Monday, February 15, 2016

Sailboat Bend Apartments in Fort Lauderdale, FL Sold for $2 Million in Deal Brokered by Marcus & Millichap

Sailboat Bend Apartments, Fort Lauderdale, FL

Derek R. Gibbs
FORT LAUDERDALE, 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 a 24-unit multi-family portfolio located in Fort Lauderdale, Fla., dubbed Sailboat Bend Apartments. The portfolio sold for $2,050,000 equating to $85,417 per unit.

“This was a unique opportunity to acquire several, well-maintained properties within close proximity to one another in an ideal Fort Lauderdale rental location,” says Kristol. “The portfolio is comprised of 96 percent two-bedroom units, most with new kitchen cabinets, granite countertops tile flooring.”

Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments, Evan P. Kristol, a senior vice president investments, Robert S. Hunter, a senior associate, and Brandon J. Rex, a vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami Beach.

Harrison Rein, an associate in Marcus & Millichap’s Fort Lauderdale office, also assisted in securing the buyer.

Daniel J. Cunningham

The communities, which range in size from four-to-six units, were built between 1963 and 2002 and have a total land area of 1.1 acres. The total unit mix includes one one-bedroom/one-bathroom unit, 12 two-bedroom/one-bathroom units and 11 two-bedroom/two-bathroom units.

The five separately parceled buildings are located in close proximity to one another in the Sailboat Bend neighborhood of Fort Lauderdale, just south of Broward Boulevard, west of downtown Fort Lauderdale and east of Interstate-95.

Included in the portfolio were:

·         200-230 Southwest 11th Ave.; two, two-story buildings with five units in each
·         1022 Southwest 2nd Court; one, one-story building with six units
·         1025 Southwest 2nd Court; one, two-story building with six units
·         1116 Arpeika Street; one, one-story building with four units

For a complete copy of the company’s news release, please contact:
Ryan Nee
Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges $1.5 Million Sale of Denny’s in Warrenton, MO

Denny's Restaurant, 429 E. Veterans Memorial Parkway, Warrenton, MO

Marc E. Strauss

WARRENTON, MO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 5,265-square foot Denny’s restaurant located in Warrenton, MO, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,500,000 equating to $284.90 per square foot.

“This Denny’s location is situated in a high visibility location next to a 62-room motel and cinema complex,” says Strauss. “The restaurant is operated by an experienced multi-unit franchisee and has a long-term, absolute NNN lease with fixed rent increases.”

Marc E. Strauss, a first 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 from Boca Raton, Fla.

 The buyer, a private investor from Lakewood, CA, was secured and represented by Peter Deltondo, a vice president investments in Marcus & Millichap’s Newport Beach office.

Denny's Warrenton is located 40 minutes west of St. Louis on Interstate 70, a half mile west of the State Road 47/ I-70 Interchange at 429 E. Veterans Memorial Parkway in Warrenton, MO.

For a complete copy of the company’s news release, please contact:
Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400

First Move-ins, Model Opens at Jackson Throop Place Luxury Rentals in Chicago’s West Loop

Aaron Galvin
CHICAGO, IL  – Luxury Living Chicago Realty announced it has welcomed first residents to the West Loop’s newest boutique luxury apartment building, Jackson Throop Place. 

The 93-unit building, located at 1241 and 1245 W. Jackson Blvd., offers a showcase of high-quality finishes, which can be viewed in the building’s recently opened two-bedroom decorated model.

Just around the corner from Skinner Park, the newly constructed, condo quality apartments are within walking distance to Target, 1KFulton – home to Google – and the city’s hottest dining destinations on Restaurant Row.

 Jackson Throop’s convenient West Loop location also provides easy access to Chicago’s central business district, Fulton Market District and the Kennedy Expressway.

“While the vast majority of new luxury apartments being developed and delivered in downtown Chicago focus on high-end, common-area amenities, Jackson Throop’s focus is on the experience residents will enjoy inside their apartments,” said Aaron Galvin, owner and managing broker of Luxury Living Chicago Realty, the exclusive leasing brokerage for Jackson Throop Place.

