Thursday, April 30, 2015

Meta Housing Corp. Completes its First Family Arts Colony in San Pedro Neighborhood of Los Angeles, CA

Meta Housing Corp.'s new, 49-unit arts-focused 
affordable apartment community in
the San Pedro neighborhood of Los Angeles, CA
LOS ANGELES, CA – Meta Housing Corporation has completed its first “family arts colony” apartment project - a new, 49-unit arts-focused affordable apartment community that integrates artistic live/work space in the San Pedro neighborhood of Los Angeles, California. 

The community, the Pacific Avenue Arts Colony, is the fourth arts colony project developed by Meta Housing, and the first that is open to non-senior residents.

Located at 303 South Pacific Avenue in San Pedro, California, the Pacific Avenue Arts Colony is comprised of affordable one-, two-, and three-bedroom floor plans.  More information is available at

“Our senior arts colony apartment communities have proven successful in supporting and encouraging imaginative thinking and meaningful creative achievement among residents, while also bringing affordable housing and thoughtful architecture to many Cities,” says Kasey M. Burke, President of Meta Housing Corporation.

Kasey Burke, President of Meta Housing Corp. (center) and community members
 cut the ribbon at the Pacific Avenue Arts Colony Grand Opening event on April 25.

“The Pacific Avenue Arts Colony will deliver a new level of creativity and connection to the San Pedro community,” continues Burke.  “By focusing on integrating affordable housing and studio space for artists, we are supporting the City’s goals of attracting new artists and patrons to Downtown San Pedro.”

(From left) Chris Maffris, Senior Vice President, Meta Housing Corporation,
Sandra Gibbons, Vice President/CFO, Western Community Housing, Inc.,
Councilman Joe Buscaino, City of Los Angeles, 15th District,
Tim Carpenter, Founder, EngAGE and Mee Semcken, 
Vice-Chair, DLA/LA  
 were honored 
at the Grand Opening of the Pacific Avenue Arts Colony.

Constructed on a former automotive repair facility lot in the historic core of the City of San Pedro, the 49-unit Pacific Avenue Arts Colony, or “Pac Arts,” offers six ground-floor live/work units for resident artists, and includes a full-scale professional level art gallery space that will encourage connection and collaboration with the nearby arts district.

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

Lexi Astfalk/Jenn Quader
Brower, Miller & Cole

(949) 955-7940

Avanath Capital Management Acquires Affordable/Workforce Housing Portfolio in Orlando, FL and North Carolina for $45.9 Million

John R. Williams
IRVINE, CA – Avanath Capital Management, LLC, a private real estate investment manager, has acquired a two-property, 553-unit affordable housing portfolio in Orlando, Florida and Cary, North Carolina for $45.9 million through an off-market transaction.

Avanath specializes in the acquisition and operation of affordable and workforce housing assets nationwide, with a focus on supply-constrained markets.

“Undersupplied affordable housing markets, particularly in high-growth cities, are experiencing even greater pressure as general multifamily rents continue to rise throughout the nation,” notes John R. Williams, President and CIO of Avanath.

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

Amanda Brenner/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Sean Delaney Expands The Mele Storage Group into Midwest Market

Sean Delaney
Tampa, FL – Marcus & Millichap announced that Sean Delaney, First Vice President Investments at Marcus & Millichap will expand the Mele Storage Group brand into the mid-western states.

 Sean will partner with Michael Mele, Senior Vice President Investments and founder of The Mele Group of Marcus & Millichap. Sean will serve as a broker, marketing self-storage properties in the firm’s Chicago office.

In the Mele Group, Sean is joining the industry’s most knowledgeable and experienced self-storage investment team. 

The Mele Group is comprised of the most qualified and highly driven individuals that specialize in investments and provide in-depth and relevant market analysis for self-storage owners and investors.

Michael A. Mele
Sean Delaney joined Marcus & Millichap, the nation’s largest real estate investment services firm, in late 2003 specializing in self storage assets with a focus on the Midwest. In September 2005 he became an Associate of the Firm and in March 2007 reached Senior Associate status.

 In July 2012 he was promoted to Associate Vice President Investments then in July 2013, by vote of the managing directors, given the distinction of Vice President Investments.

 Prior to joining Marcus & Millichap Sean played seven years of professional baseball for the Kansas City Royals and the Saint Paul Saints. 

Sean has successfully facilitated the purchase or sale of roughly $200 million in self storage properties.

Mr. Delaney has been the recipient of the coveted Marcus & Millichap Sales Achievement plaque five times over the course of his career.

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

Michael Mele
Senior Vice President, Tampa

(813) 387-4790

IPA Sells Rare Bayfront Property in Newport Beach, CA for $25.5 Million

The Waterfront, Newport Beach, CA

Stewart I. Weston
NEWPORT BEACH, CA  – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, is pleased to announce the sale of The Waterfront, a 17-building, 64-unit, bayfront multifamily community in Newport Beach, Calif.     

