Wednesday, July 29, 2015

Assisted living facility in St. Petersburg, FL sells for $8.4 million

Kenneth Carriero
St. Petersburg, FL (July 29, 2015) – Bristol Court, an assisted living facility specializing in memory care, has sold for $8.4 million. 

The facility, built in 1960 and completely renovated in 2011, has 70 units and 115 beds. At the time of the sale the facility was 89 percent occupied.

CTR Partnership, L.P., a REIT focusing on senior housing assets, purchased the facility from SPALF Holdings, LLC.

The transaction was brokered by Kenneth Carriero, Senior Vice President, CCIM, and Damien Carriero, Associate Vice President of Colliers International National Seniors Housing Group.

The 35,474-square-foot memory care facility is one of the largest in Florida and sold for $120,339 per unit, $73,250 per bed.

Bristol Court was specially designed by health care experts to focus on safety and security, while promoting maximum independence. Although most assisted living facilities include a small memory care component, Bristol Court is focused entirely on caring for residents with memory loss due to normal aging, Alzheimer’s disease, or other forms of dementia.

“Our biggest challenge for this transaction was locating the right buyer for this size of a memory care facility,” said Ken Carriero. “Most assisted living facilities offer memory care to about 20 percent of the residents, while Bristol Court focuses entirely on providing memory care.”

Bristol Court is located at 3479 54th Ave. N in St. Petersburg, Fla.

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

Leah Saunders
B2 Communications
Office: (727) 895-2030, ext. 104
Cell: (813) 924-0367

IPA Facilitates Sale of $20.9 Million Cypress Village Apartments in Buena Park, CA

Stewart I. Weston
BUENA PARK, CA, July 29, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of a multifamily property located at 6343 Lincoln Avenue in Buena Park, Calif.

The sales price for the 88-unit property was $20.9 million, which equates to $237,500 per unit.

            Stewart I. Weston, Alexander Garcia, and Christopher Zorbas, IPA senior directors, along with IPA associate directors, David Sperling and John Montakab, advised the seller, NNC Apartment Ventures LLC, and an institutional investor.

            “The Orange County apartment market is projected to be one of the best-performing markets throughout the country during the next few years, and more specifically, the Cypress/Buena Park submarket has remarkably strong fundamentals due to its central location with respect to major employment centers,” says Weston.   

            “With its varied amenity package and unique physical plan, Cypress Village already represents a highly desirable asset in Orange County,” says Garcia.

Alexander Garcia
            The low-density community of 17.25 units per acre creates a tranquil setting for a multifamily community – the residences are situated in 22 buildings, with half of the units only sharing one common wall. 

All single story, two-bedroom/two-bathroom floor plans average 920 square feet and 36-units feature direct access to assigned covered parking.

            “The property is in excellent physical condition benefiting from recent extensive capital improvements including renovated leasing office, upgraded landscaping, select interior enhancements, storage lockers and new signage,” adds Zorbas.

 Cypress Village was built in 1962 and has a full complement of common area facilities including a swimming pool, a clubhouse, a fully equipped fitness center, laundry facilities, a barbecue area and storage facilities. 

Additionally, as the asset is located on an expansive lot, there is an option to redevelop the land in a future market cycle.
For a complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager

(925) 953-1716

KZF Development to Begin Construction and Sales at Timber’s Edge in Northbrook, IL

Rendering of Timber's Edge, Northbrook, IL
CHICAGO, IL (July 29, 2015) – Northbrook, Ill.-based KZF Development has announced that it has received zoning approval and will begin construction and sales at Timber’s Edge, a low-maintenance community of 21 single-family homes, in Northbrook, Ill.

 The development, which has been specifically designed to foster a strong sense of community, has been touted by Northbrook village officials as an example of the right way to build a planned housing development.

 Located at 3895 Dundee Road, Timber’s Ridge will reflect a coastal-style design that is pedestrian friendly with front porches, paved walkways and a centrally located 10,000 square foot community green with benches, pergolas and a fountain.

“A refreshing alternative to the typical sprawling subdivisions found in the suburbs, Timber’s Edge will offer a more cozy and neighborly atmosphere that homebuyers of all ages are showing a new appreciation for,” said Steve Friedman of KZF Development.

“Timber’s Edge is designed as an interactive neighborhood where walkways and landscaped seating areas connect homes and residents, helping form a more close-knit community.”

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

Kelly Shumaker, (312) 267-4519
Emily Johnson,, (312) 267-4522

Berger Commercial Realty Announces Three New Leasing and Management Assignments Totaling More Than 282,000 SF in South Florida

Cypress Creek Tower
FORT LAUDERDALE, FL (July 29, 2015) - Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently acquired three new leasing and management assignments for properties in Fort Lauderdale and West Palm Beach.

"We are pleased to take on the leasing and management responsibilities for these three properties and look forward to enhancing the value of each asset through rental price optimization, proven marketing strategies, and efficient operation," said Berger Commercial Realty President Lloyd Berger.

