Tuesday, July 8, 2014

IPA Arranges Arizona Multifamily Portfolio Sale for $75 Million

Steve Gebbing
PHOENIX, AZ, July 8, 2014 – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a two-property multifamily portfolio in Arizona for $75,450,000. 

The assets are Pinnacle Terrace, a 300-unit apartment complex in Chandler, Ariz. that sold for $39.2 million or $131,000 per unit and Pinnacle at Union Hills, a 264-unit community in Phoenix that brought $36.25 million or $137,000 per unit.

            IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, a global leader in wealth and asset management services. The buyer is TA Associates.

            “Pinnacle Terrace and Pinnacle at Union Hills provide their residents with the ultimate apartment home living experience by combining the convenience of nearby employment opportunities with unparalleled access to premier retail, dining, and entertainment venues,” says Gebing. “Based on the positioning of each asset within the competitive landscape of its respective submarket, both properties are prime candidates for the implementation of exterior and interior renovation programs.”

Cliff David
            Developed by Trammell Crow Residential and BRE Properties Inc. in 1998, Pinnacle Terrace is situated on almost 19 acres at 801 North Federal St. in Chandler, Ariz.

 The property’s community amenities include a leasing office with residents’ lounge and business center; a clubhouse with a theater room, conference room and billiards table; and a 24-hour fitness center with cardio and weight-training equipment. 

The community also has two resort-style swimming pools and spas with poolside ramadas, 70 detached garages and controlled access gated entry.

            Pinnacle at Union Hills was developed by Trammell Crow Residential in 1997 and is located at 4750 East Union Hills Drive in Phoenix. Shared amenities include a stand-alone leasing office, a clubhouse, a 24-hour fitness center with cardio and weight training equipment, a business center and conference room, two resort-style swimming pools, spas with poolside ramadas, 79 detached garages, 32 detached storage units, a courtyard/playground area and controlled access gated entry.

Pinnacle Terrace
            Pinnacle Terrace and Pinnacle at Union Hills feature one-, two- and three-bedroom floor plans with fully equipped gourmet kitchens, nine-foot ceilings, full-sized washers and dryers, crown molding, abundant storage space with large, walk-in closets and linen closets, large soaking tubs and a private patios or balconies with additional outside storage. Gas fireplaces and wood-plank vinyl flooring are available in select units.

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

Gina Relva
Public Relations Manager
(925) 953-1716

HFF closes $101.5 million sale of 716,000-square-foot, grocery-anchored power center in central Pennsylvania

Claudia Steeb
BOSTON, MA – HFF announced today that it has closed the sale of Logan Town Centre, a 715,819-square-foot, grocery-anchored shopping center in Altoona, Pennsylvania.

               HFF marketed the property exclusively for the seller, AVR-ALTOONA, L.P.  The buyer, a private investor, purchased the center for $101.5 million and assumed the existing loan. 

               Logan Town Center is situated on 75 acres at 155 Falon Lane along Interstate 99, near Logan Valley Mall and the Altoona Campus of the Pennsylvania State University in central Pennsylvania.  

Completed in several phases from 2006 through 2012, the center is 98.4 percent leased to tenants including Giant Eagle Supermarket, Kohl’s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov’s and Dick’s Sporting Goods. 

The HFF investment sales team was led by senior managing director Jim Koury and managing director Claudia Steeb.

“Logan Town Centre is an exceptional grocery-anchored power center property offering long-term leases, credit tenants, a strong sales record, excellent accessibility and visibility from I-99,” said Koury.  “It is the dominant shopping center within a 45-mile radius”.

James Koury
               AVR Realty has been in business for over 45 years and has built, acquired and developed over 30 million square feet of commercial and residential space.  

AVR’s portfolio includes office buildings, shopping centers, corporate and industrial properties, apartment complexes, residential communities and hotels.

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 | www.hfflp.com

Stirling Sotheby’s International Realty names Veteran Banking Executive Barbara Ashley Jones an International Luxury Home Specialist in Lake Nona, FL

Barbara Ashley Jones

ORLANDO, FL -- Stirling Sotheby’s International Realty has names veteran banking executive Barbara Ashley Jones an International Luxury Home Specialist firm’s Lake Nona Real Estate Marketing Center.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Jones began her banking career in 1973 in New York and moved to the Orlando area in 1987.

She served as assistant treasurer and operations manager at The First FA Bank in Orlando from 1988 to 1993 during which time she earned her Florida Mortgage Broker and Florida Real Estate licenses.

Jones is a graduate of the Realtor® Institute, is a Florida Real Estate Military Specialist, a Military Relocation Professional, a Certified International Property Specialist, a Certified Distressed Property Expert and a Certified Notary Signing Agent. Barbara was recently recognized by the 2013 Honor Society for Florida Realtors and ORRA 2013 Honor Society.

A native of Guyana, Jones was the founding Treasurer of the Guyanese American Cultural Association of Central Florida (GACACF). She was appointed to the boards of directors of the Orange County Minority Women Business Enterprise and the Orange County Housing Finance Authority, which she chaired for two years.

“Barbara Jones is an outstanding senior executive with enormous skills and experience,” Soderstrom said.

Jones will focus on the Lake Nona, Medical City and St. Cloud areas, Soderstrom added.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com