IPA senior director Stewart I. Weston represented the seller, BT Real Estate Group. The buyer is Waypoint Property Group.

            “The Waterfront is one of just three bayfront properties in Newport Beach,” says Weston.  

“With approximately 1,000 linear feet of water frontage on Newport Bay, 34 boat slips and a private beach, the asset exhibits an undeniable presence. Revenue enhancement opportunities exist for the new owner through the continuation of the renovation program that began in 2011.”

            The property was built in 1964 at 919 Bayside Drive in Newport Beach overlooking Newport Harbor and across from Balboa Island, which is accessible via a pedestrian bridge. 

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

Gina Relva,
 Public Relations Manager

(925) 953-1716

Peachtree Hotel Group Announces Opening of Hampton Inn & Suites Vero Beach Downtown in Florida

Tammie Taylor

                VERO BEACH, FL,  April 30, 2015—Officials of Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today announced the grand opening of the 90-room Hampton Inn & Suites Vero Beach Downtown. 

Owned by VBH Miracle Mile LLC, and operated by Peachtree, the hotel was conceived by Vero Beach residents Frank Christy, Christy & Associates president, and Keith Kite, managing member of Kite Properties LLC.  The lender for the project is WesBanco, a West Virginia regional bank holding company.

“The Hampton Inn & Suites Vero Beach Downtown is our fifth hotel in Florida, a thriving market we will continue to watch with interest for future investment opportunities,” said Tammie Taylor, Peachtree vice-president of operations. 

 “With our existing Florida portfolio concentration and local market expertise, we expect this hotel to ramp up quickly and become the preferred, select-service destination in the area.”

Situated at 611 20th Place, the three-story hotel is within walking distance of the pedestrian-friendly Miracle Mile and its numerous restaurants, entertainment, shopping and services.  

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

Chris Daly, media
 (703) 435-6293

New Brokerage Firm Heritage Select Real Estate Company Launches to Serve Vacation-Home Market in Illinois’ Starved Rock Country

OTTAWA, IL (April 30, 2015) – The development team for Heritage Harbor Ottawa Resort, a marina resort community on the Illinois River in Ottawa, Ill., has announced the launch of Heritage Select Real Estate Company, a new residential and limited commercial brokerage firm primarily serving the second- and vacation-home market in Starved Rock Country, a recreational region 90 minutes southwest of Chicago. 

The new firm offers full brokerage services for vacation homes in the area, including new, re-sale and lease listings at Heritage Harbor Ottawa Resort as well as select property listings outside the resort in Starved Rock Country. 

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

Sarah Lyons, (312) 267-4520

Kim Manning, (312) 267-4527

Marcus & Millichap Arranges $2.8 Million Sale of 10,455-SF Coral Gables, FL Office Building

Douglas K. Mandel
CORAL GABLES, FL, April 30, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 255 University, a 10,455-square foot office property located in Coral Gables, Fla. 

The asset sold for $2,800,000 representing $267 per square foot.

Douglas K. Mandel, a first vice president investments, Benjamin H. Silver, an associate vice president investments, and Richard Niewiadomski, an associate, 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 Coral Gables, Fla.  

The buyer was also a local Coral Gables resident who was in a 1031-exchange.
“Coral Gables has a high demand for executive office suites and per square foot rents for this use are at a major premium,” says Silver. 

  “We received multiple offers on the property and achieved an above market price per square foot for a traditional class-B investment property in this particular area.”

Benjamin H. Silver
Constructed in 1958, 255 University features two floors of office space. The property has had major renovations over recent years, including marble floors, new impact windows and a new roof. 

The property sits at 249-255 University Drive just steps away from Ponce De Leon Boulevard, the major north/south thoroughfare in Coral Gables.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

NAI Realvest Negotiates Three Industrial Leases Totaling Over 10,380 square feet at Goldenrod CommerCenter in East Orlando, FL

Kristen Kemp
ORLANDO, FL. --- NAI Realvest recently negotiated industrial leases totaling 10,382 rentable square feet at Goldenrod CommerCenter at 1460 and 1476 Goldenrod Rd. in east Orlando. 

Michael Heidrich, principal at NAI Realvest and associate Kristen Kemp represented the landlord Goldenrod SPE, LLC in a new lease agreement with E & E Property Investment Group LLC d/b/a Epic Orlando Sports for 4,382 square feet at 1476 N. Goldenrod Rd;

Heidrich and Kemp also negotiated a new lease agreement with Goldenrod Luxury Cars, LLC for 2,000 square feet at 1460 Goldenrod Rd. in the CommerCenter.  

Heidrich represented the same landlord in a renewal lease agreement with Class A Carpets, Inc. for the 4,000 square feet they occupy at 1476 Goldenrod Rd.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142