Friday, June 9, 2017

Stepp Commercial Completes $2.4 Million Sale of Forty-Ninth Street Apartments in Long Beach, CA

Robert Stepp
Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.4 million sale of Forty-Ninth Street Apartments, a 12-unit apartment property located adjacent to the affluent Bixby Knolls neighborhood in Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, PS Realty Holdings, LLC. The buyer, a private investor from Los Angeles.. The property closed at a 5.4 percent cap rate and a price per unit of $200,000.

Built in 1963, the two-story property is located at 30 W. 49th Street. The unit mix includes one, one-bedroom unit, and 11 two-bedroom units. The property offers ample parking, controlled access entry and a laundry facility.

"Forty-Ninth Street Apartments provides the buyer with an ideal opportunity of adding value to the asset by upgrading the units and bringing rents up to market rates. It is one of the nicest properties in the neighborhood." said Stepp.

Toveg added: "What many Los Angeles-area apartment investors may not know is that Long Beach is a non-rent-controlled market which provides the opportunity to realize a solid return by upgrading older product as compared to other areas in the region that are limited by rent control restrictions."

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

Darcie Giacchetto
D.G. Communications, Inc.


Avison Young brokers $2.28-million sale of historic retail building in South Pasadena, CA

Andrew Berk
Los Angeles, CA - Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has brokered the sale of a 6,000-square-foot (sf) historic retail building in South Pasadena, CA.

 Located at 1509 Mission Street, the property is fully leased to South Pasadena Music Center & Conservatory. The building was originally built in 1917 for use as a hardware store and was most recently renovated in 2008. The purchase price was just under $2.28-million.

Avison Young's Andrew Berk, a Vice-President based in the company's North Los Angeles office, represented local seller Pasadena-based Little Acorn Properties, as well as the buyer, a South Pasadena-based private investor.

"This was an ideal situation for both buyer and seller," comments Berk. "The local buyer recognized the value of the irreplaceable and historical asset that was entirely retrofitted and impeccably renovated by Little Acorn Properties. The seller was able to free up capital to focus on other redevelopment projects in the area."

1509 Mission Street, South Pasadena, CA

Berk adds: "As the City of South Pasadena develops both a new General Plan and Mission Street Specific Plan, this property is situated in an exceptional and highly sought after location. Additionally, the building is a critical and historic piece of South Pasadena's creative spirit."

The 1509 Mission Street building features a 20-foot ceiling, hardwood floors, exposed wood trusses, brick walls, steel beams and a built out basement. The tenant uses the space to instruct  its 240 music students and includes 11 teaching studios, a drum studio and performance and rehearsal hall space.

South Pasadena's new General and Specific Plans are being created to help guide an even more dynamic, walkable and amenity rich neighborhood that has become a new Gold Line station destination community.

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

Darcie Giacchetto
D.G. Communications, Inc.

The Preiss Company Continues Strong 2017 First Half with Acquisition of Two Student Housing Communities, Builds on Record 2016 with 5 Deals YTD

Donna Preiss
RALEIGH, NC —Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it continues to build on its record 2016 growth with the acquisition of Cabana Beach Gainesville and Cabana Beach San Marcos, two student housing communities totaling a combined 2,232 beds for an undisclosed amount.

 The two communities, serving the University of Florida and Texas State respectively, will be renovated and repositioned in their respective markets.

            “These acquisitions with a new joint venture partner play to another one of our core strengths: adding value through strategic upgrades and repositioning,” said Donna Preiss, founder and CEO, The Preiss Company.

“TPCO has a proven record in both in-depth renovation and development.  We’ve overseen more than $30 million in construction/upgrades over the past three years.  Only a handful of student housing owner/operators have the extensive experience and expertise in this sector of our business.”

Located just off the Texas State University campus, the 744-bed Cabana Beach San Marcos sits on 19 acres and provides the latest in student resources.

TPCO plans to upgrade 114 units, totaling 306 beds, and to renovate the community’s clubhouse.

Situated roughly a mile from the campus of the University of Florida, the 1,488-bed Cabana Beach Gainesville is housed on 55 acres.

            TPCO is planning to renovate common areas, as well as units, and expects to makeover the building exteriors with power washing and/or new paint, new fencing, upgraded gutters and new window screens.

With these two purchases, TPCO will own and/or manage approximately 4,500 beds in Florida and more than 5,300 beds in Texas.”

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

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289

Preferred Apartment Communities, Inc. Announces Acquisition of a Grocery-Anchored Shopping Center in Metro Atlanta, GA Through its Wholly-Owned Subsidiary, New Market Properties, LLC

Joel T. Murphy
ATLANTA, GA /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") announced the acquisition of Rockbridge Village, an approximately 102,432 square foot shopping center located in the Atlanta, GA MSA and anchored by a 68,632 square foot Kroger grocery store. 

Rockbridge Village is strategically located off of Stone Mountain Parkway at the intersection of Rockbridge Road and Five Forks Trickum Road in Gwinnett County.

PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, 

"We are thrilled to partner again with a strong market leader such as Kroger, who has demonstrated their long term commitment to this high volume location by recently completing a major interior renovation."

Mr. Murphy added, "The acquisition of Rockbridge Village increases the size of our retail portfolio to 33 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics."

Kroger Supermarket, Rockbridge Village
Shopping Center, Gwinnett County, GA
The Company financed the acquisition utilizing a non-recourse first mortgage loan from The Prudential Insurance Company of America.  

