Saturday, September 10, 2011

SMJ Property Management Acquires 9 Unit Multi Family Building in Jersey City

Jersey City, NJ, Sept. 10, 2011 --( SMJ Property Management, a family owned and operated New Jersey real estate investment company has announced the purchase of a 9 unit apartment property on Webster Avenue in the Heights section of Jersey City, according to Steven Porada, head of acquisitions at the company.

The asset commanded a purchase price of $565,000.

Investment specialist Steven Porada, assisted by brothers Michael Porada and Jonathan Porada, headed the off-market transaction with the long time local investor.

 This sale represents the first change of ownership in 16 years for this property and the second real estate transaction between the buyer and seller.

“We initially met the seller through a mutual friend. He suggested we meet because our properties were located only two blocks from each other. When we met I jokingly suggested he should sell us his building, and a few months later he did. A year later this is our second transaction with him,” says Michael Porada.

 The fully occupied property is comprised of nine-one bedroom units, all separate utilities, upgraded heating units, a newer roof and has been impeccably maintained.

“This is the third Hudson County apartment transaction we have closed in 2011 and the second in Jersey City. We prefer Hudson County for its proximity to Manhattan, access to public transportation, diversity, high density, favorable rents and low vacancy rates. We are currently working on acquiring a few more properties in Hudson County before the years end,” added Steven Porada.

Financing was quickly obtained from a local bank at a rate of 5.25%, fixed for 10 years amortized over 30.

Established in 2010, SMJ Property Management focuses on multi-family acquisitions in Hudson County, NJ. Their concentration is on mid-rise apartment properties primarily in the towns of Weehawken, North Bergen, West New York, Union City, Jersey City, Harrison & Kearny.

SMJ Property Mangement
Steven Porada

Todd Schroth with Re/Max Central Realty Launches Local Foreclosure Avoidance Campaign in Central Florida

Orlando, FL, Sept. 10, 2011 --( Distressed property expert’s online report updates homeowners who are struggling with mortgage payments in Central Florida on solutions to avoid foreclosure.

“Nationwide, one in seven mortgages are headed for foreclosure,” noted Robert Todd Schroth of Re/Max Central Realty.

"While the statistics in Central Florida are not nearly that high, R. Todd Schroth has developed an online report that reviews the increasing priority that major banks and the federal government have placed on giving homeowners viable options to foreclosure.

“Helping to keep homeowners out of foreclosure has become a national priority,” R. Todd Schroth says, adding, “it’s important for homeowners who are underwater on their mortgage or overstressed financially to know that none of the parties involved want to see a foreclosure happen.

“Banks were blindsided by the foreclosure crisis of the past few years, and too many homes have been lost to foreclosure, but the landscape has significantly changed.”

Several entities within the Federal Government, along with major lenders, have retooled and restaffed in order to more effectively help homeowners to avoid foreclosure.

“Among the most troubling statistics,” R. Todd Schroth pointed out, “is the fact that the majority of homeowners who end up in foreclosure never seek the services of a real estate agent or attempt a short sale.”

A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.

Real estate agents who have received the Certified Distressed Property Expert (CDPE) designation have proactively sought out the most up-to-date expertise and insights to serve clients within the complicated and highly charged distressed property arena. CDPE agents are required to complete several days of intensive training and are held to a high standard of expertise, efficiency and ethics.

“My recent report titled Is Your Mortgage Payment Dragging You Down, provides information every homeowner should know if they are about to or have already missed mortgage payments.”

This community resource is available at

For more information about the CDPE Designation, visit

For more information, please contact:
Robert Todd Schroth

Equity Residential Declares Third Quarter Dividends

CHICAGO, IL--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today announced that the company declared dividends on its common and preferred shares.

A quarterly common share dividend of $0.3375 per share will be paid on October 14, 2011 to shareholders of record on September 20, 2011.

The following regular quarterly dividends will be paid on the company’s preferred/depositary shares:

          Record Date
          Payment Date

(Series)   (Record Date)         (Payment Date) (Amt per share)

K     September 20, 2011     September 30, 2011     $1.03625 
N     September 20, 2011     October 17, 2011          $0.405 

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 419 properties totaling 120,078 apartment units.

For more information on Equity Residential, please visit our website at

Equity Residential
Marty McKenna, (312) 928-1901

Marcus & Millichap Sells Assisted Living Community with Cottages in Oklahoma City, OK

OKLAHOMA CITY, OK--(BUSINESS WIRE)--Marcus & Millichap Real Estate Investment Services, the nation’s premier senior housing brokerage firm, is pleased to announce the sale of Emerald Square Assisted Living Community (top left photo), a 73-unit Assisted Living Facility located at 701 North Council Road, Oklahoma City, OK. The property was acquired for $3,000,000.

Jacob Gehl (middle right photo) and Ben Firestone (lower left photo) in Marcus & Millichap’s Chicago Downtown Office had the exclusive listing to market the property on behalf of the Seller, a special purpose entity set up by a consortium of lenders who foreclosed on the property in 2010.

 Emerald Square had previously been owned by Sunwest Management, an Oregon based operator who filed for bankruptcy protection in 2009.

The property was placed into receivership in 2010, and the Receiver was a company based in North Carolina called Anderson Bauman Tourtellot and Vos.

The Buyer was a private equity fund from Dallas who specializes in repositioning distressed assets and who is relatively new to the senior housing industry. The buyer was secured and represented by Jacob and Ben.

“We are pleased to have been able to participate in the sale of another Sunwest-related community,” said Gehl. “The Sunwest story has created some unique opportunities for buyers to acquire distressed senior housing communities at prices far below their replacement costs. We feel fortunate to be able to have played such an active role in the restructuring of so many of these transactions.”

Emerald Square was constructed in 1996 and sits on 14.5 acres. The building is a single-story, purpose-built facility which offers assisted living and independent living cottages. The property was 70% occupied at the time of sale.

For more information on our senior housing group,  please visit

Marcus & Millichap
W. Walker Robinson, Operations Director
333 W. Wacker Drive, Suite 200
Chicago, IL 60606
(312) 327-5426