Sunday, May 27, 2018

NAI Realvest Completes Sale of Longwood, FL Office/Warehouse Building For New Home of Global Computer Sales Firm

Matthew CiChocki
ORLANDO, FL — NAI Realvest recently negotiated the $2,275,000.00 user
sale of a two-story,  21,840 square foot freestanding office-warehouse building at 477 Commerce Way in Longwood.

The NAI Realvest team of Principals Matt Cichocki and Kevin O'Connor negotiated the transaction representing the local sellerZMG Realty, LLC.  The building which was constructed in 1986 is approximately 75 percent office with Class A finishes and formerly housed ZMG Construction. 

AR Global Holdings, LLC purchased the building for their Global Computer Sales business. The company has a staff of 11 and is expanding.  Mahdi Jaffer of Advanta Realty represented the buyer.

For more information, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142


29th Street Capital Expands Its Metro Denver Presence

Crestone Apartments, Brighton, CO

Brighton, CO – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired two multifamily communities in Brighton, Colorado.

The portfolio, comprised of 76 units, is situated near Hwy. 85 and several daily conveniences. 29SC plans to invest approximately $1.1 million in capital improvements including vinyl flooring plus new cabinets, countertops, plumbing and light fixtures.

Phoenix Apartments, Brighton, CO

 Exterior improvements will include a modern paint scheme, extensive landscaping and improved amenities. 

“Brighton is a short drive northeast from downtown Denver and is located directly in the metropolitan area’s path of growth,” said Jay Neal, Senior Vice President of 29SC’s Rocky Mountain area. “Adams County is among the fastest growing in the U.S. and presents a unique opportunity to implement our renovation plan and capture some of that growth.”

Jay Neal
The Denver metro area population is expected to keep increasing at a rate of over 1.5%, which is more than double the projected national rate.

Metro Denver’s unemployment rate remains near historical lows as the economy is bolstered by various large employers in the tech, aeronautic, cable services and insurance sectors.

The city was ranked #2 as a “Best Place to Live” by U.S. News and World Report in 2017. 

Within walking distance of the properties, there are approximately 30 restaurants, shopping and entertainment offerings, fitness options and services. These include Starbucks, Wells Fargo, AMC Brighton 12 and Anytime Fitness. The communities are also near an expansive single-family home development called Todd Creek Village. 

“The surrounding area is rapidly transitioning and growing,” Neal added. “Our plan is to significantly improve our two properties and maintain their affordability to attract renters priced out of downtown Denver.” 

The transaction closed May 22. The sale price was not disclosed.

 For more information, please contact:

Terri Thornton
Partner, Thornton Communications

The Preiss Company/TH Real Estate Joint Venture Acquires The Park on Morton, a 472-Bed Student Housing Complex in Bloomington IN

The Park on Morton student housing, Bloomington, IN
BLOOMINGTON,  IN and RALEIGH, NC  Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, has formed a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, to acquire The Park on Morton. 

The 472-bed student housing community is located approximately two blocks from Indiana University in Bloomington, Ind.  Preiss will manage the property.

The brick and siding property, located at 710 N. Morton St., will undertake selective upgrades to enhance the student experience. “This is our first joint venture partnership with TH Real Estate, and we look forward to building on this relationship,” said Donna Preiss, founder and CEO, the Preiss Company.  “It also is our first property at IU and our second in the state, further solidifying our nationwide student housing network.”

The Park on Morton interior, Bloomington, IN
Preiss said the property will undertake a substantial upgrade of the club house and amenity spaces.  In addition, a substantial portion of the units will receive premium upgrades.  “The property opened in 2013 and is in excellent condition,” Preiss noted.  “These improvements, along with our proprietary management systems, are designed to create a higher-value student experience.
 IU-Bloomington continues to experience dynamic growth, with first-year student levels reaching a record 8,000-plus enrollees this year, making the need for superior student housing options all the more important.”

Donna Preiss
Featuring a mixture of one-, two-, three- and four-bedroom units, The Park on Morton is situated on the western edge of Indiana University’s Bloomington campus. 
 It is among the most upscale off-campus student housing complexes, offering an unparalleled amenity package in the market.  Each fully furnished unit provides a spacious floor plan with private bathrooms for each bedroom, full-sized washer and dryer, granite countertops, hardwood flooring and plush carpeting.
 Plans call for the community’s clubhouse to be renovated, including redecorating the study rooms, upgrading MAC and PC computers and restyling the public space around the resort-style pool, sun deck and fire pit area. 
Other amenities include a state-of-the-art, 24-hour fitness center, game room, parking deck and controlled access entry.

 For more information, please contact:

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


Amy Barger, Vice President of Marketing
The Preiss Company
(919) 532-1114

Meridian Capital Group Arranges $66 Million in Acquisition Financing for a Multifamily Portfolio in FL

Part of the Blue Roc Florida portfolio

 Solana Beach, CA – Meridian Capital Group, America’s most active dealmaker, arranged $66 million in acquisition financing for a multifamily portfolio containing six properties located throughout Florida on behalf of Blue Roc Premier.

Although all closings occurred on one coordinated day due to the purchase agreement requiring a simultaneous closing for the portfolio, each property was financed separately to allow maximum flexibility for the sponsor.

Part of the Blue Rock Florida portfolio

The seven-year Freddie Mac loans, provided by Capital One Multifamily Finance, all feature floating rates and two years of interest-only payments.

This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Solana Beach, CA office.

The portfolio consists of six properties located in Atlantic Beach, Jacksonville, Orange Park, Ormond Beach, DeLand, and Brandon, FL, totaling 1,010 units with an average occupancy rate of 97%.

Seth Grossman
The well-equipped complexes include strong amenity packages that vary by location, though many feature racquetball, tennis, volleyball, and swimming pools onsite.

While a portion of the units at each community had been renovated prior to the acquisition, the sponsor plans to invest in excess of $10 million of capex into the portfolio for renovations and upgrades.

Additionally, all of the properties are advantageously located within their submarkets near major thoroughfares, employment opportunities, restaurants and numerous retailers.

“Even though these six assets were spread across the state of Florida in many different markets, each of the assets are located in a submarket that our client currently owns and manages other apartment communities in. That deep knowledge of direct comps and market specifics helped the lender quickly gain comfort and confidence in the business plan and upside expectations,” said Mr. Grossman.

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property.

Sarah Kuebler

Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. 

Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. 

 For more information, please contact: