Wednesday, November 6, 2013

$38 Million Silicon Valley Sale Arranged by IPA

Avenel Apartments, 50 North King Road, San Jose, CA

SAN JOSE, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Avenel Apartments, a 168-unit garden-style multifamily complex  located in the “Capital of Silicon Valley.”

The sales price of $38,000,000 equates to approximately $226,000 per unit.

            IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller, Fairfield Mabury Village LLC. The buyer is King-Mabury Fee Owner LLC (TruAmerica Multifamily).

            “San Jose has demonstrated tremendous market fundamentals during the last 12 months,” says Jones. “Rents have grown 8 percent and average occupancy is over 95 percent. High median incomes and continued employment growth in Silicon Valley should continue to drive the property’s income.”

Phillip Saglimbeni
“Avenel Apartments’ urban infill location is minutes from San Jose’s thriving downtown as well as major employers in Silicon Valley’s Golden Triangle,” adds Salvatore Saglimbeni.

“The city’s long anticipated Bay Area Rapid Transit (BART) station, currently under construction, is ideally situated just a few blocks from Avenel, offering residents a transit-oriented community.” 

            Built in 1987 on 8.5 acres, the property is located at 50 North King Road in San Jose, Calif. The location provides residents with convenient commutes throughout Silicon Valley via interstates 680 and 880, state routes 87, 85, 237 and 17 and U.S. Highway 101.

  Caltrain, the Bay Area’s commuter train line, and the Santa Clara Valley Transportation Authority light rail network are just a short drive from the property.

Salvatore Saglimbeni
            Avenel Apartments is situated in a lush park-like setting with open greenbelts, ponds, fountains and bridged walkways. The property features a low density of 19.7 homes per acre; a swimming pool and spa with Wi-Fi access, a furnished sundeck and barbecue; a fitness center with cardio- and weight-training equipment; an elegant clubroom and carport parking.

            The community includes efficiently designed one- and two-bedroom floor plans that average approximately 722 square feet.

 The fully equipped and remodeled gourmet kitchens include new appliances, built-in microwave, white cabinetry, garbage disposal and breakfast bar. 

The apartments also have laundry closets with in-home stackable washers and dryers and separate dining areas with modern ceiling fans and lights.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges Sale of Spanish Oaks Apartments in Tallahassee, FL for $5.2 Million

Spanish Oaks Apartments, 1327 High Road, Tallahassee, FL

Francesco 'Frank'
 TALLAHASSEE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Spanish Oaks Apartments, a 134-unit apartment property located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,200,000 sales price equates to $38,806 per unit.

Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Colorado.  The listing agents also procured the buyer of the property, a limited liability company based in Mississippi.

Michael Regan
Spanish Oaks Apartments was built in 1975 and is located at 1327 High Road in Tallahassee, Florida.  This 134-unit multifamily community is comprised of one-, two- and three-bedroom apartments.  All units have central heat and air conditioning.  Amenities include an on-site laundry facility, tennis court, fitness center, clubhouse and a swimming pool.

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

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

Morrison Commercial Real Estate Completes 9,216-SF Medical Office Condominium Sale for $900,000 in Lake Mary, FL

Medical Office Condominium, 917 Rinehart Road, Lake Mary, FL
ORLANDO, FL -- Morrison Commercial Real Estate recently negotiated the sale of a 9,216 SF medical office condo located in Lake Mary, FL for $900,000.

Christi Davis
 Christi Davis, CCIM, Vice President of Morrison Commercial Real Estate, negotiated the transaction representing the Seller, CRM Properties, LLC.

 The 9,216 SF medical condo unit is located at 917 Rinehart Road in the 43,000 SF Lake Mary Professional Center, and sold for $900,000. 

The buyer was TKR Realestate Holdings, LLC. The buyer will occupy the unit as administrative offices for its medical practices. Michael J. Maier of Pointe Central Realty represented the buyer.
For a complete copy of the company’s news release, please contact:

 Gina Wade
Phone: 407.440.6651

High-Rise Development Site in Miami, FL Sells for $6.8 Million

High-Rise Development Site, 2701 SW 27th Court, Miami,

Larry Stockton
MIAMI, FL, November 5, 2013 - Colliers International South Florida is pleased to announce that Larry Stockton, Senior Vice President and Alex Morcate, Vice President Investment Analysis, represented G.P. Tower 27, LLP in the all-cash sale of a high-rise infill multifamily development site.

