Thursday, November 19, 2015

NAI Realvest Negotiates $750,000 Purchase Price for High-Profile Vacant Land on S.R. 50 in Ocoee, FL


Tom r. Kelley II
ORLANDO, FL – NAI Realvest recently negotiated the $750,000 purchase of 1.5 +/- acres of vacant land located at 11800 and 11840 W. Colonial Drive (S.R. 50) in Ocoee – a  highly visible location with convenient access SR 429, the Turnpike and Interstate 75.

Tom R. Kelley, II, CCIM, principal at NAI Realvest, negotiated the sale representing the buyer L.A. Holdings, LLC., based in Orlando.   The Orlando-based seller is West 50 Properties.    

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

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



TRYP by Wyndham Debuts in Puerto Rico; Strengthens Caribbean Presence


Paulo Pena
SAN JUAN,  Puerto Rico -- Wyndham Hotel Group has introduced TRYP by Wyndham® to Puerto Rico with the opening of the lifestyle brand’s first hotel in the island, the 109-room TRYP by Wyndham Isla Verde.

Located outside the capital of Puerto Rico, San Juan,  TRYP by Wyndham Isla Verde is less than 10 minutes from San Juan Airport (SJU) and across the street from Isla Verde Beach, putting guests close enough to dig their feet in the sand, visit historic sites in Old San Juan and enjoy the area’s shopping, food and entertainment.

“Puerto Rico is a key tourism destination in the Caribbean known around the world for its beautiful beaches and vivacious culture,” said Paulo Pena, president and managing director, Latin America and Caribbean for Wyndham Hotel Group.

 “TRYP by Wyndham is the perfect fit for the island: the brand’s “Own the City” culture embraces the traditional character of San Juan, while its contemporary design and amenities meet the needs of today’s traveler.”

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

Paula Carreiro
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-7927



BankUnited Announces Two Loans Totaling $16 Million to The Daten Group


La Gianna Rose Apartments, 40--42 Walker Avenue, White Plains, NY

NEW YORK, NY – BankUnited announced it provided two loans totaling approximately $16 million to Madison Avenue real estate firm The Daten Group/Lighthouse Enterprises of White Plains to refinance construction loans on two luxury apartment buildings in White Plains.

Daten and Lighthouse received a loan of $7,657,500 to refinance a construction loan on La Gianna Rose, a 26,500-square-foot, four-story elevator residential building featuring 24 residential units and one 2,600-square-foot, ground-floor commercial space. The property, which sits on a 14,442-square-foot lot, is located at 40-42 Waller Avenue.

Sanctuary Apartments, 115 North Broadway,
White Plains, NY
They also received an $8,325,000 loan to refinance a construction loan on the Sanctuary, a 35,878-square-foot, two-story elevator residential building featuring 23 residential units. The property, which sits on a 28,800-square-foot lot, is located at 115 North Broadway.

Both luxury apartment buildings were completed in 2015.

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

Mary Harris, (305) 817-8117                                      
facebook.com/BankUnited.official
 Twitter @BankUnited

Savannah Whaley, (954) 776-1999, x225

Multi Housing Advisors Brokers $23.9 Million Sale of Apartment Community in Atlanta, GA


  
1500 Oak Apartments, Atlanta, GA

 
Josh Goldfarb
ATLANTA, GA — Multi Housing Advisors (MHA) has arranged the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta.

Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property. 

“The sellers repositioning of the asset through upgraded unit finishes and community amenities harnessed the submarket’s robust economic growth,” Goldfarb said. “The purchaser, recognizing the upswing and further potential in performance, acquired the community at an attractive price.”

1500 Oak recently received a comprehensive renovation. The property features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two inch wood blinds, vinyl plank flooring, and energy efficient toilets.

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

Deborah Rogers
Multi Housing Advisors
404.645.7275

Cocoa Beach Self Storage Sold for $3.35 Million; Marcus Millichap Handled Sale in Cocoa Beach, FL


Luke Elliott
COCOA BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Cocoa Beach Self Storage, a 28,730-square foot self-storage facility located in Cocoa Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.

