Monday, May 28, 2018

Passco Companies Acquires 360-Unit Class A Luxury Multifamily Community in Sarasota, FL for $77.5 Million

Springs at Bee Ridge Apartments, Sarasota, FL to be renamed Longtitude 82o

SARASOTA, FL – Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has announced that it has acquired a Class A, institutional grade, trophy multifamily asset in Sarasota, Florida for $77.5 million.

Springs at Bee Ridge Apartments, Sarasota, FL
Passco will rebrand the luxury community, currently named Springs at Bee Ridge, as Longitude 82o. This acquisition brings the firm’s multifamily portfolio in the state of Florida to nine properties totaling more than 2,700 units.
“We were attracted to Sarasota due to its incredibly strong economic growth and growing demand for quality multifamily housing in the region,” says Colin Gillis, Vice President of Acquisitions, Southeast at Passco. “The pent-up demand for luxury product in this submarket was demonstrated by the rapid lease-up at the 360-unit apartment community, which was fully-leased within one year.”
Gillis notes that this high occupancy and the fact that there are virtually no comparable properties in the area, with most nearby communities having been constructed in the early 1990s, positions the property for strong future rent growth.
Colin Gillis
“Passco recognized that the demand for high-quality multifamily housing will continue to grow as Sarasota shows strong demographics, including annual average household incomes over $100,000 onsite at the property,” Gillis says.
“The Bradenton-Sarasota-North Port MSA has also added over 25,000 jobs over the past two years and boasts one of the lowest unemployment rates in the entire state of Florida.”
According to Gillis, further driving the appeal of the location is Sarasota’s exceptional school system. The property is in close proximity to Ashton Elementary School and Sarasota Middle School.
The community is also conveniently located within ten minutes of several first-class retail destinations, including The Mall at University Town Center.
“In addition to being one of the only new communities in the area, this property offers some of the most competitive amenities in Sarasota,” Gillis explains. “Further, this is the second asset we have purchased from the developer, Continental Properties, the other being Longitude 81o in Estero (Ft. Myers), FL so we were familiar with the product type and its strengths.”

Jamie May
Community amenities include a resort-style salt water swimming pool with an expansive sun deck and poolside kitchen with grills and a fire pit, 24-hour state-of-the art fitness center, a resident clubhouse and lounge, a conference room, coffee bar and catering kitchen, two leash-free dog parks, pet grooming station, car wash area, and controlled-access gated entry.
The property features a diverse unit mix, which includes studios and one-, two- and three-bedroom units. Each unit has private ground floor entry, stainless steel appliances, granite countertops, and nine-foot ceilings.
The property is located at 5900 Wilkinson Road in Sarasota, Florida with direct access to Interstate Highway 75, providing convenient access throughout the region and to the Tampa area and Southwest Florida.

Chris Black
Jamie May of JBM® Institutional Multifamily Advisors represented the seller and Passco as the buyer in this transaction.  Since August 2016, Passco has worked with JBM to purchase four multifamily properties totaling over 1,250 units with an approximate value of over $250 million, according to May.
“Working with both Gary and Colin at Passco has been a very positive experience on each and every occasion. Their aggressiveness and vigorous approach is much appreciated and timely,” says May. “Most importantly, they have never re-traded a deal during or prior to closing.  We expect to be working with Passco both on the buy and sell side many times in the future.”
Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

For more information, please contact:

Lexi Astfalk
Brower Group
(949) 955-7940

HFF announces sale of 2-property select-service hotel portfolio near Las Vegas

TownePlace Suites Henderson,  1471 Paseo Verde Parkway.
Henderson, NV

LAS VEGAS, NV –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a two-property select-service hotel portfolio totaling 228 rooms in the affluent Las Vegas suburb of Henderson, Nevada.

The HFF team arranged the sale on behalf of the seller, a joint venture of Brickstar Capital and Solana Company.  Twenty Four Seven Hotels managed the hotels for the seller.

Jules Sherwood
The Henderson portfolio comprises two, adjacent four-story hotels, the 120-room SpringHill Suites Henderson, located at 1481 Paseo Verde Parkway, and the 108-room TownePlace Suites Henderson, located at 1471 Paseo Verde Parkway.  

