Saturday, December 9, 2017

South Florida Multifamily Market Achieves Record Pricing

Calum Weaver
MIAMI, FL — Cushman & Wakefield announced it has released its 2017 South Florida Multifamily Recap.

The semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman & Wakefield’s South Florida Multifamily Team, details the state of the multifamily market in the three counties comprising South Florida — Miami-Dade, Broward and Palm Beach.

“South Florida multifamily sales continue at feverish levels,” said Weaver. “As new supply gets completed and stabilized, developers are selling the newly completed inventory at record pricing levels.

“An increasing population, demographic shifts and higher single-family home pricing are contributing towards strong rental demand. Despite all the new multifamily construction, the demand for rentals continues to outpace supply.”

“Simply stated, median home values are increasing at an even greater rate than rents, making ownership even tougher and rental demand even stronger,” explained Weaver.

 “The median home value in Miami-Dade is now over $330,000, meaning a renter who could afford a 10% down payment on a median-priced home in Miami-Dade would have a mortgage around $2,000, $700 more than the average Miami-Dade rental.”

The multifamily debt markets remain robust with a plentiful options for potential investors.

For more information on this news release, please contact:

Chatham Lodging Acquires Embassy Suites in Greater Washington, D.C. Metro Area

Embassy Suites by Hilton, Springfield, VA

WEST PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that it has acquired the 219-suite Embassy Suites by Hilton in Springfield, Virginia for $68 million, or approximately $310,000 per suite.

 Chatham funded the purchase through available cash from its recently completed 5,000,000 share offering that raised approximately $109 million dollars. With this acquisition, Chatham has invested approximately 81 percent of the proceeds from the share offering.

“This is a superior-quality hotel that has been ranked the top hotel within the Embassy Suites brand each of the last two years,” said Jeffrey H. Fisher, Chatham’s chief executive officer and president.

Jeffrey H. Fisher
 “Acquired in an off-market transaction, the Embassy Suites by Hilton Springfield has the best location among its competition with superior access to the primary demand generators in a market where new development is difficult and little new supply is on the horizon.

"It generates an approximate 10 percent RevPAR premium to our existing properties while lowering our portfolio’s average age and needs no capex for several years.”

Opened in August 2013, the LEED-certified hotel features steel and concrete construction with a soaring lobby space. In addition to its typical all-suite orientation, the hotel features 26 additional extended-stay suites with full kitchens.

 The company has the opportunity to convert more suites to this extended-stay-suite format, which gives the hotel the benefits of achieving higher average room rate and length of stay and a distinct advantage for long-term extended-stay guests.

“The hotel is ideally located less than two miles from Fort Belvoir, the nation’s fifth largest military base and the largest employer in Fairfax County with more than 51,000 military and civilian employees, and the National Geospatial-Intelligence Agency, which is home to 16,000 employees.

“Additionally, the Transportation Security Administration recently announced the relocation of its headquarters with some 4,000 employees to two miles from the hotel by August 2020, which will further bolster employment and training in the area.

“While demand is concentrated in government/military business, there is also substantial corporate demand as Fairfax County has the second-largest concentration of technology jobs of any major U.S. market and is home to eight Fortune 500 companies such as Booz Allen, Capital One, General Dynamics, Hilton and Northrup Grumman,” Fisher concluded.

Chatham estimates it acquired the property at a year one net operating income capitalization rate of approximately 7½ percent. The hotel will be managed by Island Hospitality Management, which is 51 percent owned by Fisher.

  For more information on this news release, please contact:

Patrick Daly
Office Manager
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289
Dennis Craven
Chief Operating Officer
(561) 227-1386

Trion Properties Expands Portfolio in the Portland, OR Metro

Hallwood Apartments, Beaverton, OR

BEAVERTON, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired Hallwood Apartments, a 76-unit apartment community in the Portland submarket of Beaverton, Oregon.

This acquisition comes on the heels of the firm’s acquisition of Bel Aire Court earlier this year, bringing its total holdings in the region to more than 358 units, according to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky
“We have been extremely bullish on the Portland Metro for the last few years, especially the Beaverton submarket, based on its exceptionally strong fundamentals and future value potential,” says Sharkansky.

