Friday, September 16, 2016

The Habitat Company Awarded Management of Park Place Condominiums in Chicago,IL


Park Place Condominiums, River North Neighborhood, Chicago, IL

 CHICAGO,IL – The Habitat Company, a leading multifamily property developer and manager in the U.S., announced that it has been awarded the management of Park Place by the property’s condominium association.

Diane White
Located at 600 N. Kingsbury in Chicago’s River North neighborhood, the 20-story, 163-unit contemporary condominium tower was designed by Chicago-based Solomon Cordwell Buenz and was completed in 2002.


“We have made a commitment to growing our condominium portfolio by enhancing our best practices through the implementation of a customer-focused management approach, which includes providing corporate support and services that meet or exceed our client's expectations,” said Matt Fiascone, president of Chicago-based The Habitat Company.

“We’re honored to bring our experience in managing luxury, urban residential properties to the homeowners at Park Place.”

Fiascone noted that prior to hiring Habitat, the distinctive red-fa├žade building with contrasting green-tinted windows was self-managed. “We applaud the condo board and homeowners at Park Place for the work they have done, as managing a building like Park Place is a full-time job,” said Fiascone.

 “But we’re excited to get to work and help the building run as efficiently as possible so homeowners can get back to enjoying actually living in this building rather than overseeing the day-to-day management of it.”

As the new managing agent of Park Place, The Habitat Company will work closely with the condominium’s board of directors to optimize procedural efficiencies and maximize cost savings – helping to ensure the association remains a sound investment. 

As one of the largest developers and property managers in the U.S., The Habitat Company offers its clients volume purchasing discounts in areas such as property insurance, gas and electricity. 

Matt Fiascone
The company’s proprietary budget program also provides real-time forecasting and reporting which has proven a useful tool in managing financial responsibilities more efficiently.

“This isn’t the first time we’ve helped a condo building go from being self-managed to working with a full-service property manager, and the key to every seamless transition has been good communication,” said Diane White, senior vice president of condo management for The Habitat Company.

“Our proactive approach in communicating with residents and the board of directors is always centered around our main goal – to enhance the living experience for every condo owner.

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523
Kim Manning, kmanning@taylorjohnson.com, 312.267.4527





Stepp Commercial Completes $5.35 Million Apartment Property Sale in Long Beach, CA


Junipero Avenue Apartments, Carroll Park Submarket, Long Beach, CA
                                                                                                                                                        
 Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $5.35 million portfolio sale of two apartment properties in the Carroll Park submarket of Long Beach totaling 26 units.

The properties are within walking distance of the beach, Bixby Park, Bluff Park and the shops and restaurants of Retro Row on 4th Avenue. 

Robert Stepp
Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Long Beach, as well as the buyer, Long Beach-based The Waterford Group, Inc. The price per unit was $205,000.  

“Apartment properties in Carroll Park rarely come on the market and because of this coveted residential location, we had a strong amount of interest in these assets,” said Stepp. “The buyer not only liked the neighborhood, but the opportunity to add-value through renovation of the interior units.”

The first property includes 16 units and is located at 311 to 315 Junipero Avenue. Built in 1962, the two-story building consists of 10 one-bedroom units and six two-bedroom units. It features a beautifully landscaped central courtyard, on-site laundry, and eight private garages.

The second property includes 10 units and is located at 500 Junipero Avenue. Built in 1963, the two-story property consists of eight one-bedroom units and two two-bedroom units. The property offers a central courtyard, on-site laundry and five private garages.

Carroll Park was the first planned housing tract in Long Beach. Homes were originally constructed there between 1898 and 1923 and it was designated as a Historical Landmark District in 1982. The Park’s unique circular layout gives it a seclusion that is unlike any other part of Long Beach. It boasts historic architectural styles, old-growth trees, and narrow streets that wind around four grassy islands that anchor the Park’s inner circle.
  
 For more information visit www.SteppCommercial.com

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

Darcie Giacchetto
949.278.6224


Westwood Financial Corp. Restructures $1.2 Billion in Assets into Single Privately Held Company

  
Legacy Ranch, Frisco, TX
  
 
Joe Dykstra

Los Angeles, CA – Westwood Financial Corp., a leading owner-operator of high quality shopping centers throughout the U.S., has restructured ownership of 77 of its 120 retail center holdings and its management company into a single, $1.2 billion retail real estate company, according to Joe Dykstra, Co-CEO of the firm.

“We’ve supercharged Westwood Financial Corp. by consolidating more than 280 entities covering 77 separately owned assets as well as our management company into a single, internally managed and administered portfolio,” Dykstra explains.

 “We have also massively reduced complexity, and in its place, created a powerhouse firm with a strong balance sheet, tremendous assets, greater diversification for our legacy investors, and a new level of sophistication with a much greater appeal to new investors, tenants, lenders, brokers and to the retail real estate industry as a whole.” 

The new company, Westwood Financial, is now positioned to more easily access capital, appeal to investors with larger appetites, and has dramatically streamlined its operations, according to Co-CEO Randy Banchik.

“Westwood Financial is a forward-looking company, and this was a truly thoughtful and strategic process,” Banchik notes. “After generating exceptional results over the past 46 years, our founders and key executives started planning to evolve this firm as the retail industry has evolved. 

“We worked alongside some of the top financial and legal professionals in the country to create the most appropriate structure, and the entire company helped bring this consolidation to fruition.”

Dykstra adds, “The fact that we were able to close 77 transactions on the same day to create this new structure is a testament to the sophistication and dedication of our founders, our team, and our professional advisors.”

Randy Banchik
“More than 500 investors had to agree to implement this innovative plan,” Banchik says. “These individuals, many of whom have participated in our partnerships for over 30 years, supported us because of the confidence they have in us.”

That confidence, coupled with an appreciation of the strengths and benefits of the new structure in which they are invested, led to overwhelming approval among investors, according to Banchik.

“Our investors recognized that by internalizing the management company, we were fully aligning our interests with theirs, securing and enhancing the future of Westwood Financial,” he added.

New Structure, New Brand, New Strategy

Westwood recently rebranded, launching a new logo, new signage, and a new tagline: “Retail. Evolved.”  A new website is underway and will launch soon.

Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale.  More information is available at www.westfin.com.

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

Miki Conant
Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940 / c: (832) 260-4414
mconant@browermillercole.com