Monday, July 9, 2018

Passco Cos. Acquires 380-Unit Class A Multifamily Community in Jacksonville, FL for $70 Million

The Point at Tamaya Apartments, Jacksonville, FL

Colin Gillis
            JACKSONVILLE, FL (July 9, 2018)  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 acquired The Point at Tamaya, a 2017-built, Class A+, 380-unit multifamily community in Jacksonville, Florida, for $70 million. 

The community is located at 3050 Tamaya Blvd. in Jacksonville, Florida. 

        The property was acquired from Waypoint Residential and Rohdie Management. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

Chris Black
This acquisition brings the firm’s multifamily portfolio in the state of Florida to 10 properties totaling more than 3,000 units, according to Colin Gillis, Vice President of Acquisitions, Southeast at Passco.
 “This acquisition is well-aligned with our investment strategy, as we continue to identify high-quality multifamily properties situated in submarkets demonstrating strong fundamentals and sustained growth, in Florida and throughout the country,” says Gillis.

“The Point at Tamaya is an exceptional asset, one of only a few of its caliber in the entire Jacksonville market, which also benefits from a prime location offering convenient access to the area’s amenities and employment.”

Caleb Martin
The community is located within close proximity to Interstate 295, with immediate access to the major North-South and East-West corridors of Kernan and Beach Boulevards, allowing for easy access to Downtown Jacksonville, local beaches, Class A retail destinations, and major employment drivers within the Bay Meadows and Deerwood areas. 
“Every major point of interest in town can be accessed from the property in less than 15 minutes, and the location within the Tamaya master-planned community allows the resident base to enjoy a quieter, more relaxed environment than housing located within some of the city’s more densely-populated neighborhoods,” explains Gillis.

Brian Moulder
“The community is thoughtfully laid out over a 30-acre, heavily wooded site with nature preserves winding throughout and around the property, providing residents with a serene living experience.”
The Point at Tamaya is the only apartment project zoned within the Tamaya master-planned community, which is rapidly becoming one of the premier newer single-family communities in the state, with new homes being built in the $350,000 to $700,000 range. The community’s prime location, exceptional unit interior-design and excellent amenity package has attracted a strong demographic of ‘renters-by-choice,’ with an average household income of $90,000, Gillis notes.

Dhaval Patel
The Point at Tamaya’s location and best-in-class quality offer a wonderful opportunity to continue to strengthen the Passco’s holdings, especially in the state of Florida, notes Brian Moulder of Walker & Dunlop, who represented both the buyer and seller in this transaction along with Dhaval Patel
“The Point at Tamaya was one of the fastest lease-ups that we have seen in the entire market,” continues Moulder. “We’re glad to be a part of Passco’s first acquisition in Jacksonville. It was a pleasure working with the entire team on this seamless transaction.”

 For more information, please contact:

Elisabeth Manville / Lexi Astfalk
Brower Group
(949) 955-7940

Exeter Property Group’s Development in South Florida Heats Up With Multiple Groundbreakings in Coral Springs This Summer

Coral Springs, FL Commerce Center

Coral Springs, FL  --- Exeter Property Group, a leading owner and developer of industrial real estate throughout the U.S. and Europe with headquarters in Pennsylvania, will break ground on the construction of four new industrial buildings along the Sawgrass Expressway in Coral Springs.

Nick Sands, regional acquisitions and leasing officer, said Exeter is finishing work on 4030 NW 126 St., a 215,486 square foot, 36'clear height, cross dock facility that has been fully leased by a large private flooring company.

Nick Sands
They have started construction on the second 215,486 square foot building at 4050 NW 126 St., which will deliver in January 2019 and will complete buildout of the Coral Springs Commerce Center Phase I.

Less than a mile away from Phase I Exeter plans a total of three spec buildings for Phase II.  The 40-acre site on Coral Ridge Drive between 39th Street and Wiles Road was purchased in September 2017 from Swiss manufacturer Hoerbiger.  D.C. Construction will break ground on the first two buildings this summer.

Sands said the Hoerbiger property sale included a 193,211 square foot existing building that will be remodeled with a new roof and new modern tilt-wall front.  A south Florida window and glass manufacturer is in negotiations with Exeter for the lease of 105,000 square feet leaving 87,885 square feet still available to lease.

 For more information, please contact:

Larry Vershel Communications, Inc., Larry Vershel or Beth Payan 407-644-4142 or 407-461-3781

Hospitality Ventures Management Group (HVMG) Names Roxanne Rees Director of Asset Management and Analytics

Roxanne Rees

ATLANTA, GA, July 9, 2018—Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today named Roxanne Rees to the role of director of asset management and analytics. 
       In her new role, Roxanne will develop and maintain operational reporting systems, as well as produce operational and financial analysis, for HVMG’s portfolio of independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands.
             “In her nearly 15 years of real estate financial analysis, Roxanne has worked with some of the biggest names in the hospitality industry, including InterContinental Hotels Group, Ashford Hospitality Trust and Jones Lang LaSalle Hotels,” said Richard Jones, HVMG senior vice-president and chief operating officer.

Richard Jones
                 “With her proficiency in everything from feasibility reports to market trend analyses, we are confident that Roxanne is the ideal candidate to help HVMG enhance our operational systems to provide better value for our various shareholders.”
Prior to joining HVMG, Roxanne held a number of positions with InterContinental Hotels Group, culminating in manager, business support, for their Americas Finance division. 

 In that role, she provided analytical support for IHG’s entire portfolio of more than 3,000 franchised hotels in North America.  Previously, she worked as a financial analyst for Ashford Hospitality Trust and as an analyst for Jones Lang LaSalle Hotels. 
 Roxanne received her bachelor’s degree in finance from the University of Arizona and her master’s degree with an emphasis in real estate finance and development from Cornell University. 
“With their aggressive growth plans, HVMG promises to be an exciting next step for me, and I look forward to helping the company achieve its business goals as it expands its portfolio across the United States,” Roxanne stated.

For more information, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553