Friday, March 6, 2015

Western National Group Launches Enhanced Institutional Investor-Focused Platform; Adds Chief Marketing officer to Oversee This Effort

George L. Ochs
IRVINE, CA  – As part of an ongoing strategy to further grow its existing base of institutional investors, Western National Group has launched an enhanced institutional investor-focused platform and appointed George L. Ochs, a former institutional real estate manager with JP Morgan, as its Chief Marketing Officer.

Ochs will work to expand Western National’s investor base by overseeing the firm’s strategic outreach to corporate and public pension funds, endowments, foundations, and high net worth individuals. 

He will also be responsible for maintaining and developing relationships with Western National Group’s current investor groups.

“As one of the largest owners and developers of multifamily product in the U.S., we recognize the potential of continuing to align ourselves with institutional investors for whom we can generate attractive yields,” says Michael Hayde, Chief Executive Officer of Western National Group. 

 “Based on our lengthy track record of strong results in this industry, we anticipate strong investor interest over the next 12 to 24 months.”

Michael K. Hayde
Hayde notes that, based on Ochs’ tremendous depth of experience in the institutional real estate industry, he will be instrumental as Western National Group continues to grow and expand its multifamily holdings.

According to Ochs, “Western National Group is a well-respected and established leader in the multifamily market. I am excited about the opportunity to work with this dynamic team in order to drive its business forward.”

Ochs brings more than 35 years of institutional real estate experience to his new role as CMO, with deep expertise in development, asset and portfolio management.

Prior to joining Western National, Ochs was a senior manager with JP Morgan for nearly 20 years.  Earlier in his career, he held a senior management position at Prudential Insurance.
Ochs is an active member of Institutional Real Estate, Inc. (IREI), the Pension Real Estate Association (PREA), and the Urban Land Institute.  

He holds an Executive MBA from the University of Colorado, Denver, as well as a General Securities Representative (Series 7) license and a Uniform Securities (Series 63) license. 

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

MG Properties Group Acquires Trillium Papago Apartments in Phoenix, AZ for $36 Million

Trillium Papago Apartments, Phoenix, AZ

Mark Gleiberman
San Diego, Calif., March 4, 2015 – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Trillium Papago Apartments in Phoenix, Arizona.

The property consists of 270 luxury apartments built in 2007.

 The property features an exceptional array of common area amenities, including a resort-style pool and spa, modern fitness center, movie theater, and pool room.

The property is located north-east of Phoenix Sky-Harbor Airport, providing convenient access to multiple job corridors within the region.

 MGPG plans to rebrand the property as Ascent at Papago Park. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of 1, 2, and 3-bedroom floor plans. 

Trillium Papago was purchased for $36,220,000 from Trillium Residential. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE. 

According to Mark Gleiberman, MG Properties Group Chief Executive Officer, “This acquisition reflects our continued belief in the long term growth potential of the Phoenix market. The property’s excellent design and central location position it well to benefit from further growth in the region.”

Trillium Papago marks MG Properties Group’s fourth acquisition in the past six months. The four acquisitions totaled approximately 700 units and $125,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

American Realty Advisors Acquires Retail Center in Dutchess County, NY

Shoppes at South Hills, Poughkeepsie, NY

POUGHKEEPSIE, NY – American Realty Advisors, an institutional real estate investment manager with approximately $6.7 billion in assets under management, has acquired the Shoppes at South Hills, a grocery-anchored retail power center in Poughkeepsie, New York.

This asset was acquired in a joint venture with DLC Management Corporation, a privately-held, vertically-integrated owner, operator, and manager of shopping centers throughout the United States.

Stanley lezman
According to Stanley lezman, Chairman and CEO of American Realty Advisors, this asset is among one of 153 assets American Realty Advisors currently owns and operates throughout the U.S. on behalf of its investors.

“American Realty Advisors continues to acquire well-located industrial, office, retail, and multifamily real estate assets in target markets,” says Iezman. 

“We utilize our strength in asset management to identify, source and acquire properties that provide for the opportunity to create value, maximizing yields on behalf of our investors.”

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Passco Companies Acquires Recently Completed Luxury Multifamily Community in Tampa Bay, FL for $54 Million

Azure Luxury Apartments, 540 Trinity Lane, St. Petersburg, FL

Gary Goodman
 TAMPA BAY, FL. (March 6, 2015) – Passco Companies, LLC has acquired the recently completed Azure Luxury Apartments, a 308-unit, Class A, luxury multifamily community in the City of St. Petersburg within the Tampa Bay region of Florida, for $54 million, according to Gary Goodman, Senior Vice President Acquisitions of Passco Companies LLC.

“Azure is located in one of the fastest growing job markets in the country.  The St. Petersburg region has added over 65,000 jobs in the past 18 months alone,” explained Goodman.

“With several planned office building developments underway in the region, demand for quality housing will continue to rise, especially among the area’s increasing population of professionals. 

“These factors, combined with the community’s high-end finishes and amenities, will contribute to Azure’s strong future as a profitable acquisition for Passco’s investors.”

In addition to increased job growth, Goodman also notes that there has been a lack of multifamily development in the area in recent years, as well as high barriers to entry for new developments.

“St. Petersburg’s current multifamily inventory averages 20 years in age, and there are simply no other development sites remaining in the immediate area that would accommodate a garden-style multifamily community like Azure,” he explained.

“This lack of supply has created substantial pent-up demand for quality housing, which was demonstrated during Azure’s rapid lease-up. The property is already 94 percent leased after being completed only one year ago.”

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

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940