Both hotels opened in 2009 and were renovated in 2016 as part of a comprehensive property improvement plan. 

 SpringHill Suites features a fitness center, business center, breakfast and lounge area, indoor pool, whirlpool and meeting space. 

 TownePlace Suites features a fitness center, business center and breakfast and lounge area along with a new outdoor pool, whirlpool, barbeque and lounge area.  

The hotels are located along Interstate 215 in Henderson, the second-largest city in Nevada, providing convenient access to a diverse set of local corporate, government and transit-demand drivers.  The portfolio also benefits from its proximity to the famed Las Vegas Strip (14 miles) and McCarran International Airport (10 miles).

The HFF investment advisory team representing the seller consisted of managing directors Scott Hall and Jules Sherwood.
Scott Hall

“This sale highlights the significant institutional investor interest in and around Las Vegas,” Hall said. “The underlying fundamentals for the market are exceptionally strong and should support outpaced RevPAR growth relative to other major MSAs across the country.”

For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

Rivergate KW Residential Makes Significant Additions to Operations, Marketing Teams

Marcie Williams

MIAMI, FL and CHARLOTTE, N.C.- RIVERGATE KW RESIDENTIAL, a leading multifamily property management company, continues to enjoy substantial growth in its portfolio of units under management and recruit talented industry professionals to its leadership team to support the expansion. 

In the latest examples, the company has added six new members to its Operations and Marketing teams.

Natalie Edeburn
The new additions come at a time when RKW has expanded its portfolio to more than 13,000 multifamily units. The company’s footprint now spans six states.

“We are fortunate to be in a position to continue bringing in top talent to complement our dedicated existing leadership team,” said Marcie Williams, president of RIVERGATE KW RESIDENTIAL.

Johnny De La Espriella

“Our latest additions come to RKW with substantial experience and strong industry reputations. We continue to look for opportunities to grow our team with individuals who embody our people first philosophy.”

On the Operations side, Natalie Edeburn is the new Regional Vice President of Operations for the Carolinas. She is responsible for overall property operations, execution of corporate strategy and business development. Edeburn most recently was Vice President at Pegasus Residential, covering assets in the Carolinas, Florida, Georgia, Tennessee and Texas.

Stephanie Brown

Also in the Carolinas, RKW hired Stephanie Garris as Regional Manager. Garris oversees operations for a portfolio of communities in the region. She brings more than 18 years of multifamily experience, previously working with Camden Property Trust.

RKW has also added Johnny De La Espriella as Regional Vice President of Operations for Florida. De La Espriella brings more than 14 years of diverse property management experience.

 He oversaw operations for a portfolio of luxury high-rise and garden communities in South Florida with Camden Property Trust, and was responsible for large condominium portfolio consisting of 13 properties for KW Property Management & Consulting.

Steven Zahurones

Other new hires include:

·         Steven Zahurones as Digital Marketing Manager. Zahurones is responsible for overseeing the digital presence and strategy for properties to achieve traffic and occupancy goals.
·         Lindsi Flynn as Marketing Manager. Flynn’s specialties include marketing and brand strategy, public relations, traditional and digital marketing and broadcast media.

Lindsi Flynn

·         James Haas as Real Estate Analyst. His role is focused on underwriting and financial modeling of the new development and acquisition pipelines, along with supporting the Operations team by analyzing market trends to assist with margin optimization and forecasting for all communities.

 In March, RKW announced the addition of Stephanie Brown as Senior Vice President of Client Services to head new business development efforts nationally for the company.

James Haas

RIVERGATE KW RESIDENTIAL is a third-party multifamily property management firm headquartered in Charlotte with a regional office in Miami, and satellite offices throughout the Southeast.

With 13,000 multifamily units under management and a growing footprint spanning six states, RKW delivers expertise in multifamily management through its technology, marketing and customer experience platforms.

 For more information, please contact:

 Eric Kalis
Account Director, BoardroomPR
Bank of America Plaza | 1776 N Pine Island Road