Wednesday, December 2, 2015

Gelt, Inc. Acquires 564-Unit Apartment Community for $74 Million in Denver, CO

3300 Tamarac Apartments, Denver, CO

Keith Wasserman

Los Angeles, CA  – Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired 3300 Tamarac, a 564-unit apartment community, for $74 million in Denver, CO.

This marks the firm’s largest apartment property purchase to date in terms of both units and price, as well as its first acquisition in Colorado. The property was acquired from Los Angeles-based TruAmerica Multifamily.
“3300 Tamarac checked all the boxes for our acquisition criteria,” said Jeff Harris, director of acquisitions with Gelt, Inc. “The asset is strategically located in an infill submarket with immediate access to major transportation, key employment centers, and an array of retail options.

“Additionally, the seller invested a significant amount of capital in a successful value-add program. We see continued upside through renovation of the remaining classic units and the addition of new amenities such as a bike room, additional storage, and an outdoor recreation area.”

Jeffrey Harris
“We like the Denver region for investment as it has diverse economic drivers, impeccable migration statistics as a result of job growth, great quality of life, and a growing population of millennials. All of these key fundamentals are driving a healthy apartment market.” noted Keith Wasserman, partner with Gelt, Inc.

Damian Langere, partner of Gelt, Inc. added: “The area surrounding the property has seen a tremendous transformation in the last few years with the opening of a new Whole Foods two blocks away and Target across the street. 

"The asset’s stellar location ensures a long-term competitive advantage for apartment housing in the local market.”
David Martin of Moran & Company represented both the seller and buyer in the transaction. Brian Eisendrath and Ross Moore of CBRE procured the debt for Gelt.

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

Darcie Giacchetto


Marcus & Millichap Arranges $1.9 Million Sale of Value Self Storage in Port Charlotte, FL

Mike Mele
PORT CHARLOTTE, 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 Value Self Storage, a 35,758-square foot self-storage facility located in Port Charlotte, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,900,000.

Michael A. Mele, senior vice president investments in Marcus & Millichap’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 private investor.  

The buyer, a private investor, was secured and represented by Mele and Brian Baldwin, associate in the firm’s Tampa office. 

“This deal is an example of how well the private client market has rebounded in self-storage,” says Mele.

Value Self Storage is located just off of Port Charlotte’s main thoroughfare at 23227 Freedom Avenue in Port Charlotte, Florida. This facility is comprised of 687 units that range in size from small lockers to 300-square foot units. 

There is a combination of climate-controlled units, non-climate units, lockers and RV and boat parking. It is situated on approximately 2.83 acres, and has a total of 35,758 net rentable square feet. Value Self Storage was constructed in 1984 and was expanded in 1997 to meet the increasing demand in the area. The property is meticulously maintained and features amenities such as truck rentals, 24-hour gate access, video surveillance and perimeter fencing.

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

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

Wyndham Garden Hotels Debuts in the Pacific Rim with Guam Property

Barry Robinson
Tamuning, Guam  – Strengthening its growing presence in the Pacific Rim, Wyndham Hotel Group introduced its upper-midscale Wyndham Garden® Hotels brand to the region today with the opening of a 144-key property in Guam.

The all-suites hotel, operated by Sentry Hospitality, LLC, is centrally located in Tamuning, Guam’s main tourism and business hub. 

Just five minutes from the Antonio B. Won Pat International Airport and two minutes from Ypao Beach, Wyndham Garden Guam puts guests within easy reach of the area’s dining, shopping, businesses and natural attractions. It becomes Wyndham Hotel Group’s second property in Guam, joining a Days Inn® hotel also in Tamuning.

 “Known for its friendly people, beautiful landscape and fascinating history, Guam continues to gain traction as a prime destination for business and holiday travel, especially among Asian and American travellers,” said Barry Robinson, president and managing director, Wyndham Hotel Group South East Asia and Pacific Rim.

 “More than 1.3 million visitors have made their way to the country so far this year, and inbound travel is expected to rise. This growth, coupled with a lack of hotel supply, gives us a timely opportunity to introduce our vast portfolio of brands and provide visitors with quality, globally renowned accommodations, along with exceptional value, to serve their lodging needs.”

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

Angie Christofis
Manager PR & Communications
Wyndham Hotel Group - South Pacific
T: +61 (0) 7 5512 8307

Real Estate Capital Instiitute Predicts Fed Preparing Bond Markets for First Rate Hike in 10 Years

Jeanne Peck
Chicago, IL - Real Estate Capital Institute predicdts The Fed is clearly preparing bond markets for the first rate hike in nearly a decade.  

Investors react by pricing two- and 10- year benchmark Treasurys to the thinnest margin since this Spring.   With the markets psychologically factoring such increases,
longer-term bond investments [including mortgages] will benefit from a slow, predictable pace of increases mainly based upon tame inflation news.

Even as longer-term benchmark rates gain more predictability, mortgage market players react differently to pricing realty risk premiums over these yields.  Major players carve out niches as follows:

Life Companies: Without question, these balance-sheet funding sources win battles on rate, less so on leverage. Fixed rate loans can be had starting in the higher-3% range. Virtually all players in this sector have targeted
appetites well above the amount of deal volume, as investment departments shift more dollars into commercial realty debt instead of corporate bonds.

