo, FL
 “An unusual challenge in negotiating this loan was the fact that many tenants lease their space on a month-to-month basis and Meridian had to clearly illustrate mitigants to this risk to win this transaction,” said Mr. Kaminetzky.

 "Additionally, rates significantly increased from the time the loan was put under application, but Meridian's unique and long-standing relationship with the lender ensured that the rate was honored and the loan was closed as quoted," he added. 

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

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

Southeast Assisted Living Portfolio Sells for $143M

Arbor Terrace of Athens, GA

Allen McMurtry
TAMPA, FL – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Executive Managing Director Allen McMurtry has arranged the $143 million sale of a nine-property Assisted Living portfolio in the Southeast.

The portfolio includes eight existing Assisted Living communities located in Florida (3), Georgia (3), North Carolina and Tennessee, plus one development parcel located in Decatur, GA.  Properties in the portfolio on average are 15 years old, and it includes 640 units comprised of 453 Assisted Living units and 187 Memory Care units.

Mr. McMurtry represented an institutional investor in its disposition of the portfolio. The in-place manager will be retained by the purchaser, American Realty Capital (ARC).  The portfolio is approximately 93% occupied. Properties in the portfolio include:

Barrington Terrace Apartments, Fort Meyers, FL
Arbor Terrace of Athens, Arbor Terrace at Cascade and Arbor Terrace of Decatur in Georgia
  • Barrington Terrace of Fort Myers, Arbor Terrace of Largo and Barrington Terrace of Naples in Florida
  • Arbor Terrace of Knoxville in Tennessee
  • Arbor Terrace of Asheville in North Carolina

Cassidy Turley’s Tampa Senior Housing team has sold 148 Senior Housing communities in 29 states with an aggregate sales volume of $1.8 billion.

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

Bailey Webb                                                           
Corporate Public Relations Director                                          


Bull Realty Arranges Sale of 344 Apartment Units in Suburban Atlanta

Hunter's Grove Apartments, Austell, GA

ATLANTA, GA (Oct. 14, 2013) – Bull Realty has arranged the sale of the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments, both of which are located in Austell, Ga., an Atlanta bedroom community.

Parkview Apartments, Austell, GA
Ernie Eden and Mike Terry of Bull Realty’s Apartment Group were the only brokers involved in the two transactions.

 Wilbarcol Ventures purchased the two complexes, as well as a third Austell apartment community — the 146-unit Kingsley Village Apartments — from QR Capital for just more than $16 million. The cap rate on the sale was approximately 8.3 percent.

 The buyer plans to reposition the Class B assets by improving top-line growth, effectively cross-managing staff, maintaining strong operating margins and improving the community through focused management.

Kingsley Village Apartments, Austell, GA
H.J. Russell & Co. will manage the complexes in conjunction with Litehouse Partners.

 “The apartment-market performance in Atlanta continues to show strong growth,” Eden said. “Occupancy has increased from 90.8 percent to 92.1 percent in the last 12 months, and 3,000 units were absorbed this summer alone. Rents have increased to an average of $843 per month, an all-time high in Atlanta.”

“These properties meet the criteria that many investors are currently seeking, and we are glad to have uncovered them and helped the two parties negotiate and close,” Terry added.

 Bull Realty Inc ( is a U.S. commercial real estate sales and consulting firm headquartered in Atlanta. The firm was founded 15 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.

Ernie Eden
 Ernie Eden has been in real estate for more than 40 years, during which he has skillfully negotiated and closed multifamily transactions for Freddie Mac, John Hancock, SouthTrust and many other institutional clients.

 His vast database of local and national investors and his relationship with these investors are of invaluable service to his clients, whether they wish to develop, purchase, or sell apartment properties and apartment land across the nation. 

 Mike Terry is a 13-year veteran of Atlanta commercial real estate and is focused on assisting clients in the acquisition and disposition of multifamily housing investments in the Southeast. 

Mike Terry
As vice president of The Apartment Group, Mike manages his group’s efforts to source opportunities for institutional and private-equity clients and provide sellers with detailed marketing plans tailored to provide best-in-class exposure to create optimum competitiveness. 

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

Savannah Duncan
The Wilbert Group
O:  404.343.0870
C: 404.901.4433