Monday, October 31, 2016

Drever Capital Management Fund Acquires 240-Unit Aria at Rollingbrook Apartments in Houston’s Booming Baytown Submarket


Aria at Rollingbrook, 1700 Rollingbrook Drive,  Baytown Submarket, Houston, TX

BAYTOWN, TX — Drever Capital Management (DCM) has acquired Aria at Rollingbrook, a 240-unit Class A apartment community previously known as Watercolor, a half-mile from ExxonMobil Baytown, the largest petrochemical plant in the U.S., and adjacent to Chevron Phillips 66 Chemical’s joint-venture Cedar Bayou facility in Houston’s booming Baytown submarket.

DCM, which also recently acquired the empty, bankrupt 52 story First National Bank Tower at 1401 Elm Street in downtown Dallas, purchased Aria at Rollingbrook at 1700 Rollingbrook Dr., Baytown, from The Leyendecker Group of Houston. The price was not disclosed.

Clint Duncan
“This is more than an acquisition of a year-old Class A stabilized apartment community with an excellent I-10 location and a high 90% occupancy,” explains Noah Drever, senior managing director of Drever Capital. “It is a strategic investment for our fund in one of Houston’s strongest suburban economies that’s driven by the downstream petrochemical sector.”

Drever said Baytown’s Gulf Coast location, between Galveston and the Port of Houston Ship Channel, means that Aria residents working in engineering, industrial construction or maintenance can choose from over 120 petrochemical employers in East Harris County without getting bogged down in long commutes. 

“Residents can also put down roots and not have to relocate when they complete a project or assignment,” he noted.

Baytown alone is the home of over 20 petrochemical facilities including the nation’s biggest petrochemical plant ExxonMobil Baytown which consists of four separate facilities.

“We’re well positioned to attract some of the 4300 employees and personnel maintaining the plant,” said Drever. “Additionally, the Chevron Phillips 66 Chemical plant, with its $6 billion construction campaign, will generate approximately 500 jobs annually during the next six years on top of an existing 9,000 employee base.”

Drever discussed the upcoming renovation program and upgrades. “Our residents are hardworking people who also want a quality lifestyle plus great value and personalized services for their money while our investors want safe and socially responsible returns.”

Noah Drever
Drought-tolerant irrigation and landscaping will be added throughout to create a park-like retreat and add recreation space, contends Drever. A commercial-grade outdoor kitchen/bar will be incorporated into the pool area. In response to resident demand, interior upgrades will include granite kitchen countertops, and E-Star appliances and washer/dryer in each unit.

Drever Capital Management, which won the 2016 Information Management Network commercial real estate Social Responsibility Award, is continuing to live up to its motto of “Doing Well by Doing Good” by offering monthly rent discounts to teachers and educators, firefighters and police officers, medical workers, and active and former military personnel.

The new owner is also donating an apartment in Aria to a Baytown police officer. Explains Barbara Moffitt, regional vice president of operations: “Our residents are dedicated middle class working people who go the extra mile for all of us in the community everyday so we create programs to repay them, to give back.”

The acquisition was brokered by Clint Duncan, senior vice president-investment properties of CBRE’s Houston office who represented the seller. Tom Cabibi, director of Acquisitions for Drever Capital, represented the buyer. Freddie Mac provided the financing. .

Tom Cabibi
“This was a complex deal that was fully marketed nationwide but Noah Drever stepped up to the plate, signed a pre-negotiated ‘as is’ contract and executed on the spot with no delays, without going through batteries of lawyers, and shaving three weeks off the contract negotiating process.” said Duncan.

“Noah and his team had done their deep due diligence quickly and thoroughly, they were open to feedback, took direction from us, did exactly what they said they would do and exercised real patience with the seller. Patience was the key to this transaction.”

Duncan also said Baytown’s growth, coupled with an expansion at the Port of Houston and the export of downstream petrochemical products, will ensure a demand for top-tier apartment and single family housing for years to come.

Population projections are exceptionally bullish, according to B.J. Simon, associate director of Baytown Economic Development Foundation. Growth ranged from 78,000 in 2010 to 86,000 in 2016 to 90,000 in 2019. Most of the influx are industrial construction workers.