The Purchaser paid $6.8 million for the approved site, located at 2701 SW 27th Court, Miami, 33133. The site is situated just north of US 1 and Coconut Grove's boundary line, next to the Coconut Grove Metro Rail Station.

Alex Morcate
"The price reflects the value attributable to the fully designed and approved 192-unit residential tower that will be built on the site" said Stockton. 

"The purchaser should have great success developing the well-conceived and designed project, as it is steps from the Coconut Grove Metro Rail Station and is situated between The Grove, The Gables and Brickell."

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Crown Wine & Spirits Building Sale in Fort Lauderdale, FL Arranged by Marcus & Millichap

Crown Wine and Spiritis building, 1645 Cordova Road, Fort Lauderdale, FL

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Crown Wine and Spirits, a 8,147 square-foot net-leased property located in Fort Lauderdale, FL. The asset sold for $2,100,000.

Marc E. Strauss
Marc E. Strauss, a First Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Deerfield Beach, FL.  Strauss also secured the buyer, a limited liability company from Ft. Lauderdale, FL.

“This property received a lot of investment interest due to its location in a high-traffic corridor near the Port Everglades cruise ship terminal and its proximity to Winn-Dixie and other retailers in the area,” says Strauss.

Crown Wine and Spirits has been a tenant in the building for 14 years and this particular location ranks as one of the company’s top sales-producing stores.  Crown Wine and Spirits is located at 1645 Cordova Road in Fort Lauderdale, 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

$9.2 Million Sale of Harbour Pointe Villas and Docks in Fort Lauderdale, FL Brokered by Marcus & Millichap

Harbour Pointe Villas and Docks2201 SE 18th Street, Fort Lauderdale, FL. 

Evan P. Kristol
FORT LAUDERDALE, FL, Nov.  6, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Harbour Pointe Villas and Docks, a 34-unit luxury apartment building with six boat slips located in Fort Lauderdale, FL.

The asset sold for $9,201,000 representing $270,618 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice Presidents, and Joseph P. Thomas, a Vice President Investments, in Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Encino, Calif. 

The buyers, private investors from Belgium, were secured and represented by Kristol, Hunter, Thomas and Adam Duncan, an investment specialist in Marcus & Millichap’s Ft. Lauderdale office. 

Still Hunter III
“Harbour Pointe Villas and Docks offered the rare opportunity for an investor to acquire a truly ‘best in class’ boutique apartment community in a AAA location with upside,” says Thomas. 

“We received bids at and above the asking price, which speaks to the quality of the asset. The buyers plan to stabilize the property by eliminating concessions, increasing rents and building in ancillary income.  

"The property also lends itself to the possibility of selling individual units as condominiums as the residential housing market continues to strengthen,” he continues.

Harbour Pointe Villas and Docks is a 34-unit, ultra-luxury waterfront rental community located just south of the 17th Street Causeway in the gated Harbour Inlet neighborhood. The community is comprised of seven one-bedroom/one-bathroom apartments and 27 two-bedroom/two-bathroom apartments.

“The previous owner significantly renovated the community with the intention of converting to condominiums,” adds Hunter.

Joseph P. Thomas
“With the exception of the original three-story concrete structure, almost every other part of the complex was upgraded or replaced.  Although the property is technically not newly constructed, the extensive renovations resulted in a community that has the look and feel of the very highest-end new construction.”

Harbour Pointe Villas and Docks is located at 2201 SE 18th Street in Fort Lauderdale, 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

FrontDoor Communities Adds Three New Hires to Atlanta Office

Mike Langella
 ATLANTA (Nov. 6, 2013) – FrontDoor Communities is pleased to announce the hiring of three industry veterans: Scott Auer as division construction manager; John Morris as controller; and Mechelle Knight as senior estimator.

With the addition of Auer, Morris and Knight, the company’s total new hires for the year is at a record high of 12, which more than doubles its size from 2012.

“We’re strategically hiring high-caliber professionals as our portfolio continues to grow,” said Mike Langella, president and partner at FrontDoor. “Scott, John and Mechelle bring tremendous expertise and experience to our team and we’re excited to welcome them to the FrontDoor family.”

As division construction manager, Auer will oversee and direct all permitting, construction and operational functions for the Atlanta office. He will also manage the division’s customer service and warranty operations.

Morris brings more than 17 years of experience in finance and accounting to his role as controller, where he will manage financials and coordinate project teams.

In Knight’s new role as senior estimator, she will be responsible for maintaining and managing purchase orders, cost data reports and invoices.