Conduits:  Relentless volatility hampers Wall Street from providing consistent pricing as AAA-pieces of the loan continue to widen to their highest levels in the year; BBB-piece price widening shows no mercy on the other end of the pricing spectrum. In fear of wiping out profitability due to mismatched pricing during loan aggregation, Wall Street sources wait to
the last minute to finalize loans.  Expect more credit discipline and conservative underwriting than in the recent past, but higher leverage levels than life companies with pricing typically starting in the mid-4%

Agencies:  Despite wider pricing in recent months, agencies lead in
higher-leverage multifamily lending.  Agencies have a generous allocation of
funds for the foreseeable future.  Execution consistency and continuous
market presence remain the largest reasons for the continued success of this
funding sector.

Banks:  Local and regional banks fill any liquidity gaps for borrowers in
non-core markets.  Flexibility, especially for shorter-term debt, is the
hallmark funding characteristic of banks.  Pricing tends to fall somewhere
between life companies and conduits.

Ms. Jeanne Peck of the Real Estate Capital Institute's Jeanne Darrow Peck
advises, "keep in mind-rates are still relatively low, even as spreads
widen."  She adds, "The planned Fed actions reflect a vote of confidence in
the economy, and resulting mortgage rate impacts should be gradual and work
within project budgeting goals and objectives."

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

Jeanne Peck,
 Executive Director

HFF closes sale of Class A downtown Mountain View, CA office property

Castro Station, 100, 150 and 200 West Evelyn Avenue,  Mountain View, CA
Steven Golubchik
SAN FRANCISCO, CA -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Castro Station, a three-building, Class A office property in the Silicon Valley city of Mountain View, California. 

HFF marketed the property on behalf of the seller, SFF Realty Fund as advised by PSAI Realty Partners.  TIAA-CREF purchased the asset for an undisclosed amount. 

Castro Station, located at 100, 150 and 200 West Evelyn Avenue, consists of 114,809 square feet plus a three-level, 362-space subterranean parking garage.  

Buildings 100 and 200 were built in 2000 and total 65,757 square feet.  Building 150 is a 49,052-square-foot building completed in 2014.

 The fully-leased property is occupied by nine tenants in the security software, social networking, cloud software and e-commerce industries, among others.  

The 3.94-acre site is located at the intersection of Central Expressway and Highway 85 (Norman Y. Mineta Highway) adjacent to the Mountain View Baby Bullet Caltrain Station. 

Michael Leggett
Castro Station’s location in downtown Mountain View provides walkable access to its retail core and vehicular access to Highways 101, 82, 85 and 237. 

Castro Station is also within close proximity of Stanford University as well as numerous high-profile corporate users in Silicon Valley such as LinkedIn, Microsoft, Amazon, HP, Samsung and Google. 

HFF’s investment sales team representing the seller was led by senior managing director Steven Golubchik, co-head of HFF’s national office investment sales platform Michael Leggett and director Ben Bullock.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Prime Waterfront Office Property in Newport Beach, CA Across from Balboa Island Acquired by Shopoff Realty Investments and Invesco Real Estate

William Shopoff
Newport Beach, CA. –– Shopoff Realty Investments announced today that the company has partnered with Invesco Real Estate to acquire Bayside Square, a 35,000-square-foot office building, in Newport Beach, Calif.

The asset is uniquely situated directly on the water overlooking beautiful Bayside Marina at the foot of the bridge to prestigious Balboa Island. 

The partnership intends to maintain and improve upon the current operations of the office building, while exploring opportunities to enhance long-term value.

“Bayside Square is a one-of-a-kind property, in a location unlike almost any other, at the heart of some of the most desirable and expensive real estate in the country,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “Our company envisions multiple strategies to unlock the hidden value of this asset.”

“We’re excited about the ability to align our opportunistic capital with a first class, specialized partner in a truly irreplaceable location,” said Chase Bolding, an investment officer with Invesco Real Estate.

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

Feldman Equities LLC & Tower Realty Partners Acquire Downtown Tampa, FL Development Site

Tampa Riverwalk

TAMPA, FL       Riverwalk Tower, LLC, a joint venture of Feldman Equities, LLC and Tower Realty Partners, has acquired a 1.47 acre land site and the adjacent CapTrust office building in Downtown Tampa from Brownstone Tampa Partners LLC, a company controlled by Forge Capital Partners LLC, for $12.05 million.

The site sits on the edge of the new Tampa Riverwalk.  The land boundaries are South Ashley Drive on its east boundary, Borein Street to the property’s south, the Hillsborough River to the west and Whiting Street to the north. The site has over 350 lineal feet of waterfront.  

The property is widely considered to be the most desirable location in downtown Tampa because of its extensive water views, immediate adjacency to the Tampa Riverwalk and its close proximity to the “core” high-rise district of downtown Tampa. 

The site will be home to Riverwalk Tower, a 52-story office and luxury residential building.

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