Western National Announces $42,2 Million Acquisition of 312-Unit Apartment Community in Corona, CA

  

Parcwood Apartments, Corona, CA

 IRVINE, CA – Western National Realty Advisors, an affiliate of Western National Group has announced the $42.2 million acquisition Parcwood Apartments, a 312-unit apartment community in Corona, Calif.

“The acquisition of Parcwood fits well with our business plan to expand our ownership presence in Southern California," notes Jerry LaPointe, Vice President of Western National Realty Advisors. 

"We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery,” 

Jerry LaPointe

“Parcwood’s close proximity to Orange County and other employment hubs, which reduces commuting time for residents, will allow it to  compete very well as the area’s economic fundamentals continue to improve.”

“Parcwood is a best-in-class asset based on its low density, manicured landscaping and resort style amenities.  The property is currently 96 percent leased and is located in close proximity to three major freeways,” LaPointe adds.

Joe Leon

Parcwood will be managed by Western National Property Management.  The seller was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle.  Western National represented itself in the acquisition.

Parcwood offers one- and two-bedroom floor plans, with units up to 1,250 square feet.  Amenities include dishwashers, air conditioning, community pool, theater, tennis courts, playground, and washers and dryers in selected units,” he added.

Javier Rivera

Western National will be are upgrading the common area facilities, including the clubhouse, theater, pool area, and gym to refresh the property and keep it current.

Western National Group is a 45-year-old, fully integrated multifamily acquisition, development, construction and property management firm headquartered in Irvine, Calif. 

For a complete copy of the company’s news release, please contact:

Corynne Randel or Jenn Quader

(949) 955-7940

crandel@browermillercole.com

  www.wng.com.

Attorneys Laura Kurlander and Leslie Brooking Join Hartman Simons Commercial Real Estate Firm in Atlanta, GA

Laura B. Kurlander

 ATLANTA, GA– The Hartman Simons & Wood LLP commercial real estate law firm has added two attorneys.

Laura B. Kurlander has joined the firm as a senior counsel and will specialize in commercial real estate and telecommunications transactions. With an emphasis on commercial leasing, Kurlander represents developers of regional shopping malls, mixed-use facilities, power centers and office towers along with national retailers. Prior to joining Hartman & Simons, Kurlander was a senior counsel at the Atlantaoffice of Dow Lohnes.

Leslie Brooking joins Hartman Simons as an associate and will concentrate on commercial real estate litigation and general commercial litigation. An honors graduate of Emory University School of Law, she previously was an associate at Schulten Ward & Turner in Atlanta.

A. Summey Orr III

“We are extremely excited about the additions of Laura and Leslie to Hartman Simons,” said Summey Orr, managing partner of the firm. “Their experience and know-how will allow us to strengthen the already considerable legal expertise we can offer to commercial real estate clients. I am confident they will be great fits and extremely valuable additions to our firm.”

 Contact

Stephen Ursery

The Wilbert Group

E-mail: sursery@thewilbertgroup.com

Office: (404) 965-5026

Cell: (404) 405-2354

www.wnspr.com

http://www.hartmansimons.com

Medical-Office Sector Is Poised for Strong Performance in Years Ahead

Walter Page

ATLANTA, GA– With an aging U.S. population and the fate of President Obama’s healthcare reform law settled, the medical-office sector faces a promising future, according to experts on the most recent episode of the “Commercial Real Estate Show” radio program hosted by Michael Bull.

The episode took an enlightening look at the sector and explored a variety of topics related to medical-office buildings, including vacancy rates, cap rates, property-management challenges, overall strengths and possible challenges for the sector.

“To me, it’s a recession-resistant investment,” said Walter Page, director of research for CoStar Group. “It has had good occupancy over long periods of time, and consistent occupancy is the number-one driver of returns. The demand is great in that you have demographics in your favor with the Baby Boomers aging. Also, you now have the expansion of medical services to a broader part of the population.”

Mark Engstrom

The national vacancy rate for medical office buildings is currently 10.9 percent, which is significantly lower than the 12.5 national rate for the office sector as a whole, Page said.