“This is our third acquisition in the city, which is located just a few miles west of Downtown Portland and poised for explosive growth. In fact, Beaverton is in Washington County, which is projected to see a population increase of 42 percent over the next 20 years.”

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment. 

In addition to its close proximity to Portland’s urban core, the asset is located near the Portland area’s “Silicon Forest,” the industrial corridor between Beaverton and Hillsboro which houses tech giants including Yahoo!, Intel, Salesforce, and Oracle.

 The property also offers residents a short commute to Nike’s headquarters in Beaverton, which is currently undergoing a supersized expansion estimated at nearly $1 billion including six new buildings and 3.2 million square-feet of space, notes Sharkansky.

“With many major companies based out of, or expanding into, the region, there is an increased demand for multifamily housing to support employment growth,” says Sharkansky. “Through acquiring well-located properties like Hallwood Apartments, which offers an excellent quality-of-life, convenient mass transits options, and short commutes, we are positioning our portfolio for tremendous upside potential over time.”

Mitch Paskover

At full occupancy, Hallwood Apartments also benefits from immediate positive cash flow, which mitigates any downside risk, according to Sharkansky.

Constructed in 1986, the garden-style community comprised of spacious one- and two-bedroom units has been well-maintained by the seller and features several in-demand amenities including washers and dryers in each unit, a swimming pool, ample covered parking, and an on-site leasing office.

“The asset provides high-quality amenities and features for its vintage, yet there remains a strong opportunity for value creation,” says Sharkansky. “We plan to implement capital renovations to tastefully modernize and upgrade both the exterior and interior of the property to further enhance its appeal for tenants looking for value alternatives to Portland’s urban core.”

According to Sharkansky, Trion Properties now owns a total of six properties throughout the Portland Metro, allowing the firm to reduce operating costs and increase returns by amassing economies of scale.

Hallwood Apartments is located within 1 mile of Bel Aire Court and 2.5 miles from Hidden Villas, which Trion acquired in July 2017 and October 2016, respectively. The location is in-line with Trion’s strategy of acquiring along the 217 freeway, which many residents use to commute to work throughout the Portland metro.

The Hallwood Apartments are located at 7535 SW Hall Boulevard in Beaverton, Oregon.
 The property was acquired from a private seller for $12.25 million. Acquisition financing was arranged by Los Angeles-based mortgage banking firm Continental Partners. 

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate, Inc. represented both the buyer and the seller in this off-market transaction.

Additional information is available at

  For more information on this news release, please contact:

Katie Clendening / Elisabeth Manville
Brower, Miller & Cole
(949) 955-7940

Bull Realty Celebrates 20 Years in Atlanta

Michael Bull
ATLANTA, GA —You’ve seen their signs, and if you own commercial real estate, you’ve likely talked to them, been on their website, and seen their national show.

Bull Realty is celebrating 20 years serving clients in Atlanta. The real estate company that started in Midtown in 1998 in a small office on Piedmont Road near Fat Matt’s, has become a regional powerhouse over the past 20 years.

Bull Realty is licensed and doing business in nine Southeast states and is still headquartered here in Atlanta.

The firm is best known for its innovative marketing techniques and use of technology. In the late 90’s, the firm’s website was the first commercial brokerage site to provide open access to resources, market information and available properties.

In 2010, the firm started a local radio show in Atlanta which became popular on 60 radio stations across the country. Now, America’s Commercial Real Estate Show is the most highly rated commercial real estate podcast and YouTube show in the nation.

When asked how the firm made it through the 2009 real estate based recession and other hurdles of 20 years, the firm’s founder Michael Bull points to his employee and agents. “It’s all about our people. We started the firm to be known for integrity and providing exceptional service. Our people make that happen. It’s a fun place to work each day when you work with such incredible people.”