 “Over the life cycle of the two megaprojects—ExxonMobil and Chevron Phillips, 22,000 people will have worked at those facilities,” he said. “The rule of thumb is that 15% of the workers will be retained, remain in the market, work with other construction contractors along the Gulf Coast and be deployed to other projects in the area.”

Bill Gilmer
The increasing global demand for plastics will be heavily supplied out of Baytown petrochemical plants, notes Professor Bill Gilmer, Ph.D., director of the Institute for Regional Forecasting at the University of Houston’s C.T. Bauer College of Business.

“These huge downstream plastics plants will turn out railcar after railcar of plastic pellets that  will be deployed nationwide to every manufacturing plant that turns out plastic parts for, say, cars or toys or anything that uses plastics in a finished product.”      

The City of Baytown has been gearing up for the surge in skilled workers, contends Mayor Stephen DonCarlos. “Mobility issues are being addressed with new roads and boulevards that open up new areas to development. Regarding public safety, we’ve added more police officers, firefighters and paramedics to reduce response time

“The City Council has encouraged quality over quantity in development of both multifamily and single family dwellings,” he added. “Employment opportunity is everywhere and proximity to Houston, with its sports, entertainment, shopping and restaurant scene and distances to Intercontinental and Hobby airports, can be measured in minutes.”

Don Carlos, Mayor, Baytown, TX
Indeed, residents can find almost everything they want in Baytown, added Mayor DonCarlos. The city now has two Walmarts, the redeveloped Baytown Mall, Kroger Marketplace, a new HEB store, the city-owned Pirates Bay Waterpark, while a new little theatre is under construction and Max Bowl is being expanded.

Drever Capital Management and its principals have been impact investors in multifamily and senior housing communities since 1968 and have built or redeveloped 170,000 workforce apartments valued at over $20 billion.

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

Chris Barnett
Chris Barnett Communications
2001 Fillmore St. Suite 104
San Francisco, CA 94115
(415) 921-5092 office
(415) 336-5092 mobile



élan on Marks in Downtown Orlando's NorthQuarter District is Defined by Luxury Urban Design and Superior Tilt-Up Construction


Marisol Santiago Soderstrom

ORLANDO, FL --- Presales will get underway soon for downtown’s élan on Marks – 10 luxurious four-story residences with rooftop terraces designed by the renowned Phil Kean, to be constructed by River Oaks Builders with exceptionally durable building materials.

Marisol Santiago Soderstrom of Premier Sotheby’s International Realty, who is marketing the project, said there is nothing else like this in downtown Orlando.  Inspired by its environment, the urban brownstone design of élan on Marks is not only unique and contemporary, but its solid, precast concrete walls provide unmatched thresholds for wind resistance and water penetration.

Phil Kean
 “The construction represents the gold standard for luxury townhomes due to its superior safety, sound and energy insulation,” Soderstrom explained.

“We expect great success from this development and encourage buyers to make a reservation today as there are only ten brownstones available and they will go quickly,” Soderstrom said, adding “When you put a team together that includes Phil Kean Design with Michael Madden’s River Oaks Builders, the result is timeless appeal that’s nothing short of spectacular.”

 “élan on Marks  is within walking distance of Lake Highland Prep school, several upscale restaurants, entertainment and cultural venues, the major employment centers of downtown Orlando to the south and the main campus of Florida Hospital to the north.

Located on Marks Street in the heart of the “NorthQuarter” that’s evolving as the fastest growing urban district in Orlando, “élan on Marks offers distinctive, sustainable townhome residences with a clean efficient look inside and out that will appeal to young urban professionals and those who want to live, work and play in the downtown area,” Soderstrom said.

The project will start construction in early 2017 and the exterior shells will be completely erected within 90 days, accing to Soderstrom.   The solid precast tilt-up concrete walls, which have been tested and proven to withstand winds in excess of 250 mph, also provide fantastic insulating and sound proofing. “The benefits of tilt up construction are countless,” she said.

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

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


Andrew Baird, CPA, Joins Capital Square 1031 as Controller

                                 
Andrew Baird
RICHMOND, VA (Oct. 31, 2016) - Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced today that Andrew Baird, CPA, has joined the company as controller.