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

Michael Phillips                                                                                                                     

HFF Atlanta hires Jeffrey Harris as a managing director in its debt placement group

Jeffrey Harris
ATLANTA, GA – HFF announced today that Jeffrey Harris has joined the firm as a managing director in its Atlanta office to focus on debt placement and equity transactions.

Mr. Harris has more than 20 years of experience in the commercial real estate industry and most recently held the position of executive vice president and regional investment director of the eastern U.S. for Post Properties.

 In this role he was responsible for all acquisitions, dispositions and new development within the Eastern United States.  Prior to Post Properties, Mr. Harris worked for Grubb Properties, Inc., The St. Joe Company and East West Partners. 

Mark Sixour
 He is an active member of Urban Land Institute and the National Multifamily Housing Council, and holds a Master of Business Administration degree from University of North Carolina and a Bachelor of Science degree from Wake Forest University.

“Jeff has an impressive track record in the commercial real estate industry with extensive experience and relationships on the development side.  HFF is pleased to have someone of his caliber join and strengthen our team,” said Mark Sixour, co-office head of HFF’s Atlanta office.

 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 on Twitter at    

HFF named to market for sale luxury apartment tower in downtown Chicago’s West Loop

Trio Apartments, 670 West Wayman, West Loop Neighborhood, Chicago, IL

Sean Fogarty
CHICAGO, IL – HFF announced today that it has been appointed to market for sale Trio Apartments, a 100-unit, boutique-style luxury apartment tower in downtown Chicago.

                The property is being marketed without a formal asking price and is being offered on an “all cash” basis.

Marty O'Connell
Completed in 2010/2011, the 22-story tower has 100 units averaging 1,047 square feet each.  Located at 670 West Wayman in the eastern sector of the West Loop neighborhood, Trio offers residents a walk-to-work location and nearby access to public transportation including CTA and Metra train lines. 

The future Chicago headquarters of Google is located six blocks west of Trio Apartments and in 2014 Google’s Motorola Mobility office will open just six blocks east of the property. 

Amenities include a rooftop garden, fitness center, business center, community room, indoor assigned parking and 24-hour door staff. Additionally, the property is situated adjacent to a park with dog run and a retail development that includes a Jewel-Osco grocery store.

Matthew Lawton
The HFF investment sales team representing the seller is led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.

 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 |

Greystone Provides $24.3 Million in HUD Financing for Luxury Louisiana Apartment Complex

Belmere Luxury Apartments, Houma, Louisiana

Betsy Vartanian
New York, NY – Nov. 6, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has provided $24.3 million in HUD financing for Belmere Luxury Apartments in Houma, Louisiana.

Nathan Schuss, originator in Greystone’s New York office, worked to close the loan.

 The refinancing was structured as a 40-year fully amortizing HUD 223(a)7 loan. Belmere Luxury Apartments, located approximately 60 miles southwest of New Orleans, is a gated, limited access multifamily rental community comprising 249 units. 

The complex features amenities such as a resort-style pool, jacuzzi, fitness center, jogging trail, BBQ area and dog park.

“Securing this refinancing through Greystone enables us to maintain a long-lasting presence for Belmere as a premier luxury apartment community in the suburban New Orleans region,” said Robert M. Aiello, the borrower of record in partnership with Ronald V. Turner.

“The lending process was incredibly smooth. We look forward to developing more luxury properties which are seeing greater demand in today’s recovering economy. We also look forward to having Greystone as a trusted partner going forward,” Aiello added.

 “Greystone was delighted to facilitate a refinancing of this project in Louisiana, an area that is still experiencing recovery and revitalization today,” said Betsy Vartanian, head of FHA lending at Greystone. 

“The interest rate savings will undoubtedly benefit the project and, indirectly, its tenants. This is a fantastic property and we are comforted to know that it will thrive for many years to come.”

 Greystone was the number one FHA lender in 2012 and is ranked as a top-10 Fannie Mae lender. For more information about Greystone’s multifamily financing solutions please visit

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

Karen Marotta
PR Manager
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile

Carter’s Scott Cloud Named One of Real Estate Forum’s “45 Under 40”

Scott Cloud

 ATLANTA (November 6, 2013) – Carter, one of the country’s leading real estate investment, development and advisory firms, is pleased to announce that Scott Cloud, senior vice president, has been named one of Real Estate Forum Magazine’s “45 Under 40.”

Real Estate Forum announced on Oct. 29 that Scott was chosen as one of the top 45 influential commercial real estate professionals in the country. This year, there were more than 450 submissions, a record for the publication. Scott was one of three professionals from Atlanta to make the list.