The firm’s main services include dispositions, acquisition, leasing and tenant representation. To continue this reliable and respected growth for another 20 years, Bull Realty is always sourcing the next generation of agent candidates that embrace integrity, innovation and client services. 
For more information contact Bull Realty at 404-876-1640 or

Bull Realty, Inc. ( is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces and hosts America’s Commercial Real Estate Show (

  For more information on this news release, please contact:

Melissa Henry
Communications Manager
Bull Realty, Inc.

404-876-1640 x 110

Midwest Real Estate Experts Preview 2018 Multifamily Trends

Aaron Galvin
 CHICAGO, IL -- The accelerated growth of the multifamily market over the last several years has some in the industry wondering how long it can last. Yet demand for new apartments is projected to continue into the next decade, according to the National Multifamily Housing Council.

Research indicates a need for 328,000 new units every year through 2030, for a total of nearly 4.6 million, but the industry averaged only 225,000 completions annually from 2011-16.

 Buildings that claim their own space will be the ones to succeed in an increasingly crowded market, according to Aaron Galvin, CEO and co-founder of Luxury Living Chicago, a boutique luxury brokerage firm. “This really starts with developing an authentic brand, identity and design informed by the surrounding neighborhood and target demographic,” said Galvin.

For more information on this preview, please contact:

Kim Manning,, (312) 267-4527
Abe Tekippe,, (312) 267-4528

Capital Square 1031 Acquires Newly Constructed Medical Office Building Near Bakersfield, CA.

Louis Rogers
BAKERSFIELD, CA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, has acquired a newly-constructed medical office building providing specialty dialysis services near Bakersfield, California.

Located at 711 Valley Blvd. in Tehachapi, California, the property is 100 percent leased on a long-term, absolute net basis with yearly rent escalations to Sanderling Renal Services, a healthcare firm specializing in dialysis and nephrology services. The building is conveniently located near the recently completed Adventist Health Tehachapi Valley hospital.

“Acquisition of the Tehachapi property marks Capital Square’s 20th medical office building under management and aligns well with our investment strategy of acquiring stable, high quality real estate assets,” says Louis Rogers, founder and chief executive officer of Capital Square 1031. 

“The building is poised for long-term stability due to the lack of competition, coupled with the growing demand for healthcare services in the area.”

The property was acquired on an all cash, no debt basis, as part of a Delaware statutory trust offering primarily for investors structuring Section 1031 tax-deferred exchanges. A growing number of high net worth investors are seeking quality Section 1031 replacement property on an all cash basis. This is Capital Square’s 40th DST offering and 60th property acquisition to-date.

Sanderling Renal Services is focused on providing convenient access to high quality dialysis and nephrology services in rural areas. With more than 25 years of combined experience, the executives at Sanderling are focused on providing products and services for people with end stage renal disease while establishing a trusted relationship with local hospitals ensuring the continuity of care for patients.

For more information on this transaction, please contact:

Julie Leber     
Spotlight Marketing Communications 
949.427.5172, ext. 703 

HFF announces sale of 1,180-unit multi-housing community in Alexandria, VA

Walter Coker
WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of EOS Twenty-One, a 1,180-unit multi-housing community in Alexandria, Virginia.

 The HFF team marketed the property on behalf of the seller.

 EOS Twenty-One Apartments is located at 140 South Van Dorn Street just off Interstate 395 and adjacent to Landmark Center Mall, which is slated for significant renovations in the near future.

Constructed in two phases in 1968 and 1972, the property was partially renovated in 2004 with additional upgrades implemented in 2012.  EOS Twenty-One’s one- and two-bedroom units average 762 square feet each. 

Community amenities include a large, recently renovated clubhouse with game room, business center, theatre room and fitness facility; two resort-style swimming pools; new grilling and picnic area; four tennis courts; expansive dog park; children’s playground; on-site daycare and convenience store; and shuttle service to the Van Dorn Metro station.

 The HFF team representing the seller included managing director Walter Coker, senior director Brian Crivella, senior managing director Roland Merchant along with executive managing director Matthew Lawton.

For more information on this transaction, please contact:

Kristen Murphy
Director, Public Relations
One Post Office Square Suite 3500
Boston, MA
T: 617-848-1572
 |  M: 617-543-4873