The Big Interest Rates Question: Can They Go Any Lower?

Jeanne Peck

Chicago, IL - History was made last month with treasuries hitting an all-time low for the past two centuries. Can rates go any lower?

This is the question that everyone seems to be asking. In comparison to this year's previous low, treasuries are about 20 basis points lower for the ten-year term and about 10 basis points lower for the five-year term.  The five and ten-year treasuries continue floating about 100 basis points apart.

Yet if historical mortgage spreads are any indication of the future, mortgage rates may still drop slightly lower, by 20 to 30 basis points - within the "normal" range of 120 to 150 basis points over comparable term treasuries. Given today's rates, the possibility of lower 3% fixed rate debt for 10 year loans is not remote. This type of pricing is so low, substantially narrowing the gap between fixed and floating rate debt.

With such tight mortgage pricing grids, lender differentiation turns from pricing towards other variables including prepayment flexibility, guaranty carve=outs, liquidity covenants and allowance of additional debt as examples. If at all possible, lenders are trying to remain disciplined in underwriting by keeping loan proceeds at conservative levels, although this underwriting variable is also being aggressively stressed.

According to Jeanne Peck, director of the Real Estate Capital Institute, "Mortgage pricing is becoming more negligible as a negotiation variable, given that the actual rates are extremely low."   She adds "Where do we go from here?  Nearly everyone expects rates to rise sometime in the next 18 to 36 months, but mortgage pricing does not reflect such thinking."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.  Furthermore, call the Real Estate Capital Rate Line at 7RE-CAPITAL (773-227-4825) for hourly rate updates. 

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

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Jeanne Peck,

 Executive Director
director@reci.com

http://www.reci.com

Australia’s First TRYP by Wyndham Hotel to Open in Brisbane’s Fortitude Valley

                         Fortitude Valley commercial area, Brisbane, Australia

 GOLD COAST, QLD (May 3, 2013) – Wyndham Hotel Group, part of the Wyndham Worldwide family of companies (NYSE: WYN), today announced plans to introduce the select-service TRYP by Wyndham® brand in Australia with the signing of an agreement to open the TRYP Fortitude Valley in Brisbane.

Barry Robinson

 The four-story hotel, expected to be completed by mid-2014, is currently under construction in the heart of Brisbane’s Fortitude Valley on Constance Street.  Owned and developed by Jay McPhee, the hotel will be managed by Australian-based Resort Management by Wyndham.

“We are thrilled to welcome the first TRYP by Wyndham hotel in Australia and look forward to introducing this exciting, cosmopolitan brand to business and leisure travellers from around the world,” said Barry Robinson, managing director of Wyndham Hotel Group in the South Pacific. 

“The addition of TRYP Fortitude Valley signifies an integral milestone in the company’s plans to expand Wyndham Hotel Group brands into key markets throughout Australia and the South Pacific.”

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

Angie Christofis

Manager PR and Communications

T: +61 (0) 7 5512 8250

M: +61 (0) 0410 336 189

angie.christofis@wyn.com

240 Apartment Units on the Market in San Antonio, TX

                                           Bandera Commons, San Antonio, TX

SAN ANTONIO, TX, May 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Bandera Commons, a 240-unit apartment complex in San Antonio. The property is being offered on a “price to be determined by market” basis.

Joe James

Joe James and Kent Myers, senior associates, and Reynold Toepfer, an associate, all in Marcus & Millichap’s Austin office, are representing the seller, a private investor.

            “Bandera Commons is located adjacent to Leon Creek Greenway, a popular 15-mile recreation trail,” says James. “Currently 97 percent occupied, the complex is a true high-quality value-added asset.”

            “The property is strategically positioned near several of the city’s strongest employment centers,” adds Myers.

Kent Myers

            The apartment complex is located at 8120 Mainland Drive in San Antonio at the midpoint between highly traveled Interstate 410 and Texas State Highway Loop 1604.

The 190,464-square foot Bandera Commons was built in 2002 on 11 acres. Luxury features include a swimming pool with a heated spa, a resident clubhouse with full-service business center, a 24-hour fitness center, a laundry facility and well-appointed units with spacious floor plans. 

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

. Ben Johnson

 Marketing Director

(925) 953-1736

Prime Property Investors Sells Deer Valley Luxury Apartment Homes in Lake Bluff IL

                       Deer Valley Luxury Apartment Homes, Lake Bluff, IL

CHICAGO, IL, May 3, 2013– Northbrook, Ill.-based Prime Property Investors (PPI) has announced it has sold Deer Valley Luxury Apartment Homes, a Class A community of 224 apartments located in north-suburban Lake Bluff, Ill., to Irvine, Calif.-based Steadfast Income REIT for $28,600,000.

PPI Co-CEOs Barbara J. Gaffen
Michael H. Zaransky

The property was purchased by PPI in June 2011 for $21,900,000. Deer Valley Luxury Apartment Homes is located at 30011 N Waukegan Rd., Lake Bluff, Ill. 60044.

 “During the nearly two-year period in which we owned the community, we substantially increased the net operating income and the property rent roll by more than 32 percent. 

The property was 100 percent leased at closing,” said Barbara J. Gaffen, co-CEO of PPI. “This sale is evidence of the appreciation of value in the suburban Chicago apartment market.”

 Gaffen adds, “With low vacancy rates and improving employment numbers, Chicago is a good buy right now. Deer Valley is a rarely available North Shore garden-style apartment community. It’s also ideally located along a major job corridor in the north suburbs, which provides a steady stream of quality tenants.”

Susan Lawson

 PPI was represented in the sale by Susan Lawson and Todd Stofflet of the Chicago office of Apartment Realty Advisors. The transaction went to contract and closed in less than 30 days.

 Deer Valley Luxury Apartment Homes comprises 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages.

Todd Stofflet

 PPI made significant upgrades and improvements to the units and on-site amenities. “We used our extensive rehab and renovation expertise to transform Deer Valley into a community with the modern amenities and sophistication its residents expect and demand,” said Gaffen.

  

 Renovations were made to many of the apartment units at the Deer Valley property. Upgrades include new dark wood cabinetry, stainless appliances, granite countertops, and new kitchen and bath faux wood vinyl flooring.

 On-site amenities also were upgraded, such as the fitness center and an outdoor pool with sundeck. A 2,500-square-foot clubhouse includes a business center, a great room with fireplace and bar area, and the leasing office. Other improvements include updates to landscaping and signage, all new building roofs, and completely renovated common area hallways.

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

Kathryn Kjarsgaard,

 kkjarsgaard@taylorjohnson.com,

312-267 4528

 Kim Manning,

 kmanning@taylorjohson.com,

312-267-4527

www.primepropertyinvestors.com.

National Retail Properties Announces First Quarter 2013 Operating Results and Increased 2013 FF0 Guidance.

Craig Macnab

Orlando, FL – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, announced its operating results for the quarter ended March 31, 2013.

Highlights include an increase in 2013 FFO guidance from a range of $1.81 to $1.85 to a range of $1.85 to $1.89 per share before any impairment expense. 2013 AFFO is estimated to be $1.93 to $1.97 per share.

The FFO guidance equates to net earnings before any gains or losses from the sale of real estate of $1.08 to $1.12 per share plus $0.77 per share of

expected real estate depreciation and amortization.

The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Craig Macnab, Chief Executive Officer, commented: “Very strong recurring FFO per share growth of 14% in the first quarter was driven by continued high occupancy, improved operating expense efficiencies and increased rental revenue from 2012's property acquisitions.

“ Additionally, we have taken advantage of the strong capital markets environment by issuing both long term fixed rate debt and common equity at very attractive pricing which provides very accretive funding for additional acquisitions.

“All of this has allowed us to increase our 2013 FFO guidance to levels that are projected to produce approximately 7-8% growth in recurring FFO per share results for 2013.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2013, the company owned 1,636 properties in 47 states with a gross leasable area of approximately 19.3 million square feet.

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

For information contact:

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

www.nnnreit.com.

Annaly Capital Management, Inc. Reports Results for the 1st Quarter 2013

NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY reported GAAP net income for the quarter ended March 31, 2013 of $870.3 million or $0.90 per average common share as compared to GAAP net income of $901.8 million or $0.92 per average common share for the quarter ended March 31, 2012, and GAAP net income of $700.5 million or $0.70 per average common share for the quarter ended December 31, 2012.

Without the effect of the unrealized gains or losses on interest rate swaps and Agency interest-only mortgage-backed securities and the net loss on extinguishment of the 4% Convertible Senior Notes due 2015 (the “4% Convertible Notes”), net income for the quarter ended March 31, 2013 was $464.4 million or $0.47 per average common share as compared to $529.3 million or $0.54 per average common share for the quarter ended March 31, 2012, and $465.1 million or $0.46 per average common share for the quarter ended December 31, 2012.

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

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

www.annaly.com

Annaly Capital Management, Inc. Announces Expansion of Commercial Real Estate Platform

Wellington J.
Denahan

NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) today announced the recent hiring of several key additions to its existing commercial real estate platform.

“Over the past few months, FIDAC has continued to grow its commercial real estate expertise,” said Wellington J. Denahan, Annaly’s Chairman and Chief Executive Officer. “Given the size of the opportunity that we see in the commercial real estate market, we are investing in additional personnel to further complement our origination, underwriting and asset management capabilities within this asset class.”

Annaly previously announced that its acquisition of CreXus Investment Corp. (NYSE:CXS) (“CreXus”) will close on May 23, 2013. Annaly’s acquisition of CreXus allows Annaly to wholly own the commercial real estate platform and significantly enhance CreXus’ capabilities and growth through the use of Annaly’s broad capital base.

Annaly’s commercial real estate platform will be headed by Robert Restrick, Managing Director of Annaly. Other new additions are:

Donald Haber – Mr. Haber joined Annaly as a Managing Director, Head of Commercial Real Estate Credit.

Peter Morral – Mr. Morral joined as Executive Director, focused on Origination.

Gary Romaniello –Mr. Romaniello joined as Executive Director, focused on Origination.

Matt Higgins – Mr. Higgins joined as Executive Vice President, focused on Origination.

Michael Jo – Mr. Jo joined Annaly as Associate General Counsel, Head of Legal and Structuring – Commercial Real Estate.

Henry Gom – Mr. Gom joined as Senior Vice President, focused on Origination and Business Development.

Greg Kiely – Mr. Kiely joined as Senior Vice President, focused on Underwriting.

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

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

www.annaly.com

George Smith Partners Secures $38.9 Million in Construction Financing for New Waterfront Multifamily Development in Portland, OR

                          Phase I of The Residences at Yacht Harbor

                          11505 North Yacht Harbor Drive

                          Portland, OR

Malcolm Davies

LOS ANGELES, CA (May 3, 2013) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $38.9 million in construction financing on behalf of its client, Salpare Bay, LLC., for the development of Phase I of The Residences at Yacht Harbor, a 373-unit waterfront Class A multifamily property located at 11505 North Yacht Harbor Drive in Portland, Oregon, according to Principal, Malcolm Davies.

 Davies was assisted by George Smith Partners’ Assistant Vice President Peter Kleinberg and Analyst Drew Sandler.

Peter Kleinberg

“This property is positioned to become the premier waterfront, Class A, apartment community in Portland,” said Davies, who noted that the community will be located along the most valuable yacht harborage in Portland, Salpare Bay Marina.  Salpare Bay is a 95 percent occupied marina which features 204 yacht slips.

  “Unlike many developments seeking construction financing, this property was shovel-ready, with no entitlement risks to the lenders,” explained Davies.

Drew Sandler

 “This is especially rare for the riverfront area of Portland, where there are several barriers to entry developers face during the entitlement process. 

The fact that this parcel was already zoned, fully-entitled, and land use permit-ready for the development of The Residences at Yacht Harbor made this a very attractive and unusual investment opportunity in this market.”

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

Corynne Randel/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Multi Housing Advisors Brokers Sales of Five Alabama Apartment Communities for a Total $68.15 Million

 

                               Springs at Huntsville Apartments, Huntsville, AL

BIRMINGHAM, AL (May 3, 2013) — Multi Housing Advisors (MHA) has just brokered the sales of five Alabama apartment communities totaling 1,060 units. The properties, which ranged from Class-A assets to real-estate-owned communities, sold for a total of $68.15million.

Jimmy Adams

 The details of the transactions are below:

• Jimmy Adams and George Bacon of MHA’s Birmingham office represented an affiliate of Continental Properties in two sales of Class-A apartment communities in northern Alabama. The affiliate sold the 360-unit Springs at Madison to Somerset Partners for$34.9 million. The buyer was not represented by a broker.

The affiliate also sold the 276-unit Springs at Huntsville to Panther Properties, which was not represented by a broker, for $25.5 million.

Springs at Madison Apartments
Madison, AL

• Adams represented a special servicer in its $1.25 million sale of Barrett, a 152-unit community, to JW Adcock Properties. The buyer was not represented by a broker.

• Adams represented another special servicer in its $6.5 million sale of the 130-unit Barrington Park and the 142-unit Manchester Park to Bretwood, LLC. The buyer was not represented by a broker.

“These transactions demonstrate our proven ability to take a wide range of multifamily listings – from REO properties to Class-A assets – and find the right private-capital buyers for them,” said Adams, a managing director of MHA who heads the firm’s Birmingham office.

“The sales also highlight the significant increases in private-capital investments in the multifamily sector, and we foresee more of them as the sector continues to perform so well.”

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

Stephen Ursery

The Wilbert Group

404-965-5026 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

www.usmha.com

355 Alhambra Office Building in Coral Gables, FL Wins Regional Award

                                                355 Alhambra, Coral Gables, FL

CORAL GABLES, FL –  355 Alhambra was named the Outstanding Office Building of the Year in the 100,000 to 249,999 square foot category at last month’s Southern Regional TOBY Awards by the  Building Owners and Managers Association (BOMA). 

The office building won the local Miami-Dade chapter award earlier this year and will compete for the international award this June in San Diego.   Photo Link

 355 Alhambra is owned by AEW Capital Management (AEW) on behalf of AEW Core Property Trust, the firm’s core open-end fund and is leased and managed by Taylor & Mathis of Florida, BOMA Miami-Dade’s Property Management Company of the Year. 

“This award was especially meaningful as it was given by industry peers with a thorough understanding of property management,” stated Dan Bradley, Portfolio Manager “AEW has a long history of investing in Southeast Florida and partnering with outstanding companies like Taylor & Mathis.”

Located at the center of the Coral Gables business district, the landmark, 16-story, 224,000-square-foot Class A office building is home to nationally-known tenants Merrill Lynch, Chase Bank, and Kraft Foods. 

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

Marlene Diaz,

Taylor & Mathis

(305)267-8062

mdiaz@taylormathis.com

 www.TaylorMathis.com

  

Elizabeth Herlihy,

AEW Capital Management

(617)261-9301

eherlihy@aew.com

www.aew.com

  

www.bomasrc.org

Piedmont Office Realty Trust Announces Strategic Sale of Houston Property

                                 1200 Enclave Parkway, Houston, TX

ATLANTA, GA - Piedmont Office Realty Trust (NYSE: PDM) announced it has completed the strategic sale of 1200 Enclave Parkway in Houston, TX for $48.75 million, or $326 per square foot.

Karen Purdy

The Griffin Capital Corporation, on behalf of Griffin Capital Essential Asset REIT, Inc., purchased the 149,683 square-foot property which was constructed in1999 and is situated on 5.36 acres.

Piedmont acquired the Class-A asset located in the heart of the Energy Corridor submarket in March of 2011 for $18.5 million, or $124 per square foot, when it was 18% leased.

Robert
Williamson

Today it is 100% leased to Schlumberger Technology Corporation, a subsidiary of Schlumberger Limited - the world's largest oilfield services company which carries an A+ credit-rated by Standard & Poor's.

The owner was represented by Jeff Hollinden and Robert Williamson of HFF, as well as Piedmont's Karen Purdy, Director-Capital Markets. The buyer was self-represented.

"The sale of 1200 Enclave Parkway effectively demonstrates one of Piedmont's core operating strengths and the benefits of having a value-add component within our capital markets strategy.

Jeffrey Hollinden

"Our opportunistically timed acquisition of this substantially vacant quality Class-A property in a desirable submarket, allowed us to purchase the building at an attractive basis, leverage our local market presence to lease up the property, and then sell it at an ideal time in the real estate cycle," said Raymond L. Owens, Executive Vice President, Capital Markets for Piedmont.

 "Our execution of this strategy enables us to create value for our shareholders. Piedmont will continue to look for similar opportunities within our select major office markets," added Owens.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Kerry Hughes

Company: Piedmont Office Realty Trust

Phone: 1 770 418 8678

Email: Kerry.Hughes@Piedmontreit.com

www.piedmontreit.com.

HFF marketing for sale CityPlace 6 in suburban St. Louis, MO

CityPlace 6, Creve Coeur, MO

Jeff Bramson

CHICAGO, IL - HFF announced today that it has been selected to market the sale of CityPlace 6, a 223,960-square-foot, Class A office building in Creve Coeur, Missouri.

HFF is marketing the property on behalf of the seller, an affiliate of The Koman Group, for an undisclosed amount free and clear of debt.

Jaime Fink

                The 10-story office tower is located at the intersection of Interstate 270 and Olive Boulevard surrounded by the affluent suburban communities of west St. Louis County. 

The CityPlace 6 income stream is anchored by a RockTenn (S&P: BBB-) lease that covers 60 percent of the rentable square feet of the property through December 2021 with contractual rent growth.  The 91 percent leased property offers a combination of being a high-profile asset with investment grade tenancy and a premier location.

Mark Katz

                The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and directors Mark Katz and Daniel Kaufman.

“CityPlace 6 offers an investor an attractive and stable yield for the next 8.5 years through RockTenn’s investment grade credit anchor lease along with contractual rent growth,” said Fink.

The Koman Group (“TKG”) is a fully integrated real estate developer and owner, managing all aspects of real estate investments from inception to disposition.  

Daniel Kaufman

Since 1990, TKG has developed more than $1 billion in new projects, structured more than $800 million in mortgage-backed, preferred equity and joint venture financings, and has performed construction, leasing, and property management for assets totaling more than 5 million square feet.

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Marcus & Millichap Brokers $700,000 Sale of Village Green Apartments in Brooksville, FL

  

Village Green Apartments, Brooksville, FL

BROOKSVILLE, FL, May 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Village Green Apartments, a 41-unit apartment community located in Brooksville, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $700,000.

Michael
Donaldson

Michael Donaldson, a senior multifamily associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a financial institution.  Donaldson also procured the buyer, a local private investor.

Built in 1985, this 30,488 rentable square foot property is located at 715 Oakdale Avenue. The property consists of two quadplex buildings, 16 duplexes and one single unit, all one-story buildings. 

Constructed of wood frame on concrete slab, the buildings rest on a total of 4.8 acres of land.  The unit mix consists of eight one-bedroom and one-bathroom units with approximately 550 rentable square feet and 33 two-bedroom and one-bathroom units that are approximately 675 rentable square feet.

Amenities include full-size washer and dryer connections, exterior storage and central air-conditioning, and a small onsite laundry facility.

           “With the declining number of multifamily foreclosures for sale at the moment, Village Green presented an excellent opportunity for a buyer to purchase an asset that offered a true ‘value add’ scenario by filling the high number of vacancies” says Donaldson. 

“As a result of the bidding wars for apartments that are taking place in primary markets like Tampa and Orlando, investors are continually coming into secondary markets much like Brooksville, to achieve higher returns,” adds Donaldson.  “As a result, we received a tremendous amount of interest on this property and closed with a cash buyer at an excellent price per unit for the submarket.”

  

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Announces Sale of Holiday Inn Express in Fairhope, AL

Holiday Inn Express, Fairhope, AL

Jonathan Ruprai

FAIRHOPE, AL, May 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Holiday Inn Express, an 88-room interior corridor, limited service hotel located in Fairhope, Alabama, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The undisclosed buyer and seller were represented by Jonathan S. Ruprai, a senior associate in Marcus & Millichap’s Tampa office and Edwin Greenhalgh, Alabama broker in the firm’s Birmingham office. Matt Fitzgerald, broker, assisted in closing this transaction. 

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Atlantic | Pacific Management Expands Management Portfolio with Addition of Bay Harbor Island Apartments in South Florida

  

Bay Harbor Island Apartments
Bay Harbor Islands, FL

  

MIAMI, FL – Atlantic | Pacific Management (A|P Management), the property management & leasing platform under Atlantic | Pacific Companies, is pleased to announce its appointment as the new property management company for the Bay Harbor Island Apartments, as of April 30, 2013.

                                    Bay Harbor Islands, FL Skyline

 Under the new agreement with Integra Investments and 13th Floor Investments, A | P Management will provide property management services for the largest assemblage of rental apartments in Bay Harbor Islands, consisting of 134 multifamily rental units located between 9770 & 10290 East Bay Harbor Drive and on 98th Street in Bay Harbor Islands, Florida.

“During the past five years, A | P has seen tremendous growth in its management subsidiary. It is a testament to our reputation as a reliable and trustworthy company which prides itself in the strong relationships we build with our clients,” Tom Smith, A|P Management’s Senior Managing Director.

“A|P has proven to be a great property management company.  Their depth and knowledge in the market, proactive management and financial reporting will be an asset to us and the property,” Victor Ballestas, Integra’s Principal stated.

        

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

Jessica Wade Pfeffer / Jessica Wade Inc.

Jessica@jessicawadeinc.com

305.804.8424

$39.7 Million Manufactured Home Community Hits the Market in Arizona

                    Pine Lakes Mobile Estates, 3707 West Pine Lakes Drive
                                               Prescott, AZ

PRESCOTT, AZ  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz. The listing price of $39,750,000 equates to $126,190 per space.

Sanford Burstyn

            Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif. is representing the seller. Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.

            “Pine Lakes Mobile Estates’ spacious design features just 4.7 homes per acre,” says Barry. “Mountain lakes and forest views give the community a private, mountain retreat-like feel, yet its location is close to town.”

            The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.

Evan C. Barry

            Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promotes and encourages walking, hiking, biking and fishing.

Local municipalities and service companies provide the property’s utilities.

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

Ben Johnson

 Marketing Director

(925) 953-1736