“Andrew’s successful 10-year track record in real estate accounting will make a strong addition to our finance operations,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

“He will be an effective part of the team responsible for executing systems developed for the acquisition, finance, management and ultimate sale of upwards of a billion dollars of real estate. We are thrilled to welcome him to our team during this time of rapid growth.” 

Baird brings more than a decade of accounting experience with real estate and financial services companies. He spent three years with Apple Hospitality REIT (NYSE:APLE) as an accounting director, responsible for SEC reporting, treasury management, and business combinations.

Previously, he spent eight years in the audit practice of Ernst & Young, where he managed engagements for several real estate and financial services companies, which included audits of financial statements, business combinations and issuances of public debt and equity.

He earned a bachelor’s degree and master’s degree in accounting from Brigham Young University.

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

Julie Leber                                                                         
Spotlight Marketing Communications                    
949.427.5172, ext. 703                   


Healthcare Landlord Leasing Specialist Michelle Lagos Joins Meridian as Senior Asset Manager


Michelle Lagos

IRVINE, CA -- Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, announced today that healthcare leasing specialist Michelle Lagos was hired as the senior asset manager and will play an active role in the management of Meridian’s Southern California portfolio.

“In her new position, Lagos will be assisting Meridian’s healthcare group in the asset management of Meridian’s value-add healthcare properties in both northern and southern California,” said John Pollock, chief operating officer of Meridian.

John Pollock
“We are excited about our continued growth and look forward to offering our clients the wealth of knowledge and expertise our collective team brings. 

Lagos’s extensive leasing experience provides us with a local perspective and helps solidify a foundation for our Southern California office.”

“Joining Meridian was a natural fit,” said Lagos. “Not only do I bring many years of experience in leasing medical office space in the LA healthcare real estate, but I also get to work with a passionate group of professionals who have a wide range of experience. 

"With Meridian aggressively expanding its foothold in Southern California through development projects and acquisitions of value-add healthcare properties, the timing was right.”

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

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963


Sunday, October 30, 2016

HFF closes sale of and arranges financing for 320-unit multi-housing community in Houston, TX


Park Lakes Apartment Homes, Houston, TX


Cortney Cole
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Park Lakes Apartment Homes, a 320-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

HFF marketed the property exclusively on behalf of the seller, American Realty Advisors (American).  Advenir, Inc. (Advenir) purchased the asset for an undisclosed amount free and clear of existing debt. 

Additionally, HFF worked on Advenir’s behalf to secure the ten-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir @ The Med Center and will implement a capital improvement program to achieve greater rental premiums.

 Park Lakes Apartment Homes has 21, three-story residential buildings offering studio, one-, two- and three-bedroom floor plans averaging 798 square feet each.  The 95-percent-leased property is located at 9955 Buffalo Speedway just off Loop 610. 

Approximately three miles south of the Texas Medical Center, the property also benefits from its proximity to NRG Park, the planned 300-acre University of Texas Houston campus and major employment centers in downtown, Greenway Plaza and the Galleria area.  Community amenities include a swimming pool, grilling area, fitness center, clubhouse and private garages.

The HFF investment sales team representing American was led by senior managing directors Todd Marix and Todd Stewart, managing director Chris Curry and associate director JC Clemens.

Todd Marix
HFF’s debt placement team representing Advenir was led by managing directors Josh Simon and Cortney Cole and senior managing director Eric Tupler.

“Having out-of-state buyers like Advenir invest in Houston supports the thought that confidence in the Houston marketplace is not limited to locals,” said Marix.  “We have seen capital from across the U.S. and abroad continue to look at Houston.  An asset like Park Lakes, with its strategic position next to the Texas Medical Center, captures their attention because it has a demand generator not dependent on the price of oil.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



HFF arranges $32.4 million acquisition financing for Birmingham, AL, Class A office building


Ed Coco

ATLANTA, GA  -– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $32.4 million in financing for Brookwood Office Center, a 169,459-sqare-foot, nine-story office building in Birmingham, Alabama.

HFF worked on behalf of the borrower, an indirect subsidiary of Preferred Apartment Communities, Inc., to secure the 15-year acquisition loan through Sentinel Asset Management.  The 3.52 percent, fixed-rate financing will also be serviced by HFF.
   
