Wednesday, December 25, 2013

Related Plans 1,200 Miami Condos Across From Its 1,800-Unit ICON Brickell


ICON Brickell condominiums, Downtown Miami, FL


Jorge Perez

MIAMI, FL -- As the South Florida condo market rebounds from the devastating real estate crash of 2007, Miami billionaire Jorge Perez of the Related Group - the tricounty region's most prolific vertical residential developer - is proposing to build three towers with 1,200 condo units across the street from one of his earlier three condo tower projects - the 1,800-unit ICON Brickell - in Greater Downtown Miami, according to a new report from CondoVultures.com.

For the Related Group, the newly proposed project - dubbed the One Brickell and slated to go up at 444 Brickell Ave. - represents the 27th, 28th, and 29th new condo towers with a combined 7,500 units slated to be developed by the Miami-based company in the coastal tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.


By comparison, the Related Group developed 24 new condo towers with more than 9,125 units in South Florida's seven largest coastal markets during the last boom-and-bust cycle that began in 2003, according to the Condo Vultures® Official Condo Buyers Guide™ series.

Peter Zalewski
With the new Related Group project, developers are now proposing at least 45 new towers with more than 13,400 condo units in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, at least 182 new condo towers with more than 24,675 units are now proposed, planned, under construction, or recently completed in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

(It is worth noting, real estate expert Peter Zalewski - founder of CraneSpotters.com in conjunction with the Miami Association Of Realtors - narrates weekly Official Preconstruction Condo Project Tours of South Florida's hottest coastal market, including Greater Downtown Miami, on Saturdays and Sundays during the winter tourism season.)

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

 Condo Vultures®
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
PH: 800-750-0517.


Zip Realty Reports Housing Market Feels the Effects of Wintertime’s Chill




EMERYVILLE, CA -- Heading into one of the slowest times of year in the real estate market, it’s no surprise that median sales price growth has slowed, while the median days homes spend on the market have risen.

Lanny Baker
Although still in the healthy double-digit range, price growth in the 24 metros analyzed in ZipRealty’s Housing Trends Report dropped to its lowest level of the year at 11.3%.

 As of Nov. 30, the median sales price was $266,524. Yet in spite of this cooling off, western metros continue to outperform other regions in price growth, with Sacramento (+30%), Las Vegas (+30%) and the San Francisco Bay Area (+24%) leading the pack.

“We’ve just started to see that homes are also staying on the market longer, which may give buyers a bit of breathing room in what’s still a competitive housing market,” said ZipRealty CEO Lanny Baker.

 Of the homes analyzed in the report, the median days on market fell to 37, a 16% year-over-year decline.

Homes were selling at their fastest pace in mid-July of this year, when the median days on market for a home in ZipRealty’s study averaged 27, and the median selling period has now lengthened by about 37% or the equivalent of one-and-a-half weeks longer on the market.

“Metros on the West Coast, where we saw homes selling at a very rapid rate earlier this year, are now experiencing some of the biggest increases in median days on market,” Mr. Baker noted.

Markets with the largest increases in median days on market year-over-year as of Nov. 30 include Phoenix (+65%), Sacramento (+50%) and the San Francisco Bay Area (+9%).

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

Stacey Corso
 Public Relations Manager
ZipRealty, Inc.
Office: 510.735.2667
Cell: 415.672.6460
www.ziprealty.com

Follow us on Twitter: @ZipRealty

Rhodes+Brito Architects Earn three-year Continuing Services Contract to Provide Architectural Services to City of Oviedo, FL








ORLANDO, FL-- Rhodes+Brito Architects in Orlando was recently awarded a three-year Continuing Services Contract from the City of Oviedo in Seminole County.

Ruffin Rhodes
Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said the firm will provide design, engineering and project coordination services on a per-project basis as the city requests.

Projects covered under continuing services contracts are typically small in scope and often involve renovations or planning studies, Rhodes said. The City of Oviedo contract stipulates a $2 million cap.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including eight registered architects. The firm has exceptional experience providing architectural services to municipal government agencies.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Marcus & Millichap Special Report Notes Healthcare Demand Rises as American Care Act Phased-In





WALNUT CREEK, CA – Marcus & Millichap’s latest Medical Research Report notes the individual health insurance mandate remains slated to take effect in early 2014 despite the rocky rollout of the online health insurance marketplace.

Government forecasts predict the American Care Act (ACA) will reduce the uninsured, non-elderly population by 14 million individuals in its first year despite relatively light individual non-compliance penalties.


Over the following two years, forecast reductions to the uninsured population rise sharply alongside penalties, reaching 25 million individuals by 2016.

Expanded health insurance coverage will increase demand for medical services, as will the aging of baby boomers into their traditional retirement years.

The segment of the population aged 65 years and older, which accounts for an estimated one-third of all U.S. healthcare expenditures, will grow by more than 18 million individuals over the next 10 years.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Cleveland-Area Shopping Center Sells for $17.79 Million


North Olmsted Towne Center, Brookpart Road, North Olmsted, OH
Erin E. Patton
NORTH OLMSTED, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center located along Brookpark Road in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland.

The $17,790,000 sales price equates to $186 per square foot.

            Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group.

Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor.


Scott Wiles

            “Multi-tenant property transaction velocity in the Cleveland metropolitan area has nearly doubled over the past four quarters as local investors became much more active in the market,” says Wiles.

“Well-located, high-quality centers such as the North Olmsted Towne Center attract attention from local investors and out-of-area buyers from throughout the investor spectrum.”

            The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, State Highway 17, just east of the intersection of Brookpark Road and Great Northern Boulevard.

Great Northern Mall, a 1.2 million-square-foot super regional mall anchored by Macy’s, J.C. Penney, Dillard’s, Sears, Regal Cinema and Dick’s Sporting Goods, is across the street.


Craig Fuller

            Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

            The property has its own signalized entrance with dedicated turning lanes, signage and landscaping. Other features include quality masonry construction, fascia molding, pitched roof fa├žades, bay windows, stamped and stained concrete walkways and wrought-iron window decorations.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

200-Unit Luxury Multifamily Trades Hands in Far West Houston, TX


 The Palms at Cinco Ranch apartments, near State Highway 99
at
 
23600 Farm-to-Market 1093 Road  Richmond, Texas,
within the Katy, TX independent school district.


Norman Eastwood



RICHMOND, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Palms at Cinco Ranch, a 200-unit, 218,388-square-foot multifamily apartment complex in Richmond, Texas, approximately 15 miles southwest of Houston. The terms of the sale were not released.

            Norman Eastwood, senior vice president investments in Marcus & Millichap’s Dallas office,  Jerry Goldstein, first vice president investments and Juan Cuevas, associate, both in the firm’s Houston office, represented the seller, an out-of-state private investor, and the buyer, Hudson Capital Investments based in Charleston, S.C.

            “The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” says Eastwood.

Jerry Goldstein

 “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”

“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” adds Cuevas. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”

            The property is located near State Highway 99 at 23600 Farm-to-Market 1093 Road in Richmond, Texas, within the Katy, Texas, independent school district. George Bush Intercontinental Airport is 20 miles northeast of the complex.

            Constructed in 2010 on 13-plus acres, The Palms at Cinco Ranch features a wide selection of one-, two- and three-bedroom floor plans ranging from 801 square feet to 1,496 square feet. The units have gourmet kitchens with deluxe appliances, including self-cleaning ovens, frost-free refrigerators with icemakers, built-in microwaves, multi-cycle dishwashers, garbage disposals and spacious pantries.

Juan Cuevas
Other apartment amenities include crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms.

            The Palms at Cinco Ranch is a gated, pet-friendly community that features shared amenities such as a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Beech Street Capital Closes $7.4 Million Fannie Loan to Acquire Tampa-Area Apartment Complex

                           
Ashton Oaks Apartments, New Port Richey, FL


Chad Thomas Hagwood
BETHESDA, MD – Beech Street Capital announced it provided a $7.4 million Fannie Mae conventional loan for the acquisition of Ashton Oaks Apartments, a 168-unit, garden-style apartment complex in New Port Richey, Florida, in the Tampa MSA.

Chad Thomas Hagwood, executive vice president for originations in Beech Street’s Birmingham, Alabama, office, originated the transaction. 

Brandon Pate of the Birmingham deal team managed the loan process.  This is the third transaction that the borrower, with over 30 years of commercial real estate experience in Florida markets, has completed with Beech Street.  

“The transaction underscores Beech Street’s deep knowledge of the evolving Florida market,” Hagwood says. “This is the second community we’ve financed for the borrower in a 20-mile radius.”

 Ashton Oaks was built in 2005 and is considered in excellent condition.  It was originally constructed as an age-restricted (55+) senior community with elevators in each building. It was converted to a market apartment community in 2007. 

Brandon Pate
 All of the units have a carpeted living area and vinyl/ceramic tile kitchen floors, wood cabinetry, balconies/patios, ranges, dishwasher, washer/dryer, and refrigerators. 

 The fixed-rate loan has 10-year term, 9.5 years of defeasance, and a one-year interest-only period, followed by 30-years amortization payable on an actual/360 basis.

Beech Street Capital, a Capital One company, is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily, manufactured housing, student housing, senior living properties and long-term care facilities nationwide. 

Our multifamily and seniors housing experts customize each transaction to meet the needs of our borrowers with Fannie Mae, Freddie Mac, FHA, and non-agency lending sources. Beech Street is headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.

Chad Thomas Hagwood, executive vice president of originations, manages the southeastern region for Beech Street Capital and is based in the company’s Birmingham office.  Hagwood is actively involved in the origination of multifamily, manufactured home communities and commercial real estate debt financing throughout the nation.   Over the course of his career, Hagwood has closed in excess of $5 billion in commercial real estate transactions and was Beech Street's Top Direct Originator in 2011 and 2012.  Web site:


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

Courtney Lewis at 240-507-1948 or
 Jenifer Bernardi at 240-507-1946.