Occupancy should continue to be a positive for the healthcare sector in part “because the job numbers that drive medical office are exceptionally strong,” Page added.

Short-term challenges to the sector’s performance include the so-called “fiscal cliff” and potential cuts in Medicare spending, according to Page. An oversupply of buildings may become an issue in certain markets as well, he added.

Paul Zeman

The U.S. Supreme Court’s recent decision to uphold the federal Affordable Care Act has strengthened the medical-office sector, said Mark Engstrom, executive vice president of acquisitions for Healthcare Trust of America. “Health-care systems are starting to make decisions, to take on additional space for their growth,” Engstrom said. “We see the same thing with physicians: they’re now more willing to sign longer-term leases because the [law] is here to stay.”

Paul Zeman, a partner with Bull Realty who oversees the firm’s Healthcare Real Estate Services Group, said investment sales of medical office properties are increasing. Approximately $5 billion of healthcare property sales will take place in 2012, and that figure should rise by 10 percent next year.

Michael Bull

A surge in sales could take place in the fourth quarter of this year, as investors seek to complete transactions before potentially less favorable tax laws are implemented in 2013, Zeman added.

“I still love the sector,” Zeman said. “I’m a firm believer that it’s one of the strongest sectors in commercial real estate.”

The entire episode on the healthcare industry and medical real estate is available for download at www.CREshow.com.

The next “Commercial Real Estate Show” will be available on Dec. 20th and will explore how to increase business relationships using LinkedIn.

For More Information, Contact

Stephen Ursery

The Wilbert Group

404.965.5026

sursery@thewilbertgroup.com

Aragon Deploys Private Equity Funds To Purchase $100 Million Apartment Portfolio

  

Holland Park Apartments,
Lawrenceville, GA

BEVERLY HILLS, CA /PRNewswire/ -- Aragon Holdings (www.AragonUSA.com) announced that it has expanded into two new markets with the acquisition of three properties in Atlanta and Denver, deploying approximately half of the $52 million it raised in its recently-closed private equity fund, Aragon Multi-Family Cash Flow Fund II.

 The balance of the $100 million acquisition was provided by Freddie Mac.

In the Atlanta market, the company purchased Holland Park, a 496-unit property in Lawrenceville, and Azalea Springs, a 232-unit property in Marietta. The Denver purchase was Hampden Heights, a 376-unit property located just north of the Denver Tech Center. All three properties  are located in areas with strong employment.

Azalea Springs Apartments, Marietta, GA

These acquisitions increase Aragon's multi-family portfolio to over 5,000 apartment units, all acquired in the past four years. During 2012, the company purchased over $200 million of multi-family assets in six states.

Equity for the three transactions was provided by Aragon Multi-Family Cash Flow Fund II, a private equity fund formed to facilitate the company's acquisition activity and to produce monthly cash flow distributions to investors. 

Like its predecessor Aragon Multi-Family Cash Flow Fund I, the latest fund targets 10% annual, tax deferred, cash-on-cash returns, paid monthly to investors.

Hampden Heights Apartments,
 Denver, CO

Larry Clark, president of Aragon Holdings, noted that Atlanta and Denver are new markets for the company, but they fit well with Aragon's model of acquiring properties in areas with strong job markets and robust demand for multi-family housing.

In Denver, Hampden Heights Apartments is located in the southeast submarket, less than 10 miles from the city's center. The local area's average income is 20% above that of metropolitan Denver, and its population is forecasted to grow by over 10% in the next five years.

Larry Clark

In Atlanta, the Holland Park and Azalea Springs apartments are both close to major employment centers. The metropolitan area's employment levels have returned to 95% of pre-recession levels. The job base expanded by 2.6% last year, and is forecasted to outperform most other cities in the coming years.

Mr. Clark said Aragon Holdings is actively seeking to purchase additional multi-family properties across the nation in cities that have positive job and population growth. "We continue to identify attractive acquisition opportunities that will enable us to commit the remaining portion of Fund II, and we have already been approached by investors and institutions asking us to form a Fund III."

Aragon Holdings is a Real Estate Investment and Fund Management Company based in Beverly Hills, California, that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.