Completed in 2007, the LEED Silver-certified Brookwood Office Center is fully leased to a mix of national and international corporations, including Kinder Morgan, Merrill Lynch and PriceWaterHouseCoopers.  Jos. A. Bank and O’Henry’s Coffee occupy the ground-floor retail space and tenants have access to a four-story, 896-space parking structure.

 The property is situated on 5.08 acres at 569 Brookwood Village within the Brookwood Village upscale mixed-use shopping development.  

This location is immediately off of Highway 280 in the Mountain Brook/Midtown submarket of Birmingham, an affluent area boasting an average household income within three miles of more than $97,000, an average home value of more than $371,000 and a population base in which more than 62 percent of residents hold a bachelor’s degree or higher.

 The Birmingham market is the largest office market between Georgia and Texas and comprises over 58 million square feet of office space.

The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Saturday, October 29, 2016

HFF closes sale of Hilton San Antonio Hill Country Hotel & Spa in San Antonio, TX


Hilton San Antonio Hill Country Hotel & Spa, San Antonio, TX

 
Dan Peek
DALLAS, TX  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Hilton San Antonio Hill Country Hotel & Spa, a 226-room, full-service hotel and spa in San Antonio, Texas.

HFF marketed the property on behalf of the seller, a global real estate investment manager.  Goldman Sachs Group, Inc. purchased the asset.  Pyramid Hotel Group will manage the hotel.

Hilton San Antonio Hill Country Hotel & Spa is situated on 6.74 acres at 9800 Westover Hills Boulevard in the heart of San Antonio’s northwest tourism corridor.  

Positioned along State Highway 151 west of Loop 410, the hotel is adjacent to SeaWorld San Antonio and near the campuses of major corporations, including Nationwide, Aetna and Frost Bank.

 Hilton San Antonio Hill Country Hotel & Spa opened in 2002 and features a full-service spa and salon, three heated outdoor pools, a fitness center, outdoor courtyard with fire pits, business center and 14,250 square feet of event space across 13 meeting rooms. 

John Bourret
Additionally, the five-story hotel’s dining and beverage options include the AB Bar and Restaurant full service restaurant, which serves appetizers and dinner; the SunSpot, a full-service restaurant serving breakfast and lunch; and an outdoor pool bar and the Hilton Hhonors Lounge on the fifth floor.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, managing director John Bourret and associate director Austin Brooks.

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

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


  

Berger Commercial Realty Awarded Leasing Assignment for New Bergeron Distribution Center in Pembroke Pines, FL

  
Bergeron Distribution Center, Pembroke Pines, FL

Keith Graves
FORT LAUDERDALE, FL -- Berger Commercial Realty was awarded the leasing assignment for Bergeron Family of Companies' new Bergeron Distribution Center in Pembroke Pines. 

Senior Vice President Keith Graves and Broker Associate Greg Milopoulos will serve as the exclusive leasing agents for the 170,373-square-foot, class-A distribution warehouse, which is scheduled for completion by the end of the second quarter of 2017.

Bergeron broke ground on the facility in mid-October.

"There is only so much industrial space available in Broward County," Milopoulos said. "The Bergerons understand the need to jump ahead of the competition by building this facility on spec. 

"When completed, the Bergeron Distribution Center will offer unparalleled commercial real estate opportunities as it can accommodate a spectrum of tenant needs including size, function, accessibility and more."
 
The new development is situated on 9.1 acres at the southwest corner of Stirling Road and S.W. 196th Avenue within the existing Bergeron Park of Commerce and Industry, a 300-acre, $137 million industrial park and development site.

The Bergeron Park of Commerce and Industry offers convenient access to I-75, US-27, I-595 and Florida's Turnpike, providing connectivity to South Florida's major cities, airports, railways and seaports as well as Florida's west coast. The Park will total approximately 2.2 million square-feet when fully built out.

Units at the Bergeron Distribution Center will start at 21,950 square-feet. The facility will feature 32-foot clear-height ceilings, clearstory windows, ample parking, a truck court, dock and ramp loading, and onsite trailer storage. The facility will consist of up to 15 percent office space.

