$49.5 Million Multifamily Portfolio Sale in Atlanta, GA Arranged by Marcus & Millichap

  

Part of the nine-property apartment portfolio solid in Atlanta, GA

  

ATLANTA, June 19, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a nine-property apartment portfolio in Atlanta.

Paul Vetter

The properties are located north of Buckhead on Buford Highway, and are flanked by Brookhaven and Druid Hills. The sales price is $49,550,000. The properties in the portfolio are:

• ·         Cross Keys Cabana Apartments, 199 units
• ·         Hallmark Apartments, 154 units
• ·         Parkway Apartments, 111 units
• ·         Garden Grove, 128 units
• ·         Continental Village, 158 units
• ·         Parkview Terrace, 135 units
• ·         Majestic Village, 62 units
• ·         Monaco Garden, 132 units
• ·         Montego Garden, 108 units

            Paul Vetter and Andrew Mays, vice presidents investments in the Atlanta office of Marcus & Millichap, represented the seller, a prominent national real estate company based in Yakima, Wash. that currently owns more than 2,000 units in metro Atlanta. The local buyer, Marquis Investments, owns approximately 5,000 units in Atlanta.

Andrew Mays

             “The timing of this transaction made it beneficial to both parties,” says Vetter. “The seller brought the portfolio’s NOI from $2.5 million to $4 million in 11 months and took advantage of Atlanta’s rising apartment market. The stabilized NOI and 8 percent cap rate are favorable to the new owner, who is now in a perfect position to capitalize on long-term growth and land value appreciation, especially on the four best-located assets,” adds Vetter. 

“Job growth in Atlanta will lead the nation this year and spur additional demand for housing,” comments Mays. “Improving conditions are attracting many investors, including first-time and international buyers. Financing in the metro is readily available, as local and regional banks are becoming more aggressive and CMBS lending regains momentum,” Mays concludes.

  

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

Ben Johnson

Marketing Director

(925) 953-1736

HFF named to market for sale recently renovated Chicago office tower

111 West Jackson, Chicago, IL

Jaime Fink

CHICAGO, IL – HFF announced today that it has been named to market for sale 111 West Jackson, a 25-story, 558,388-square-foot office tower in Chicago’s central business district.

                HFF is marketing the property on behalf of the seller, 601 West Associates, LLC, without a formal asking price.

                111 West Jackson is located in the heart of Chicago’s Central Loop submarket adjacent to the Chicago Transit Authority’s rail system and close to The Chicago Board of Trade and numerous federal government offices.

Jeff Bramson

 The property has undergone extension renovations since 2011 including the construction of a 5,600-square-foot fitness center, a 1,600-square-foot conference center, a rooftop deck and a bicycle storage room as well as improvements to the lobby, elevators, security systems, roof and HVAC systems.  111 West Jackson is currently 95 percent leased. 

The HFF team representing 601 West Associates, LLC is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.

The principals of 601W oversee one of America’s leading private real estate acquisition, ownership, development and management portfolios in the country. 

Mark Katz

Over the past 15 years, 601W has acquired a number of substantial and well-known commercial properties throughout the country, aggregating 24 million square feet, with a collective value in excess of $5 billion.

 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

www.arlingtonproperties.net.

www.tpco.com.

HFF closes $36.25 million sale of and arranges $26.4 million financing for a student housing community near The University of Florida in Gainesville, FL

Canopy Apartments, 4400 SW 20th Avenue, Gainesville, FL

 

Manny de Zárraga.

CHICAGO, IL – HFF announced today that it has closed the sale of and arranged financing for Canopy Apartments, a 240-unit/770-bed, Class A student housing community serving The University of Florida in Gainesville, Florida.

HFF marketed the property on behalf of the seller, a joint venture between Glenmont Capital Management, LLC and Arlington Properties.  The Preiss Company purchased the asset for $36.25 million.

Brian Kelly

  HFF also secured a $26.4 million, 12-year, 4.5 percent, fixed-rate loan on behalf of the buyer through M&T Realty Capital Corporation (FNMA). Proceeds were used to acquire the property.

Canopy Apartments is located at 4400 SW 20th Avenue near the intersection of SW 43rd Street in Gainesville. 

Completed in 2009, the property has five three-story residential buildings with two-, three- and four-bedroom floor plans. 

Timothy Joyce

Each unit has granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers, 42-inch plasma televisions and private bathrooms for each bedroom. 

Community amenities include a resort-style pool, bar and grilling area, fitness center, clubhouse with gaming area, indoor basketball court,  two sand volleyball courts, virtual golf course, tanning beds and cyber center.  Canopy Apartments is 95 percent occupied.

Stephen Skok

The HFF investment sales team representing Glenmont Capital Management, LLC and Arlington Properties was led by managing director Brian Kelly and senior managing director Manny de Zárraga.

HFF’s debt placement team representing The Preiss Company was led by managing directors Timothy Joyce and Stephen Skok and director Elliott Throne.

Founded in 2000 by Lawrence A. Kestin, Glenmont Capital Management, LLC (“Glenmont”) is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States.

Elliott Throne

 Glenmont manages a series of closed-end, institutionally backed investment funds seeking both value-add and opportunistic investments in distressed and under-performing real estate, select development opportunities, non-performing loans and real estate operating companies.

 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

www.arlingtonproperties.net.

www.tpco.com.

HFF named to market for sale Inland Empire, California retail power center

Vernola Marketplace, Jurupa Valley, CA

LOS ANGELES, CA – HFF announced today that it has been named to market for sale Vernola Marketplace, a 382,963-square-foot retail power center in Jurupa Valley, California.

John Crump

                HFF is marketing the property on behalf of the seller, a joint venture between Rockwood Capital and Vestar. 

                Vernola Marketplace is located at 6205 Pats Ranch Road adjacent to the I-15 Freeway with exposure to more than 314,000 cars per day.

 The 22.2-acre site is situated 45 miles east of downtown Los Angeles, 20 miles from Orange County and eight miles from the LA/Ontario International Airport in the City of Jurupa Valley.

Bryan Ley

 Completed in 2007, the 210,963 square foot center is 84 percent leased to tenants including Lowe’s (not included in offering), Ross Dress for Less, Bed Bath and Beyond, Michael’s, Petco, BevMo!, Denny’s, Five Guys Burgers and Fries and Jamba Juice.

                The HFF team representing the seller is led by managing director Bryan Ley, director John Crump and senior managing director Michael Ross.

                “Vernola Marketplace is an outstanding, strategically located asset, blending core tenancy with the ability to create additional value through the re-tenanting of a 20,953-square-foot junior anchor space and 13,225 square feet of inline space,” said Ley.

Michael Ross

                Rockwood Capital is a privately held real estate investment and advisory firm. Rockwood has a long history of private equity and debt investments in various property types, including office, residential, retail, data center and hotel projects. 

                One of the leading privately held real estate companies in the western United States, Vestar specializes in the acquisition, management, and development of commercial real estate, including entertainment-retail complexes, power and lifestyle centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place. 

  For more information, please visit www.vestar.com.

  

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

HFF closes sale of Residence Inn Coconut Grove in Coconut Grove, FL

Residence Inn Coconut Grove, Coconut Grove, FL

MIAMI, FL – HFF announced today that it has closed the sale of the Residence Inn Coconut Grove, a 140-room extended-stay hotel in the Coconut Grove submarket of Miami, Florida.

                HFF marketed the property on behalf of the seller, The Grove Hospitality Properties, LLC.  Hersha Hospitality Trust purchased the asset on an all-cash basis.

                The Residence Inn Coconut Grove is located approximately four miles southwest of downtown Miami and five miles south of the Miami International Airport, proximate to Biscayne Bay, Cocowalk, and numerous cultural attractions.  

Holden Lim

The five-story, Mediterranean-style property features two outdoor swimming pools, a fitness center, business center, breakfast area and sundry shop.

                The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, managing director Holden Lim and director Max Comess, and included real estate analysts Chris Lingerfelt and Alexandra Lalos.

Max Comess

                “This transaction is a testament to the strong institutional interest in acquiring premium-branded, select-service and extended-stay hotels in major U.S. markets,” commented Comess.  “We are thrilled to complete another transaction on behalf of our client while also helping Hersha continue their strategy of building a high-quality portfolio in Miami.”

The Grove Hospitality Properties, LLC is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.  The seller was represented by the Jacksonville office of Holland and Knight.

Alexandra Lalos

Hersha Hospitality Trust is a self-advised real estate investment trust that owns 65 hotels in major urban gateway markets including New York, Washington, Boston, Philadelphia, Los Angeles, San Diego and Miami totaling 9,552 rooms.  

HT follows a highly selective investment approach and leverages operational advantage through rigorous and sustainable asset management practices.  The buyer was represented by the Miami office of Shutts and Bowen.

 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

Greysteel Announces Exclusive Free-Standing Advance Auto Parts Offering in Altavista, VA for $952,000

Advance Auto Parts, Altavista, VA

Altavista, VA – One of Washington, D.C.’s leading real estate investment service firms, Greysteel, announced today that Vice President Peter Snell, head of the Single Tenant Net Lease Investment Group, has been named exclusive advisor and agent for the freestanding Advance Auto Parts located in Altavista, Virginia. 

The offering, which is listed for $952,000 (7.50% cap), consists of a 7,000 square foot building on a 0.99 acre lot, leased to Advance Auto Parts. 

Situated along Main Street, the primary access road to the heart of downtown Altavista, the property is adjacent to a 150,000 Food Lion anchored shopping center.

 Other national retailers in the surrounding area include CVS, KFC, Hardee’s, Wells Fargo, Citgo, Sunoco and more.  

Peter Snell

“Offerings like this remain in high demand, as investment grade assets are in short supply,” said Greysteel’s Peter Snell, who continued “Advance Auto Parts credit, minimal landlord responsibilities and strong passive income all combine to present a highly desirable investment opportunity.

“Through our marketing platform we fully expect to generate multiple offers in a relatively short period of time.”   

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

Yassi Farzaneh

202-280-2714

George Smith Partners Secures $46 Million in Construction and Mezzanine Financing for Phase 1 of 310-Acre Mixed-Use Development in Maryland

WASHINGTON D.C. (June 18, 2013) - Commercial real estate investment banking firm George Smith Partners has successfully arranged $46.285 million in construction & mezzanine financing on behalf of its clients, Walton Westphalia Development Corporation and Walton Westphalia Europe, LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, Maryland, a suburb of Washington D.C., according to George Smith Partners’ Principal, Malcolm Davies.

Malcolm Davies

The borrowers are managed by the Walton Group of Companies.

When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products.

“Although land development construction financing remains difficult to secure in today’s real estate finance market, the mixed-use nature of this project, coupled with the Walton Group’s strong track record as a borrower and developer, enabled us to identify the right lender and negotiate the best pricing and terms for our client,” explained Davies.

Davies notes that the combination of a low leverage loan request and the asset’s fundamentals, along with the Walton Group’s expertise in land development and capacity to assure loan repayment, were the key factors demonstrated by George Smith Partners when securing the construction funds.

Westphalia Town Center rendering, Prince Georges County, MD

The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2,240,000 square feet of office space, and 534,000 square feet of retail space.

According to Davies, entities managed by the Walton Group acquired the land in February of 2012 for $23.7 million. 

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

Chatham Lodging Completes Acquisition of the Hyatt Place Downtown Pittsburgh

  

PNC Park, Pittsburgh, PA

PALM BEACH, FL, June 19, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that it has completed its acquisition of the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pa., for a purchase price of $40 million, plus customary pro-rated amounts and closing costs.   

Andy Warhol Museum,
Pittsburgh, PA

The Pittsburgh Hyatt Place opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next door to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers), and near such attractions as the Andy Warhol Museum, the Carnegie Science Center and the National Aviary.

 The Pittsburgh Hyatt Place also is proximate to Fortune 500 employers such as Alcoa, Del Monte Foods, PNC Financial, U.S. Steel and Heinz.

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

Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

jerry@dalygray.com 

(703) 435-6293                                                                          

Dennis Craven

Chief Financial Officer

dcraven@cl-trust.com 

(561) 227-1386