The first mortgage loan is approximately $14.25 million, bears interest at fixed rate of 3.75% per annum and matures on June 6, 2027.  There are no loan guaranties provided by PAC or its operating partnership.

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

Nick Banaszak • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 256-457-5384

Facebook | Instagram | Twitter

Uncover Tales of Zambia’s Tribes and Treasures with Edward Anantara Hotel’s Storyteller

Edward Minyoyi

VICTORIA FALLS, ZAMBIA -- Zambia is a country of vibrant African traditions, a land made famous by legendary explorer Sir David Livingstone, the home of iconic Victoria Falls, the mighty Zambezi River and vast national parks thriving with wildlife.

Bringing to life these cultural and natural treasures, Edward Minyoyi is much more than the Guest Relations Officer at the Royal Livingstone Victoria Falls Zambia Hotel By Anantara. Regaling his insider local knowledge and personal tales, Edward plunges guests into the colours, customs and majesty of Zambia through the age-old art of storytelling.

 In a country where tribal stories and traditional practices are passed down from one generation to another, storytelling is an intrinsic part of Zambian daily life, and Edward is a proud narrator.

Victoria Falls
He joined the hotel team in 2001 as a barman. Renowned for his friendly interaction with guests and entertaining local tales, in 2007 he was appointed Guest Relations Officer, and also the hotel’s Storyteller.

A well-loved team member amongst guests, Edward speaks French, Spanish, Russian, Greek, German, Japanese and Afrikaans, and he loves nothing better than meeting world travellers and drawing them into the rich details of his homeland.

Instantly recognisable by his bright traditional attire, theatrical personality and beaming smile, Edward is a member of the Lozi tribe and can be found smartly dressed in his tribe’s ceremonial Siziba costume of a white shirt, skirt, long stockings and red beret.

 Exemplifying the warm hearted, friendly spirit of the Zambian people, Edward describes, “We live a peaceful, harmonious life, all working together within our communities, and I love to explain how our way of life continues to thrive.

For instance when it comes to a wedding, the families of the bride and groom all sit down together and discuss issues relating to their children and respective families, to ensure a prosperous marriage and to live as one big happy family.”

Royal Livingstone Victoria Falls
Zambia Hotel By Anantara.
“I love my job because I’m a jovial person and really enjoy interacting with people from all walks of life”, enthuses Edward. “Zambia has such a rich history, a diverse tribal heritage and many natural wonders that locals have their own stories about. It’s my pleasure to take guests on a storytelling journey at a hotel where they can see, taste and feel it all for themselves.”

At the only hotel that directly overlooks Victoria Falls, the Royal Livingstone Hotel by Anantara offers an incomparable setting to learn about this Natural World Wonder. Known to locals as “Mosi-oa-Tunya” – “The Smoke that Thunders”, this iconic waterfall is awash with myth and legend.

“The Toka-leya people who once resided here worshipped the River Goddess Nyami-nyami living under the falls in times of drought, to pray for heavy rains,” explains Edward. “And my guests’ eyes light up as they hear about the travelling Scotsman, David Livingstone, who arrived in Africa in 1840 as a missionary and physician to become the most famous explorer of the century.

“He was the first European to witness the waterfall and renamed it after his British Queen, Victoria. His escapades feel even more exciting in the resort’s Royal Livingstone Lounge, sipping drinks and swapping stories surrounded by his paintings, books and maps.”

The adventures continue up and close and personal with zebras, impalas, giraffes and monkeys meandering freely about the resort grounds. Inspiring guests with safari and hunting tales, Edward raves about Zambia’s wildlife. “We have 19 national parks and I have many memories about the animals I’ve encountered, from rhinos, elephants, hippos, wilder beast and warthogs, to the incredible number of birds.

Zebras in Zambia
“For those who prefer more peaceful viewing, guests can relax on platforms on the bank of the Zambezi to drink in the sights and sounds of river life, with me as their narrator. 

"As a keen fisherman, I can pass on my knowledge to anglers, like how it’s easier to catch fish during hot season because they come to the surface, the best spots to test their skills against the tiger fish, and how we cook the prize catches for our families.”

For food enthusiasts, Edward dishes up a plethora of fascinating facts about Zambian cuisine. “Guests can tour the resort’s garden for an introduction to the aromas, flavours and medicinal benefits of different herbs, which are also used to treat sickness, such as a herbal steam to cool and relax the body. The stories they hear then come to life as they try traditional Zambian dishes, or head off to the spa to discover local wellness secrets.”

 Anantara is a luxury hospitality brand for modern travellers, connecting them to genuine places, people and stories through personal experiences, and providing heartfelt hospitality in the world’s most exciting destinations. The collection of distinct, thoughtfully designed luxury hotels and resorts provides a window through which to journey into invigorating new territory, curating personal travel experiences.

From cosmopolitan cities to desert sands to lush islands, Anantara connects travellers to the indigenous, grounds them in authentic luxury, and hosts them with passionate expertise.

The portfolio currently boasts over 35 stunning properties located in Thailand, the Maldives, Indonesia, Vietnam, China, Cambodia, Sri Lanka, Mozambique, Zambia, the UAE, Qatar and Oman, with a pipeline of future properties across Asia, the Indian Ocean, Middle East and Africa.

For more information on Anantara Hotels, Resorts & Spas, please visit

Follow us on Facebook:;
 Twitter and Instagram: @anantara_hotels

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

Hwee Peng Yeo
Vice President
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
Level 15, One Corporate Avenue, 222 Hubin Road, Shanghai China, 200021
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
US:415.394.6500 • Asia: 65.9768.6087 •  E: