Marcus & Millichap Forecasts Robust Job Growth to Accelerate Recovery in Miami-Dade, FL

                                           Miami-Dade FL Skyline

MIAMI, FL -- Building on the solid demand and minimal construction that reduced vacancy to its level at the start of the recession, more vigorous hiring will sustain another strong showing for Miami-Dade apartments in 2013, according to Marcus & Millichap’s second quarter report.

Riding a solid recovery in the job market from 2010 through the end of last year, the strength of the market’s demand drivers have been sufficient to fill an additional 11,000 rentals in the county.

The beaches at Fort Lauderdale, FL

Investors Bolster Portfolios as Growth Accelerates in Broward County, FL

FORT LAUDERDALE, FL -- Behind a strengthening local economy and job market, the Broward County apartment sector will record further gains in property performance in 2013 and set the stage for even stronger operations in the years to come.

An expansion of local payrolls in many industries will unlock pent-up rental housing demand among new hires, and apartment owners will also benefit from demand generated by the in-migration of new residents.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Job Growth Gains Momentum and Vacancy Tightens Further in Orlando, FL Apartment Market, According to Marcus & Millichap

             Creative Village rendering on site of former Amway Center 

             demolished May 26, 2012

ORLANDO, FL --Prospects for the Orlando multifamily sector continue to brighten as the local economy gathers momentum, building on the progress rental housing made over the past two years behind an acceleration in job growth, according to the second quarter report by Marcus & Millichap.

Amway Center, Orlando, FL
Demolished May 12, 2012

The federal spending cuts that went into effect March 1 may adversely affect defense-related industries in the metro, but other private employment sectors will expand.

Leisure and hospitality posted solid growth over the past year on record visitor volume, and hotel construction will increase in the years ahead to provide additional employment opportunities for residents.

Several large-scale, job-generating developments in Downtown Orlando are also advancing through the pipeline. Construction of the Creative Village on the former site of Amway Arena is expected to begin this year.

 More than 1 million square feet of commercial space is envisioned under the project’s master plan. 

Meanwhile, rental housing demand is rising, though vacancy is moderating as a new construction cycle begins. 

One significant spurt of completions occurred in the first quarter, and more moderate completions are slated in the second and third quarter.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Finds Low Interest Rates, Tight Vacancy Garner Notice in Tampa Bay Apartment Market

Tampa, FL Night Skyline

TAMPA, FL -- A resurgent job market, promising demographic trends, and changing housing preferences are brightening the prospects of apartment owners in Tampa Bay and will support an additional decline in vacancy and increase in rents during 2013, according to the second quarter Tampa Apartment Market report by Marcus & Millichap.

To date, the metro has recovered about half of the jobs lost during the recession, but some service industries and construction trades continue to trail overall trends.

 As a result, some softness persists in the operation of older Class C properties that are typically occupied by wage-earning tenants, though potential performance upsides remain as the economic recovery widens.

 In particular, the hospitality sector is performing well and homebuilding is also recovering. The metro also continues to benefit from favorable trends on display across the entire country.

 Younger households generally prefer rental housing to maintain mobility to pursue job opportunities, and a general movement of populations from outlying areas to central locations close to major employers is also under way. Outside the metro, economic conditions are also improving in Sarasota and Manatee counties.

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

Ben Johnson,

Marketing Director

(925) 953-1736

$12.55 Million Bank-Owned Office Portfolio Sale in Florida Arranged b y Marcus & Millichap

                        

                          The Commons Office Portfolio in Florida

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Commons Office Portfolio, a three-property portfolio of four executive suite office buildings totaling 198,000 square feet. The portfolio commanded a selling price of $12.55 million. The properties are:

Douglas K. Mandel

• ·         Wellington Commons, 92,000 square feet, Lake Worth, Fla.
• ·         Vista Park Commons, 60,427 square feet, West Palm Beach, Fla.
• ·         Stuart Commons, 46,000 square feet, Stuart, Fla.

             Douglas K. Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office represented the seller, Wells Fargo. Mandel and Benjamin H. Silver, a senior associate in Marcus & Millichap’s Miami office, represented the buyer.

            “The Commons were designed and developed specifically as executive suite office buildings and provide a host of amenities specific to this type of use,” says Mandel. “Due to the low cost of ownership, a discount to replacement cost and an unparalleled amenity base, the portfolio offers tremendous upside potential.”

Benjamin H.
Silver 

            Developed by the Crexent Business Centers in 2007, the properties feature full-time receptionists, furnished office suites, state-of-the art telecommunications, high-speed Internet, daytime personalized answering service, personal mail delivery, free on-site notary, complimentary coffee and beverage centers, meeting/conference rooms and virtual offices.

 Each facility also provides tenants with use of a private gym with lockers and showers, and free parking.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Names Stephen Rachman Regional Manager of Chicago O’Hare Office

  

Stephen Rachman

CHICAGO, IL, April 24, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Stephen Rachman regional manager of its Chicago O’Hare office, according to John J. Kerin, president and chief executive officer.

“Stephen’s extensive commercial real estate brokerage skills and sales management expertise will make him an invaluable resource to our agents and clients in Chicagoland and throughout the Midwest,” says Kerin.

John Kerin

Rachman began his career at Marcus & Millichap in September 2002 as an agent in the firm’s Chicago O’Hare office. In June 2004 he moved to the Chicago Downtown office and was promoted to senior associate in November 2005. In July 2008 Rachman was elected vice president investments, and in March of this year he returned to the Chicago O’Hare office.

Rachman specializes in multifamily and retail, and he was an associate director in the firm’s National Multi Housing Group, the National Retail Group and Special Assets Services. As an agent he earned one national achievement award and four sales recognition awards.

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

Ben Johnson,

Marketing Director

(925) 953-1736

IPA Arranges Sale of 120-Unit Multifamily Complex in Fontana, CA

                     Cielo Vista Apartments, 1524 Rialto Ave., Fontana, CA

Ronald Z. Harris

FONTANA, CA, April 24, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Cielo Vista, a 120-unit apartment complex built in 2008 in Fontana, Calif. The terms of the sale were not disclosed.

            IPA executive vice president investments Ronald Z. Harris, IPA director Joseph Smolen, and Marcus & Millichap senior vice president investments Alexander Garcia Jr. advised the seller, Phoenix Realty Group.

Joseph Smolen

 Harris, Smolen, Garcia and vice president investments Steve Hsu of Marcus & Millichap represented the buyer, a Southern California-based private investor.

“As the only 100-plus unit market-rate asset built in this submarket since 1989, Cielo Vista is indisputably a best-in-market asset,” says Harris.

“As such, the property will serve as a standard-bearer for luxury for-rent product in the surrounding market area for years to come,” adds Garcia.

Alexander Garcia Jr.

“Due to its position in the submarket as the only fully amenitized core housing, Cielo Vista is positioned to benefit from strong operations and robust projected rent growth,” Smolen concludes.

Located at 1624 W. Rialto Ave., the property has convenient access to interstates 10 and 210.

Steve Hsu

Situated on 6.2 acres, the 109,344-square foot Cielo Vista provides its residents with a low-density environment and an open residential feel. 

The six-building apartment complex features spacious one- and two-bedroom units that average approximately 879 square feet.

The units feature in-home washer/dryers, fully equipped kitchens, walk-in closets, nine-foot ceilings, in-home storage and large private patios or balconies.

The amenities package includes a resort-style swimming pool, hydrotherapy spa, state-of-the-art fitness center, executive business center with Wi-Fi, a playground and barbecue area, and controlled access gates.

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

Ben Johnson,

Marketing Director

(925) 953-1736

Arbor Funds $86.4M in California and Texas Fannie Mae Multifamily Transactions

Creekside Glen Apartments, Walnut Creek, CA 

Carmel House Apartments
Walnut Creek, CA

UNIONDALE, NY (April 24, 2013) - 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 14 loans totaling $86,412,000 across Texas and California under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® ARM 7/6 product lines.

These loans include:

  ·         Creekside Glen Apartments, Walnut Creek, CA – This 152-unit multifamily property received $18,399,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The seven-year acquisition loan amortizes on a 30-year schedule. Walnut Creek serves as the business and entertainment hub of Contra Costa County with immediate access to Interstate 680, Highway 24 and Bay Area Rapid Transit (BART).

Cypress Creek Apartments
Walnut Creek, CA

 ·         Carmel House Apartments, Walnut Creek, CA – This 107-unit multifamily property received $12,894,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The seven-year acquisition loan amortizes on a 30-year schedule. Located on the immediate perimeter of popular downtown Walnut Creek, Carmel House offers tenants wonderful walkability to dining and retail options.

  

·         Cypress Creek Apartments, Walnut Creek, CA – This 99-unit multifamily property received $11,660,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The seven-year acquisition loan amortizes on a 30-year schedule. The Cypress Creek Apartment complex is located on a major thoroughfare off of Highway 680.

Briarwood Apartments
Turlock, CA

 ·         Briarwood Apartments, Turlock, CA – This 144-unit multifamily property received $5,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Briarwood Apartment complex is located in the established, primarily residential area of Turlock and is convenient to schools, parks and the central business district.

  

·         Coaling Station B Apartments, Coalinga, CA – This 105-unit multifamily property received $3,350,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Coalinga is conveniently located 10 miles west of Interstate 5.

Coaling Station B Apartments
Coalinga, CA

·         Village Ceres Apartments, Ceres, CA – This 48-unit multifamily property received $1,820,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Village Ceres Apartments is convenient to schools, parks and the central business district.

  

·         Park Lane Villas, Austin, TX – This 242-unit multifamily property received $11,344,800 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Park Lane Villas is a garden style apartment complex located less than five miles from the downtown Austin area.

  

Village Ceres Apartments
Ceres. CA

 ·         Trinity Oaks Apartments, Dallas, TX – This 240-unit multifamily property received $5,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Trinity Oaks is located approximately 17 miles from downtown Dallas and is .25 miles away from a major commercial corridor that boasts restaurants as well as a number of regional offices for Fortune 500 companies.

  

·         The Forest at Duck Creek Apartments, Garland, TX – This 130-unit multifamily property received $5,025,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Forest at Duck Creek complex is located approximately 10 miles from the downtown Dallas area.

Park Lane Villas, Austin, TX

 ·         Stone Creek Apartments, Marshall, TX – This 80-unit multifamily property received $3,320,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Stone Creek is a garden style apartment complex located 40 miles from Shreveport, LA.

·         The Palms of Lake Jackson, Lake Jackson, TX – This 184-unit multifamily property received $3,250,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Lake Jackson is located in Brazosport County, which is best known for its wide expanse of sandy beaches.

Trinity Oaks Apartments
Dallas, TX

 ·         Highland Square Apartments, Alvin, TX – This 104-unit multifamily property received $1,850,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Highland Square is a garden style apartment complex located approximately 25 miles southeast of Houston, TX.

 Meadowlark Place, Lindale, TX – This 56-unit multifamily property received $1,700,000 funded under the Fannie Mae DUS® Small Loan product line. The 30-year cash out loan amortizes on a 30-year schedule. Meadowlark Place is made up of Duplex-style units.

  

Valencia Apartments
Harlingen, TX

·         Valencia Apartments, Harlingen, TX – This 62-unit multifamily property received $1,100,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Valencia Apartments is a garden-style apartment complex.

 All of the loans were originated by Jay Porterfield, Vice President in Arbor’s Plano, TX, office.

Jay Porterfield

“As a national direct lender, Arbor has comprehensive market expertise throughout the country, including in such multifamily hotbed markets as California and Texas,” Porterfield said.

 “As demonstrated by this diverse portfolio of loans, Arbor is providing the personal service and expertise needed for investors to take advantage of today’s strong market conditions.”

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

Chris Ostrowski

Arbor Realty Trust, Inc.

 Tel: (516) 506-4255

333 Earle Ovington Blvd, Suite 900

costrowski@arbor.com

The Bainbridge Companies Expand into Texas

Derrick Turnbull

Dallas, TX and Wellington, FL– The Bainbridge Companies, a fully-integrated group of multifamily real estate companies, has now expanded into Texas. The firm has opened a new office and hired Derrick Turnbull as Senior Development Director for the region. Turnbull’s area includes Dallas, where he is based, as well as Austin and Houston.

Turnbull has over two decades of real estate experience including the development and construction of 8,700 multifamily units. Previously, he was the development partner for SNK realty in Texas. Before that he was responsible for helping create and expand JPI’s Student Living Division, which included 27 multifamily communities in 15 states.

With the opening of the Dallas office, Bainbridge is seeking high-quality development sites and acquisition opportunities throughout the state to expand the company’s current 15,500 apartment portfolio.

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

Terri Thornton

404-932-4347

Marcus & Millichap Announces Sale of 38-Unit Apartment Building in St. Petersburg, FL for $1.4 Million

Carmarwin and 236 10th Avenue Northeast Apartments
St. Petersburg, FL

Michael P. Regan

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carmarwin and 236 10th Avenue Northeast, a 38-unit apartment building located in St. Petersburg, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,400,000.

Michael P. Regan and Francesco P. Carriera, vice president investments and Nicholas Meoli, senior investment specialist in Marcus & Millichap’s Tampa office, represented both the seller and the buyer; private investors based in Florida.

Carmarwin and 236 10th Avenue Northeast is located at 745 2nd Avenue North in St. Petersburg, Florida. 

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

Richard D. Matricaria

Regional Manager,

Tampa, FL

(813) 387-4700

Taylor & Mathis’ Andrew Trench Closes Two Leasing Deals at 777 Brickell in Downtown Miami, FL

777 Brickell Ave., Downtown Miami, FL

Andrew Trench

MIAMI, FL - Taylor & Mathis’ Andrew Trench has closed two deals at 777 Brickell in Miami’s Brickell Financial District for 10,255 square feet.

 Saglo Development Corporation, represented by Grant Killingsworth of Jones Lang LaSalle, leased 3,022 square feet while Everest Reinsurance, represented by Ryan Ackerman of CBRE, signed an expansion and renewal for 7,233 square feet.

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

Andrew Trench

Leasing Director

TAYLOR & MATHIS

(305) 476-8880

atrench@taylormathis.com

 www.TaylorMathis.com

Wells Fargo Bank Renews Lease at Espirito Santo Plaza in Downtown Miami, FL

                  Espirito Santo Plaza, 1395 Brickell Ave.

                  Downtown Miami’s international financial market. 

Brian Gale

MIAMI. FL -- Wells Fargo Bank renewed their lease of 8,000 square feet for five years at Espirito Santo Plaza located at 1395 Brickell Ave. in Downtown Miami’s international financial market. 

The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench and Ryan Holtzman, exclusive leasing agents for Espirito Santo Plaza handled the lease,  Michael Wilson from CBRE was the co-broker representing Wells Fargo Bank. The signature office tower remains 95% occupied.

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

Andrew Trench

Leasing Director

TAYLOR & MATHIS

(305) 476-8880

atrench@taylormathis.com

 www.TaylorMathis.com

http://espiritosantoplaza.com/

Essex Realty Group Brokers Sale Of Mixed-Use Chicago, IL Building

  

                                     

                                          3341-43 N. Clark Street, Chicago, IL

Kate Varde

 CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 3341-43 N. Clark Street, a new construction, mixed-use elevator building located in Chicago’s Wrigleyville neighborhood. 

The property is situated on the east side of Clark street, just two blocks north of the CTA Belmont Station (Red, Purple and Brown Lines) and is conveniently located along the Clark Street bus line.

Douglas Imber

 The Subject Property consists of eight (8) residential condo-quality apartments, and one (1) commercial space. The two-level commercial space with finished basement is currently occupied by Blokes &

Birds Public House; an authentic English-style pub that benefits from the steady inflow of the high-traffic Wrigleyville area.

Doug Imber and Kate Varde of Essex represented the buyers and Matt Welke and Jason Fishleder of Essex represented the sellers in the transaction. The price was approximately $4,000,000.

Matt Welke

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Hunter Capital Markets Arranges Refinancing Package for The DoubleTree by Hilton Hotel Chicago – North Shore Conference Center

  

Laura Wolinsky

 SKOKIE, IL, April 24, 2013—Hunter Capital Markets, a division of Hunter Hotel Advisors, announced today that it secured a refinancing of the 369-room DoubleTree by Hilton Hotel Chicago – North Shore Conference Center in Skokie, Ill., on behalf of Ultima Hospitality, a Chicago-based hospitality management and real estate investment group. 

Angelo Stambules, senior vice president, and Laura Wolinsky, vice president, Hunter Capital Markets, served as the borrower's advisors on the project.  The structured financing involved senior and mezzanine loans for a five-year term.

Angelo Stambules

“Like many markets nationwide, the suburban Chicago area continues to improve after the dramatic fall-off that occurred following the 2008/2009 financial crisis,” Stambules said.

 “Ultima Hospitality sought to refinance the loans that had been used to acquire, renovate and convert the hotel to the DoubleTree by Hilton brand in 2007.  We sourced multiple quotes at competitive rates, which is a testament to the strength of the borrower, the hotel and the improving debt markets.” 

“The availability of hotel financing continues to improve off the positive momentum that began last year,” Wolinsky said. 

DoubleTree by Hilton Hotel Chicago –
North Shore Conference Center

"Improved conditions have enabled the Hunter Capital Markets team to employ innovative ways to build the capital stack. 

“Since its creation late last year, we have seen a great deal of interest in hotel refinancing, as well as for hotel acquisitions and renovation projects.  New construction lending is not as widely available, but is becoming increasingly accessible for strong borrowers, well-located sites and the right brands.”

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

Jerry Daly

media

(703) 435-6293                                                                                                                

jerry@dalygray.com