 “Our research shows not all renters want to pay for a host of amenities they will rarely use. Instead, they prefer to have a more thoughtfully designed home with top-of-the-line finishes they’ll use on a daily basis.”

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

Kelly Shumaker,, 312-267-4519

Kim Manning,, 312-267-4527

Meta Housing Corp. Breaks Ground on $26 Million Affordable Mixed-Use Apartment Community for Seniors in Downtown Hayward, CA

 (From left) Eugene Lee, California HCD; Hayward City Council Member Marvin Peixoto; Mayor of Hayward Barbara Halliday; Richard Valley, Supervisor, Second District of Alameda County; Hayward City Council Member Al Mendall; Hayward City Council Member Sara Lamnin; and Aaron Mandel, Senior Vice President of Meta Housing at the Downtown Hayward Senior Apartments Groundbreaking event.

HAYWARD, CA – Meta Housing Corporation has broken ground on the Downtown Hayward Senior Apartments, a new, mixed-use, 60-unit affordable housing development for seniors in Hayward, California. The new development will consist of approximately 6,000 square feet of retail space on a nearly-one-acre lot in the city’s downtown.

Kasey Burke
“The Hayward community and the East Bay area, in general, have been experiencing rapid rent growth over the last decade,” says Kasey Burke, President of Meta Housing Corporation. “This significant increase in rents is creating a tremendous need for affordable housing throughout the region, and it’s often seniors who feel the brunt of these rental increases.”

Burke explains, “Seniors tend to be living on fixed incomes and are not able keep up with the extremely high shifts in rent throughout the area. This new development will fill a deep need in the community by providing a high quality and safe environment that seniors can afford.”

The Downtown Hayward Senior Apartments will be located approximately two blocks from the Hayward BART station, a block away from the city’s newly constructed public library and within walking distance to retail stores, parks, and services. The new apartment community will be developed in partnership with Community Home Builders and Associates.

Financing for the project was provided by Redstone Equity Partners, Enterprise Community Partners, Inc., Citibank, CalHFA, Federal Home Loan Bank of San Francisco, the State of California Department of Housing and Community Development (HCD), Alameda County Housing and Community Development Department, California Community Reinvestment Corporation, and the California Tax Credit Allocation Committee.

Aaron Mandel, a Senior Vice President with Meta Housing, says, “When developing a new community in any city, we focus on bringing value to the residents, and also to the city as a whole. This apartment community does just that.  By transforming a blighted vacant lot into a high quality affordable community with a retail component, we are able to improve upon the existing neighborhood and enhance the overall vitality of the city.”

Aaron Mandel
The building will be designed and constructed using sustainable, “green building” principles, and will obtain a Green Point Rated 125 or equivalent and LEED Gold Certification or equivalent. The apartment community will also utilize drought tolerant landscaping and a drip irrigation system.

“From the initial design stages through construction of each of Meta Housing’s projects, we work to create sustainable designs that flow seamlessly into the existing surroundings, and reduce the overall carbon footprint of the community,” says Mandel. “By integrating green features and implementing drought tolerant landscaping in the Downtown Hayward Senior Apartments, we are able to reduce the building’s impact on the local community and optimize water efficiency.”

In addition to sustainable features, Mandel notes that each of Meta Housing’s projects are created with elements that encourage active engagement and participation to help seniors to remain active and healthy.

“We’re building communities where older adults are not just sitting in front of a television, but rather, they are flourishing by interacting with others and enjoying strong social ties,” says Mandel.

This property will feature a series of amenities that help to further establish these social ties, including a large community courtyard and water feature, large community room, computer and multi-media room, outdoor barbeques and tables, communal kitchen, library, and fitness center.

 The project will be located at 808 A Street in Hayward, California, and will incorporate a mix of one-and two-bedroom floor plans.

 Senior Vice President of Meta Housing Aaron Mandel (left) with members of the community at the Downtown Hayward Senior Apartments Groudbreaking event.

Meta Housing Corporation currently has 60 projects in operation. The company also has 11 other projects in the pre-development phase.

Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units.  Additional information is available at

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

Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940