Greg Milopoulos
Built-to-suit options, ranging in size from two to 60 acres within the Bergeron Park of Commerce and Industry, are also available.

"The Park's zoning of Light Industrial (M-1), General Industrial (M-3), and Limited Heavy Industrial (M-4) caters to a broad range of businesses," Graves said. "The Park's slogan, 'For All Industries,' points directly to the diversity of zoning that lies at the heart of the Park's appeal to businesses of all kinds."

The Bergeron Park of Commerce and Industry was originally conceived by Bergeron Family of Companies CEO 'Alligator' Ron Bergeron, Sr. more than 30 years ago. 

The Park has been maintained and expanded upon by Bergeron Family of Companies Executive Vice President Lonnie Bergeron and Bergeron Properties and Investment Corporation Vice President Frank Saia.

"Bergeron has a strong track record of development and this site definitely taps into the strengths of its home-grown roots," Graves said. "As one of South Florida's premier property owners and developers, they understand the importance of working with a brokerage firm that truly understands South Florida's commercial real estate market, and we feel honored that they selected us to represent them on this important project."
 
For a complete copy of the company’s news release, please contact:

Media Contact: 954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com
Jane Grant, ext. 224, jgrant@piersongrant.com

 



  

Minto Communities Breaks Ground on Artesia’s Final Phase in Sunrise, FL


Tonia Abrahamsson


SUNRISE, FL – Minto Communities has broken ground on the second and final phase of Artesia, a 76-acre, resort-style community ideally located at Flamingo Road and Panther Parkway in Sunrise.

The award-winning builder will deliver 123 townhomes in this phase, bringing the total number of residences to 837. Construction on the first two buildings is expected to begin in early November.


Steve Svopa
“We have seen incredible demand and sales have been very strong since we released our final phase for sale two months ago,” said Steve Svopa, vice president of Minto Communities.

“In addition to our quality product, buyers love our location, amenities and value price points. Most of all, what our buyers are looking for is the lifestyle we have to offer at Artesia – it’s second to none.”

Svopa was joined by Tonia Abrahamsson, senior director of sales, Jared Stern, director of community development, and other Minto team members for a groundbreaking ceremony on Tuesday, October 25.

Minto offers three distinct collections at Artesia that boast a contemporary blend of urban, suburban and resort lifestyles: Courtyard Homes, Terrace Homes and Sky Villas. Prices range from the mid $300,000s to the $500,000s. For a limited time, buyers can save up to $10,000 on select available homes.   

The Courtyard Homes include two to three bedrooms, two to three baths and all have a two-car garage. The residences range from 1,466 square feet under air to 1,725 square feet under air and are priced from the mid $300,000s.

Artesia Homes, Sunrise, FL
For the Terrace Homes collection, floorplans include three to four bedrooms and two-and-a-half to three-and-a-half baths. 

The residences range from 1,669 square feet under air to 2,113 square feet under air and are priced from the high $300,000s. All include a two-car garage and private yard.

The Sky Villas have four to five bedrooms and three-and-a-half to four-and-a-half baths. One of the most unique features is a penthouse terrace, which provides owners beautiful panoramic views of the community’s lakes and resort pools. 

The residences range from 2,797 square feet under air to 3,089 square feet under air and are priced from the $500,000s.  All include a sky loft, two-car garage and private yard.  

The Artesia sales center is located at 12550 NW 29th Manor, Sunrise, Florida 33323. Sales center hours are Monday through Saturday, 10 a.m. to 6 p.m., and Sunday, 12 p.m. to 6 p.m. For complete information on Artesia, call 844-891-0651 or visit mintofla.com.
  
For a complete copy of the company’s news release, please contact:

Ashley Fierman/Kelsey Dean
BoardroomPR
afierman@boardroompr.com
kdean@boardroompr.com
954-370-8999


Stirling Capital Investments Delivers New 447,740-Square-Foot Industrial Facility One Month Ahead of Schedule, Bringing 125 New Jobs to the High Desert in California

  
 
Brian D. Parno
VICTORVILLE, CA – Stirling Capital Investments has announced the completion of  Building 13B, a 447,740-square-foot industrial facility located at Southern California Logistics Centre (SCLC), a 2,500-acre commercial and industrial complex entitled for 60 million square feet of development in Victorville.

