Friday, February 13, 2015

Proffitt Dixon to Break Ground on Nashville, TN Apartments; Luxury Multifamily Development Planned for Germantown

Rendering of planned Fountains Germantown Apartments, 1407 Third Avenue North,
 Nashville, TN

Stuart Proffitt
Nashville Tenn./Charlotte, N.C. (Feb. 12, 2015) – Proffitt Dixon Partners will soon start construction on its first multifamily development in Nashville, Tenn. Groundbreaking is expected on Feb. 26 for Fountains Germantown, a 249-unit luxury apartment community. 

The community will be built on 2.4 acres in Nashville’s fast-growing Germantown neighborhood, home to some of the city’s best restaurants, bars and entertainment venues. The developers purchased the land on Jan. 29, 2015.

“Germantown has become an attractive place to live for Nashvillians because it is convenient to employment in downtown, West End and MetroCenter,” said Managing Principal Stuart Proffitt.

“It has some of Nashville’s best restaurants spread throughout the neighborhood, all while maintaining its charming established and authentic neighborhood feel,” he added. “It’s important to us to deliver a development that meshes with the historic surroundings.”

Fountains Germantown will include a fully-amenitized clubhouse and fitness facility intended to appeal to renters searching for a unique luxury lifestyle.

Wyatt Dixon
“Our product offering focuses on the types of features, amenities, and design that fit Germantown’s eclectic character,” added Managing Principal Wyatt Dixon. “It’s a great, walkable neighborhood that’s close to downtown, and when it’s done, Fountains Germantown will be a great place to live.” 

Nashville-based Smith Gee Studio designed the community to fit into the aspects of its immediate surroundings.

“Each fa├žade is influenced by the street character and context into which it falls,” said architect Hunter Gee. 

“Large repetitive masonry, metal and glass forms facing Third Avenue reflect its prominence and industrial past, while the Fourth Avenue side scales down to the historic residential streetscape of brick and lap siding. 

  Stoops and porches will offer opportunities for neighborly interaction, adding to Germantown's vibrant street life.”

The five-story building will be constructed in accordance with the National Association of Home Builder’s NAHB Green Building Program.

Hunter Gee
The address is 1407 Third Ave. N., located between Van Buren and Taylor Streets. The first residents are expected in the summer of 2016.

HFF worked on behalf of Proffitt Dixon to secure construction financing through Synovus Bank. Matrix Residential will lease and manage the community. Land Design and Civil Site are the  landscape architects; Civil Site is also the civil engineer.  Doster Construction Company, Inc. is the general contractor.  

This is Proffitt Dixon’s fifth development since 2008. The partnership will have 938 units under construction in North Carolina, South Carolina and Tennessee by  the end of this quarter. 

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

Terri Thornton
Thornton Communications

Faris Lee Investments Completes $5.5 Million Sale of Single-Tenant, NNN-Leased Asset Occupied by 24 Hour Fitness in Monrovia, CA

24 Hour Fitness, 715 East Huntington Drive, Monrovia, CA

Jeff Conover

IRVINE, CA, Feb. 12, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.5 million sale of a 17,000-square-foot, single-tenant, NNN-leased retail property occupied by 24 Hour Fitness in Monrovia, Calif.

 24 Hour Fitness has occupied the property for 19 years and recently signed a 10-year lease extension.

Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Monrovia Fitness, LLC from Los Angeles.

 The all-cash buyer, HREH, LLC based in Orange County represented itself. The closing cap rate was 6.49 percent.

“Monrovia, along with the entire San Gabriel Valley, is a preferred area for Asian investment. Because of this we used our FLI Exchange database to focus our marketing on private foreign capital investors.

"As a result we received multiple offers on the asset, and we secured a local buyer entity that consisted of Asian private capital,” said Conover.

Built in 1995 and situated 1.48 acres at 715 East Huntington Drive, the property is within the East Huntington Drive technology corridor which is one of the area’s most prominent high-tech research and development centers with nearby tenants including Sun Microsystems, Xerox Special Inform Systems, ITT Space Division, among others. The property has more than 330,000 residents and more than 115,000 daytime employees within a five-mile radius.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Stepp Commercial Completes $6.25 Million Sale of 40-Unit Bixby Park Apartments in Long Beach, CA

Bixby Park Apartments, 1132 San Antonio Drive and 4481 Orange Avenue
Bixby Knolls Area, Long Beach, CA

Robert Stepp

 LONG BEACH, CA,  Feb. 12, 2015 – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $6,625,000 sale of Bixby Park Apartments, a 40-unit property located at 1132 San Antonio Dr. and 4481 Orange Ave. in the Bixby Knolls area of Long Beach. 

Robert Stepp, principal with Stepp Commercial, represented the sellers, Pathfinder Partners and Ryanik based in Los Angeles and San Diego respectively. 

Stepp also represented the buyer, a Westchester, Calif.-based private investor. The property closed at a 5.2 percent cap rate.

“Bixby Park Apartments is one of the largest multifamily properties in Long Beach that has closed over the past six months and is truly a unique asset that takes up an entire city block,” said Stepp. 

“The seller acquired the property in 2012 as a distressed, real-estate owned asset, invested approximately $800,000 in capital improvements and was able to make a strong return on investment.”

Stepp added that Bixby Park garnered 12 offers and sold at list price. The buyer plans to make additional cosmetic upgrades to the exteriors and interior units in order to add value for securing market rents.

Situated on nearly 1.5 acres and consisting of 10 buildings, Bixby Park includes 12, two-bedroom/one-bathroom 624-square-foot units; and 28, one-bedroom/one-bathroom 826-square-foot units. 

The asset offers and open garden courtyard, two laundry facilities, 32 garages and ample street parking.

Bixby Knolls is a submarket of Long Beach adjoining North Long Beach to the north, California Heights on the southeast, and Wrigley on the southwest.

 Its approximate boundaries are the 405 Freeway to the south, Del Amo Blvd. to the north, the Los Angeles River and the Lakewood city boundary to the west. Atlantic Ave. and Long Beach Blvd. are the main north-south arteries through the neighborhood which includes the Los Cerritos - Virginia Country Club and the original Los Cerritos Ranch House historic site.

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

Darcie Giacchetto
D.G. Communications, Inc.