“It is an honor to be recognized by Real Estate Forum,’” said Scott. “The past five years at Carter have given me the opportunity to be surrounded by and learn from a phenomenal group of people.”

Real Estate Forum’s “45 Under 40” profiles top executives from all facets of commercial real estate. Chosen from a variety of industry disciplines, specialties and geographic regions, they share the key criteria of talent, ambition and success at an early age, said Real Estate Forum.

Jim Shelton
As senior vice president with Carter’s Investments Group, Scott’s primary focus is capital markets and sourcing new real estate investment and development opportunities.

In this role, he focuses on opportunistic real estate investments and leads Carter’s office acquisition efforts. His responsibilities also include the financing and due diligence of new Carter investment and development opportunities.

 Jim Shelton, Carter’s vice chairman, commented: “We are thrilled that all of Scott’s hard work and efforts have been recognized by Real Estate Forum. He is a great asset to our investment team and we look forward to many more successes together.”

Over the past 10 years, Scott has been involved in the acquisition or disposition of more than 11 million square feet of commercial real estate valued at more than $1 billion. Most recently, Carter closed a $40 million, 235-unit multifamily development in Atlanta’s in-town neighborhood of Decatur. Cloud sourced the opportunity, which aligns with Carter’s model of urban infill development. The project is significant because it is the first multi-family development in the supply-constrained submarket since 2001.

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

Tony Wilbert
The Wilbert Group

Contrary to Published Reports, Median Home Prices Have Accelerated in the Past 8 Weeks, Zip Realty Reports


EMERYVILLE, CA – ZipRealty, Inc. ( (NASDAQ: ZIPR), the nation’s most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released its latest Housing Trends Report.

Counter to a widely reported recent trend, year-over-year growth in median home sales prices has actually accelerated in the past eight weeks, according to the report.

Lanny Baker
 For the month ending Oct. 15, the sales price of nearly $269,000 in the 24 markets studied by ZipRealty was 14.9% higher than in the same period of 2012. However, for the month ended Sept. 30, the price was 14.6% higher and in the month ended Sept. 15, the annual increase was 14%.

 “That one-percentage-point increase in the sales price growth rate over the last month is small and could easily reverse itself in coming months, however; it does diverge from trends commonly reported in the media of late,” says ZipRealty’s CEO and President Lanny Baker. “Based on data in our authoritative, twice-monthly report, the housing market may not be stalling as much as originally reported.”

Available inventory of for sale homes continues to run 11% below year-earlier levels as of mid-October, with the sharpest tightening occurring in the middle part of the nation.

Inventory is down 26% in Chicago, 23% in Houston, 20% in Dallas, 17% in Austin and 4% in Nashville relative to a year ago. In the coast markets, for sale inventory is relatively stronger compared to last year: Inventory in San Diego is up 11% year-over-year, Sacramento is up 14% and inventory in some Mid-Atlantic markets are within 5% of last year’s levels.

“For the month ended Oct. 15, pending sales rose 14% year-over-year, while new listings rose 11%, suggesting that the inventory shortage isn’t remediating itself entirely at the moment.

“Days on market have increased to 33 as of mid-October from 30 days in mid-September, following a normal seasonal pattern in which transactions tend to taper off into the fall and winter, especially in colder climes,” adds Mr. Baker.

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

Stacey Corso

Arbor Appoints Kevin Hern as Vice President

Kevin Hern
UNIONDALE, NY (Nov. 6, 2013) – Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Kevin Hern as Vice President.

Mr. Hern is responsible for originating multifamily and healthcare loans nationwide utilizing Arbor’s entire product line, including FHA, Fannie Mae, CMBS, Bridge, Mezzanine and Preferred Equity. He is based in the company’s Boston, MA, office and reports to Ken Fazio, Senior Vice President, National Production Manager.

Mr. Hern brings more than 26 years of commercial real estate finance and asset management and disposition experience to Arbor. 

Most recently, he was a Managing Director/Principal at Boston Capital Funding/FAC in Boston and New York, where he was responsible for all aspects of business development on a national level, including origination, underwriting, debt/equity placement and correspondent/client relationships with regard to commercial real estate.

Ken Fazio
Previous to Boston Capital Funding, Mr. Hern held the role of Vice President, Commercial Real Estate, at Southern New Hampshire Bank & Trust/Bank of New England. In this position, he was responsible for business development within the New England Region for real estate loans up to $25 million.

 Mr. Hern has originated more than $468 million in commercial loans in his career. He also has experience as a workout manager and within capital markets.

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

Christopher Ostrowski