The new facility is located on 19.37 acres and features a sustainable, “green” building design, 53 dock high doors and a 32’ clear height.

Building 13B, located at the southeast corner of Phantom West and George Blvd., was fully pre-leased to Arden Companies, a leading US manufacturer and marketer of outdoor cushions, furniture, and décor, for 211,000 square feet of space.

The remainder of the building was leased to Newell Brands, a leading consumer goods company that has been a tenant at SCLC since 2007. With this expansion, Newell Brands adds 233,470 sf of occupancy in addition to their existing occupancy of a 584,412 sf building at SCLC.

Robert A. Lovingood
“San Bernardino County has had a strong relationship with Stirling, and this is further evidence that job growth and great opportunities are happening here in the High Desert,” said County Supervisor Robert A. Lovingood. “This strengthens the local manufacturing job base and will help us attract more well-paying jobs to the Victor Valley.”

Stirling delivered the building 30 days ahead of schedule allowing for the tenants to take early occupancy and initiate business, adding 125 new jobs to the region.

“We’ve seen a growing interest in manufacturing and industrial space in the High Desert. This region has a strong, skilled workforce to support more manufacturing relocation and expansion. We are confident that SCLC will remain a location of choice as these industries seek out state-of-the-art facilities,” said Brian D. Parno, Chief Operating Officer for Stirling Development.

“Not only has Stirling created an important industrial hub for Victorville but they have also master planned an ideal environment for business while allowing new tenants to recognize an opportunity. We are thrilled to collaborate with Stirling and promote the growth of our region,” shared Ryan McEachron, Victorville City Council Member.

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

Darcie Giacchetto
Spaulding Thompson Associates

949.278.6224

Friday, October 28, 2016

29th Street Capital Acquires Clifton Ridge Apartments in Louisville, KY

  
Clifton Ridge Apartments, Louisville, KY

Louisville, KY -- 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clifton Ridge Apartments, its first property in Louisville, Kentucky. The multifamily community, located two miles east of downtown Louisville in the fast-growing Clifton Heights neighborhood, is comprised entirely of two-bedroom, one-bathroom units.

Adam Miller
“We are thrilled to add Clifton Ridge Apartments to our investment portfolio,” said Adam Miller, 29th Street Capital’s Vice President of Acquisitions for the Southeast. “Expanding our footprint throughout the Southeast market is a key focus given the attractive market fundamentals in the region. 

"We look forward to executing our business plan at Clifton Ridge and in future acquisitions in Kentucky, Tennessee and the Carolinas.”

29SC has allocated approximately $800,000 for the renovation of the interiors and the remodeling of the exterior. Interior renovations will include new kitchen appliances, cabinetry and countertops, bathroom updates, new flooring and lighting upgrades. Exteriors will get fresh paint, roof and concrete repairs, courtyard enhancements and landscape upgrades.
  
The Clifton Heights neighborhood appeals to young, well-employed families and singles, who enjoy its walkability, high-quality schools and easy access to downtown Louisville.  

The submarket has experienced strong market fundamentals in recent years, driven by new development, an improved retail base, and value-add improvements to other multifamily properties on Louisville’s East Side.

Louisville is home to more than 1.3 million people and headquarters to three Fortune 500 companies. As one of the largest inland ports in the nation, Louisville’s transportation, shipping and logistics industries benefit from its central location in the United States.


Stan Beraznik
The acquisition closed October 28, 2016. The sale price of the 80-unit community was not disclosed.

For investment inquiries, contact:                                                                                                         
Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com


Sale of New Orleans, LA Planet Fitness-Anchored Shopping Center Arranged by Marcus & Millichap



Lori Schneider

NEW ORLEANS, LA, Oct. 28, 2016 – 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 Crowder Retail Center, a 31,913-square foot Planet Fitness-anchored shopping center located in New Orleans, LA, according to Ryan Nee, vice president, regional manager of the firm’s Fort Lauderdale office.

David Gant, senior associate, and Lori Schneider, senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

“Our marketing efforts successfully sourced the appropriate buyer, a local, private investor,” says Gant.  Chris Shaheen, is the Louisiana broker of record.