    Contacts:

  Larry Clark        

  Aragon Holdings    

  310.550.5791       

   larry@aragonusa.com

Alexander Auerbach

Auerbach & Co. Public Relations

800.871.2583

auerbach@aapr.com

Web Site: http://www.aragonusa.com

Greenwich Apartment Portfolio Sells for $4.75 Million or $190,000 Per Unit

Edward Jordan

 BRIDGEPORT, CT– Investment sales broker Northeast Private Client Group has announced the sale of a 7-building, 25-unit apartment portfolio in Greenwich, CT.   Edward Jordan, JD, CCIM the firm’s managing director, represented both the seller and the buyer in the $4,750,000 transaction, which closed on December 10th.

 “Demand remains strong for mid-market apartment properties in lower Fairfield County” notes Jordan.  “And Greenwich in particular, given its historically high occupancy, strong rents and its generally robust economic base, boasts an intrinsic value which many investors find desirable.”

The seller, a local Greenwich family, had acquired the various portfolio properties over a number of years.  

Greenwich Riverview LLC, a New York-based buyer, purchased the seven-building multifamily portfolio for a price that equates to $190,000 per unit, which represents a capitalization rate of approximately six per cent on the current year’s net operating income.

 “We were able to identify and source this well-qualified buyer through our White Plains, NY office, which was instrumental in selling this prized asset at a highly competitive price,” explains Jordan.  “Going into 2013, investment sales activity continues to build.  Our ability to create multi-state competition for well-positioned assets will continue to benefit our clients in the New Year.”

Founded in 2010 by Edward Jordan, Northeast Private Client Group supports real estate investors with offices in New York, Connecticut and Massachusetts. 

The firm specializes in representing owners of income producing properties, and supporting those who invest and sell property in the commercial and multifamily sectors across a region that stretches from New York to Boston. 

Jordan holds the Certified Commercial Investment Member (CCIM) designation and is a past member of the board of directors of CCIM.

Contact:

Rick Leonard

rleonard81@gmail.com

203.434.7734

DoubleTree by Hilton Tulsa Downtown Selected as Beta Site for World's First Made-Market

Made Market, DoubleTree by Hilton, Tulsa, OK

McLean, VA  – DoubleTree by Hilton announced that its downtown Tulsa hotel has been selected as the beta site for a new dining concept scheduled to roll out in other markets across the nation in 2013.

Made Market, a $2 million project under construction now in Tulsa, is an all-day eatery that blends the convenience of a gourmet market with the allure of a brick oven gastro pub.

For a complete copy of the company’s news release, please contact:

Maggie Giddens

DoubleTree by Hilton PR

+1.571.294.9726

Maggie.Giddens@hilton.com

www.mademarket.com

 David Trumble

Hilton Worldwide

Senior Director Communications

+1.602.870.2721

david.trumble@hilton.com

Arbor Closes New England Fannie Mae Deals Totaling $20M

The Pines of West Concord, NH

UNIONDALE, NY (Dec. 18, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $20,019,000 across New England under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® ARM 7-6™ Loan product lines. These loans include:

·         Concord Portfolio, Concord, NH – This seven-property, 337-unit multifamily portfolio received a combined total of $16,325,000 funded under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines. The 10-year refinance loans amortize on 30-year schedules. The portfolio consists of the following properties:

o   Meadow Brook Apartments

66--72 Hamilton Street, Cambridge, MA

o   Pinewood Village

o   Pines of West Concord

o   Mill Place West Apartments

o   Ormond Street Apartments

o   Vineyard Terrace Apartments

o   Prescott Street Apartments

  

 66-72 Hamilton Street, Cambridge, MA – This 11-unit multifamily property received $3,694,000 funded under the Fannie Mae DUS® ARM 7-6™ Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. Each apartment at 66-72 Hamilton Street includes stainless steel kitchen appliances, wood cabinets and granite countertops.

Ronen Abergel

 All of the loans were originated by Ronen Abergel, Vice President in Arbor’s New York City office.

Contact:

Christopher Ostrowski,

costrowski@arbor.com