Cypress Creek Tower

Wendy Collins
Located at 800 W. Cypress Creek Road in the Cypress Creek office submarket of Fort Lauderdale, Cypress Creek Tower will be exclusively leased by Berger Commercial Realty brokers Keith Graves and Jonathon Thiel and will be managed by property manager Wendy Collins.

The class B building, which is 75 percent occupied, includes 62,000 square-feet of office space and stands five stories tall. It features an onsite banking facility, a computerized energy management system, and is within minutes of I-95, Florida's Turnpike and the Cypress Creek Tri-Rail Station.

The building was recently acquired by COLE International Investments, LLC, a Delaware-based company. Berger Commercial Realty also leases and manages two other assets owned by COLE.

Executive Airport Business Center

Recently acquired by CP Highlands Fund, the Executive Airport Business Center includes 73,130 square-feet of single-story office, industrial and flex space located at 5101 N.W. 21st Ave. in Fort Lauderdale.

Claudia Fajardo
Situated on more than six acres of land, the property consists of two buildings adjacent to a lake and small wooded area. It is located southwest of Fort Lauderdale Executive Airport and just north of Commercial Boulevard.

CP Highlands Fund selected Berger Commercial Realty after a thorough and lengthy bidding process. Brokers Judy Dolan and Thiel will be responsible for leasing the property and Collins will manage it.

Okeechobee Industrial Park

Okeechobee Industrial Park consists of 11 one-story buildings totaling 175,000 square-feet of industrial and flex space. The 13.25-acre industrial property is located at 1550 Latham Road in West Palm Beach and is within minutes of I-95, US-98 and Palm Beach International Airport.

Judy Dolan
The property, acquired by FM Capital, will be managed by Berger Commercial Realty from its Palm Beach office. Broker Robert Dabrowski will be responsible for leasing and property manager Claudia Fajardo will handle management.

 Fajardo is moving from Berger Commercial's Miramar office to manage the industrial park and assist with the firm's current Palm Beach County-based portfolio.

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

Lexi Robinson, ext. 255,

Marielle Sologuren, ext. 226,

Hospitality Ventures Management Group (HVMG) to Develop and Manage SpringHill Suites at The Wharf in Orange Beach, AL

Robert S. Cole
ATLANTA, GA, July 29, 2015 – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, has been selected by Wharf Entertainment Properties, LLC, to serve as the lead developer and operator of the planned five-story, 132-room SpringHill Suites that broke ground in June at The Wharf in Orange Beach, Ala. 

Located at 4763 Wharf Parkway, the hotel will be adjacent to the Orange Beach Event Center and near the popular Orange Beach Sportsplex.

 Once completed, the hotel will include a destination restaurant, full-service bar and an outdoor patio overlooking the intra-coastal waterway. 

Additionally, the hotel will include such amenities as approximately 3,000 square feet of meeting space, an oversized lobby, complimentary breakfast, fitness center and resort-style pool. 

“The Wharf and the City of Orange Beach are flush with entertainment, retail and dining options,” said Robert S. Cole, HVMG president and CEO. “However, the one thing that has been missing at The Wharf has been a premier, all-suite hotel to meet the short-term needs of leisure and business travelers to the area. This is about to change, and we’re excited to be a part of this important development for the Orange Beach community.”

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

Chris Daly

Charles Dunn Company Completes $4.9 Million Sale of 32-Unit Multifamily Property in Koreatown Neighborhood of Los Angeles, CA

Janet Neman
LOS ANGELES, CA, July 29, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.9 million sale of a non-rent controlled, 32-unit multifamily property located at 932 Irolo St. in the Koreatown neighborhood of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented buyer, Engine Real Estate, LLC from Los Angeles, as well as the seller, a private investor from Beverly Hills. The closing cap rate was 5.5 percent.

Built in 1927 in Art Deco design, the property was 97 percent occupied at the close of escrow and includes 24 studio units and eight one-bedroom units. On-site amenities include upgraded units and common areas, laundry room, secured access, and an intercom system.

Bryan Glenn
“The seller decided to add value by fully renovating the asset in order to maximize value and buyer attention,” said Neman. “The buyer plans to make some small improvements that include providing additional amenities, and improving overall property management and operations of this vintage property.”

With its central location close to Downtown Los Angeles, Hollywood, and Mid-City, Koreatown continues to experience strong rental growth, investment demand, and an influx of renters seeking renovated, high-end apartments.

“932 Irolo is a very unique asset because of its non-rent controlled status despite its 1920s vintage,” noted Glenn. “This transaction was a perfect example of maximizing the potential for multifamily units in Koreatown through repositioning and high-end renovations to attract quality tenants at great rental rates and ultimately a strong sale price.” 

Glenn added that the Charles Dunn team received multiple offers very quickly and selected the buyer based on the strength of its offer, experience, and qualifications.

The asset is located in the amenity-rich heart of Koreatown north of Olympic Boulevard, south of 8th Street and just east of Western Avenue. It is adjacent to the Seoul International Park and is walking distance to the purple line Metro stop at Wilshire / Normandie, as well as the Robert F. Kennedy Schools.

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

Darcie Giacchetto