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

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

Thursday, October 27, 2016

Lee & Associates Completes Sale of Multi-Tenant Retail Shopping Center in Orange County, CA for $4.7 Million, 4.26% Cap Rate

 .
 
Jon Selznick
SANTA ANA, CA -- Lee & Associates, a national commercial real estate brokerage firm, announced today that the company represented the buyer and seller in the sale of Grovemont Square, a 29,030-square-foot multi-tenant retail shopping center at 2428 North Grand Avenue in Santa Ana, Calif. The sale price was $4,730,000, representing a cap rate of 4.26 percent.

Lee & Associates’ Senior Vice President and Principal Jon Selznick and Associate Brant Dorman represented the seller, a private investor from Encino, Calif. 

The buyer, a private investor from Commerce, Calif., was also represented by Jon Selznick with Lee & Associates. Selznick and Dorman are based out of Lee & Associates Lake Forest, Calif. office.

Built in 1973, the multi-tenant retail building is situated on a 2.5-acre parcel just south of State Route 22, and less than two miles from both Chapman University and MainPlace Mall in Orange County. The retail center was 85% occupied at the time of the sale.

"This was a great result for both parties,” said Selznick. “The seller achieved an exit cap rate indicative of one of the strongest commercial real estate markets in recent history, and the buyer purchased an asset in a premium infill location on a major thoroughfare with potential for future upside.”

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

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
830.997.0963


Draper and Kramer’s Anna Javellana Named Manager of the Year at Minnesota Multi Housing Association’s MADACS Awards


Anna Javellana

 CHICAGO, IL (Oct. 27, 2016) – Draper and Kramer, Incorporated, a full-service national real estate firm, is proud to announce Anna Javellana, property manager at Southfork Townhomes in Lakeville, Minn., was named manager of the year by the Minnesota Multi Housing Association (MHA) at its 2016 Multi Housing Achievement in Design, Advertising and Community Support (MADACS) awards ceremony, which took place last month. 

Held annually, the MADACS awards recognize owners and associates who have made significant contributions to multi-housing marketing and management in Minnesota. The MADACS awards gala, the most prestigious event hosted by the MHA, celebrates positive, innovative, community- and industry-enhancing accomplishments. 

Deanne Logan
“Anna’s work at Southfork absolutely exemplifies the excellent level of customer service and detail-oriented approach Draper and Kramer’s residential management division is known for,” said Deanne Logan, regional property manager for Chicago-based Draper and Kramer. 

“While no one appreciates her leadership and dedication more than we do, we’re thrilled to see her hard work and accomplishments recognized by the Minnesota MHA and others in the industry.”

In her role as property manager of Southfork Townhomes, Javellana oversees 272 rental townhome units in a community that features a natural, wooded setting and extensive on-site amenities, including an oversized outdoor pool and a recently renovated clubhouse where the management team frequently hosts exclusive resident events.

Under her management, the community has experienced increases in average occupancy, lease renewal rates, SatisFacts resident survey scores and Apartment Ratings scores.

Javellana’s attention to detail and clear communication with residents was key in ensuring a number of major projects in the past year went smoothly, including complete landscape reconstruction, resurfacing of parking lots and driveways, extensive concrete replacement, and new roofs and insulation for all buildings.

Logan noted Javellana is also known for organizing the community’s annual holiday party, which features live reindeer and sleigh rides. “It’s one of the most popular events for our residents and they’re still talking about last year’s party almost a year later,” said Logan.

Southfork Townhomes
“It’s incredibly rewarding to be part of our residents’ lives and help make Southfork Townhomes feel like home for them every day,” said Javellana. “I’m honored to be acknowledged by my peers in an industry I find so personally satisfying, and I’m thankful for the opportunities I’ve found in this field with Draper and Kramer.”
  
A graduate of Wartburg College in Waverly, Iowa, Javellana joined Draper and Kramer in 2014 and has more than six years of experience in property management and leasing. Previously, she was named a top leasing consultant at the 2012 MADACS awards. Javellana is a member of the Institute of Real Estate Management (IREM), and holds IREM’s Accredited Residential Manager certification. 