Luke Elliott, associate in Marcus & Millichap’s Tampa office, and Michael A. Mele, senior vice president investments in the firm’s Tampa office and senior director of the firm’s National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a private investor, was secured and also represented by Elliott and Mele.

Cocoa Beach Self Storage is located at 14 South 20th Street in the desirable beach community of Cocoa Beach, Florida.

Constructed in 2009, the 319 storage units are located inside one large, three-story building with 28,730 net rentable square feet. The building is one of the only solar-powered self-storage facilities in Florida with more than 5,000 square feet of solar paneling.

Cocoa Beach Self Storage has dominant market share in the area and experiences little to no competition from nearby facilities. Cocoa Beach is a popular tourist destination with 2.4 million visitors per year. It is also a traditionally white-collar area with an average household income of $84,890 within a five mile radius.

“This was a Class A facility that was less than 30,000-square feet in a high barrier to entry, but tertiary market,” says Elliott. “Overwhelmingly the market spoke and we found a buyer for whom this facility worked well for, it will be a great addition to their portfolio.”

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

Richard D. Matricaria
Vice President/Regional Manager,
 Tampa, FL

(813) 387-4700

Out-Back Self Storage in Dunnellon, FL Sold for $1.6 Million in Deal Brokered by Marcus & Millichap


Michael A. Mele
DUNNELLON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Out-Back Self Storage, a 27,696-square foot self-storage facility located in Dunnellon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,595,000.

Michael A. Mele, senior vice president investments in the Tampa office and senior director of the firm’s National Self-Storage Group, Luke Elliott, associate, and Brian Baldwin, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and also represented by Mele,  Elliott and Baldwin.

“We ultimately were able to drive six offers to the facility, and the buyer who was selected was an out of area investor, far from the traditional buyer pool for self-storage,” says Baldwin.

Out-Back Self Storage, located at 19545 West Highway 40 in Dunnellon, Florida, is a high quality, stabilized self-storage facility situated on approximately 3.32 acres. Constructed in 2006 and expanded in 2009, this asset consists of 219 units, both climate and non-climate controlled, for a total of 23,750 net rentable square feet. It is a fully fenced and gate facility. The property is less than a quarter mile east of US-41 and less than 17 miles southwest of Interstate 75.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $4.1 Million Sale of 120-Unit Tropicana Apartments in Sanford, FL


Nicholas Meoli
SANFORD, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tropicana Apartments, a 120-unit apartment property located in Sanford, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,100,000.

Nicholas Meoli and Michael Donaldson, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Orlando based private investor.  The buyer, a private investor based out of South Florida, was secured and represented by Donaldson and Meoli.

“The sale of the Tropicana Apartments represented an excellent value-add opportunity in today’s marketplace,” says Donaldson. “With some of the lowest market rents in the submarket, Tropicana has the potential to increase revenue substantially through renovations and immediate rental upside as many other communities in the area have already implemented.”

“With some of the most spacious and desirable floor plans and being situated blocks from Seminole High School, the property generated substantial interest during our national marketing campaign with over 280 registered buyers and 18 offers generated,” adds Meoli.

Michael Donaldson
Tropicana Apartments is a 120-unit apartment complex located at 1505 West 25th Street, Sanford, Florida, which is a submarket of Orlando. 

This complex is made up of 12 residential buildings and one leasing office, and rests on a combined 8.74 acre parcel. 

The property consists of four efficiency units with an approximate size of 550-square feet, 40 one-bedroom/one-bathroom units with an approximate size of 610 square feet, 56 two-bedroom/one-bathroom units with an approximate size of 970 square feet, four, two-bedroom/one-bathroom townhome-style units with an approximate size of 1,000 square feet, and 16 three-bedroom/two-bathroom units with an approximate size of 1,159 square feet.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700