One of the largest property management firms in Chicago, Draper and Kramer has a residential management portfolio of more than 10,000 rental units across Chicago, St. Louis, San Antonio and Minneapolis, as well as 25,000 condominium residences throughout Chicago.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

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Wendover Housing Partners Announces Kenwood Place, its New Affordable Senior Community in Tallahassee, FL


Jonathan L. Wolf
TALLAHASSEE, FL, Oct. 27, 2016 – Wendover Housing Partners, a privately held real estate development, investment and management company, today announces it is breaking ground on Kenwood Place, an affordable, senior apartment community in Tallahassee, FL.

 Construction on the 112-unit community, located at 420 Junco Court, began in spring 2016. With the first residents expected to move in during February 2017, Kenwood Place will provide financial relief to Leon County’s growing population of income restricted seniors ages 55 and up.

“When we decide to build a new senior housing community, the Wendover team looks at areas where the need is greatest. With its mild weather and tightknit community, Tallahassee is one of the country’s retirement hotspots,” said Jonathan L. Wolf, President and Founder of Wendover Housing Partners.

“The majority of Leon County’s senior population is healthy and independent with no mobility or self-care restrictions. Wendover hopes to provide these seniors with a safe and active community to call home at an affordable price.”

Priced below Tallahassee’s average rental rate of $814, each Kenwood Place unit features a full-size washer and dryer, a monitored emergency call system, and a fully equipped kitchen including a dishwasher, microwave, island and pantry. Designed with senior comfort and safety in mind, the open and spacious floor plans also provide ample storage space with walk-in and linen closets.

“Wendover believes that fostering and maintaining a sense of community is just as important as what our apartments look like, especially at our senior properties where residents have much more free time on their hands,” added Wolf.

“We provide plenty of indoor and outdoor areas for our residents to socialize and make new friends, as well as free events hosted by our staff. Kenwood Place residents will also be able to enjoy time for themselves in our fitness center, outdoor garden, swimming pool, computer room, community room and more.”

Kenwood Place has begun accepting rental applications for new residents. For information about Kenwood Place, call (850) 580-0151 or visit www.kenwoodplaceapt.com.

For additional information about Wendover Housing Partners, visit www.wendovergroup.com.


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

Melissa Landy
Uproar PR for Wendover Housing Partners

321.236.0102 ext. 233


Wednesday, October 26, 2016

Milwaukee’s Siegel-Gallagher Brokerage Team Moves to Transwestern

  
 
Marianne Burish
CHICAGO, IL (oct. 26, 2016) – Transwestern today announces it has expanded its services throughout Southeast Wisconsin with the addition of the brokerage team from the former Siegel-Gallagher Inc., a 20-year-old commercial real estate firm based in Milwaukee.

John Dulmes, Daniel Walsh and Marianne Burish join Transwestern as executive vice presidents, while Shaun Dempsey serves as vice president.

“Already home to our national Sustainability Services group, Milwaukee is familiar territory for Transwestern and has long been viewed as a market with tremendous opportunity to grow our presence,” said Mike Watts, Transwestern’s Midwest president.

Dan Walsh
The Siegel-Gallagher team’s strong reputation and comprehensive experience throughout Southeast Wisconsin ensures our clients will receive the highest level of service from professionals who know the market better than anyone.”

Focused primarily on tenant advisory, agency leasing and investment sales in the office sector, Dulmes, Walsh, Burish and Dempsey to date have executed more than $1 billion in real estate lease transactions on behalf of building owners.

The team won the 2016 Deal of the Year Award from the Commercial Association of Realtors Wisconsin (CARW) for its representation of Bader Rutter & Associates in a 60,000-square-foot headquarters lease at 1433 N. Water St. in downtown Milwaukee.

John Dulmes
Representative clients include Ascension Health/CSM, BMO Harris Bank, Time Warner Cable, Medtronic, Alliant Energy Corp., Shorewest Realtors, Robertson Ryan and Associates, and Sprint Corp., along with a host of local and regional companies and investors.

“Transwestern provides our team the national resources to further grow our brokerage operations and strengthen our long-term client relationships here in Milwaukee,” said Burish.

 “We are excited to join a firm that is dedicated to the same culture, values and commitment to providing exceptional client service as we are.”


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

Gretchen Muller
Taylor Johnson Public Relations
312.267.4511