Marcus & Millichap Arranges Sale of 20-Unit Apartment Building in Hollywood, FL

                                                              

Arthur Street Apartments, 6051 Arthur Street, Hollywood, FL

  

HOLLYWOOD, FL, Aug. 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Arthur Street Apartments, a 20-unit apartment property located in Hollywood, FL. The asset sold for $1,330,000.

Derek R. Gibbs

Senior Associates Derek R. Gibbs and Daniel J. Cunningham and Vice President Investments Tal I. Frydman in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hallandale, FL. 

The buyer, a private investor from Hollywood, was secured and represented by Gibbs, Cunningham and Frydman as well as Hernando Perez, an Associate, also in Marcus & Millichap’s Ft. Lauderdale office. 

“The buyer purchased the property to replace the income from a building he had recently sold. The buyer’s investment model is based on a long term hold, a hedge against the risk of inflation, cash flow and management. The property traded quickly with a bank loan at market rate and terms,” says Gibbs.

Daniel J.
Cunningham

“We are seeing demand, as well as prices, for apartment buildings in Hollywood increase – especially for stabilized properties with strong cash flow.  Properties in the five to 50 unit ranges typically sell to investors from Broward and Miami-Dade County, who have the local infrastructure to support the management intensity of operating a multifamily property.

“These owners are typically looking to hold and operate the properties as long-term investments which will help the improving market as these investors will take better care of the properties and cover the expenses that come with the fruits of the cash flow,” he adds.

Tal I. Frydman

The Arthur Street Apartments is a 20-unit apartment complex that consists of one two-story building on an 0.81 acre lot.  

The building is comprised of one one-bedroom/one-bathroom unit and 19 two-bedroom/two-bathroom units. All of the units have central air-conditioning and fenced-in patios with outside storage.  There are 40 parking spaces and onsite laundry facilities.

The property sits just north of Hollywood Boulevard and just east of the Florida Turnpike, within minutes of Interstate 95 and US 441. Arthur Street Apartments is located at 6051 Arthur Street in Hollywood, FL. 

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

Gregory Matus

Regional Manager

Vice President

Fort Lauderdale, FL

(954) 245-3400

NAI Realvest negotiates $1 million sale price for 13,500-SF Assisted Living Facility on 12.7 acres in Apopka, FL

Assisted Living Facility, 700 East Welch Road, Apopka, FL

Paul Partyka

 ORLANDO, FL– NAI Realvest recently negotiated the $1 million sale of a 13,500 square foot assisted living facility and its 12.7-acre site at 700 East Welch Road in Apopka.

Paul P. Partyka, principal and managing partner at NAI Realvest, negotiated the transaction.

Business Support Services Group acquired the site from the Central Florida Association for Christian Scientists and plans to continue operating the facility to provide assisted living care.  

Renovations are planned prior to a grand opening, Partyka added.

2202---2204 South Atlantic Avenue
New Smyrna Beach, FL

Half Acre Multifamily Development Site Sold on A1A in New Smyrna Beach, FL

New Smyrna Beach, FL -- NAI Realvest, based in Orlando, recently negotiated the sale of 0.52 acres of multifamily residential development land located at 2202---2204 South Atlantic Ave. in New Smyrna Beach.  

Chris Butera

Chris Butera, investment associate at NAI Realvest, brokered the transaction representing the seller, TD Bank of Portland, Maine.      

 The buyer, Scarpello Development, based in Hawthorne, Fla. outside of Gainesville, paid $202,500 for the property which is located one block from the beach.

NAI Realvest relocates headquarters from Maitland to 1800 Pembrook Drive,Orlando, FL

Pembrooke Commons
1800 Pembrooke Drive, Orlando, FL

ORLANDO, FL --- NAI Realvest, which ranks as one of the area’s largest commercial property managers and brokers, relocated its headquarters.

Robin Webb, managing director of NAI Realvest, said there were many great memories at the firm’s signature offices on Lucien Way just outside Maitland Center but it was time for the firm to elevate its presence in the Orlando market. 

  The firm, which opened its doors in 1982, had been headquartered there for more than 20 years.

Robin Webb

Webb said NAI Realvest moved into 11,000 square feet of new office space at the Pembrook Commons Building located at 1800 Pembrook Drive, Suite 350, Orlando, FL 32810.

“We not only have more space---about 1,000 square feet---but more importantly we have more updated space that is much more organized and efficient.  This provides the opportunity to selectively add new members to this already highly productive team,” Webb  said.

  

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

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Bull Realty Brokers $10.8 Million Sale of Spartanburg County, SC Manufacturing Plant

  

Former manufacturing and distribution facility of Lear Corp.
 1200 Woods Chapel Road, Duncan, SC

Virginia Wright

ATLANTA, GA (Aug. 29, 2013) – Bull Realty has brokered the $10.8 million sale of a 156,800-square-foot manufacturing and distribution facility in Spartanburg County, S.C. RT Woods Chapel LLC, an affiliate of the publicly traded REIT Chambers Street Properties LLC, bought the property, which is located at 1200 Woods Chapel Road, from ACPS LLC. Lear Operations Corp., a supplier of plastic automotive components, occupies the plant.

 Virginia Wright, CCIM, vice president of net lease investments at Atlanta-based Bull Realty, represented the buyer in the transaction, and Dick Merritt, CCIM,  president of Greenville, S.C.-based Merritt and Company, represented the seller.

 “In today’s marketplace, investors are hungry for net-leased properties such as 1200 Woods Chapel Road,” said Michael Bull, president and founder of Bull Realty. 

“These properties typically offer landlords the stability and security of financially strong tenants on long-term leases, and Virginia did an outstanding job in guiding our client to just such a facility in Spartanburg County.”

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

  Savannah Duncan

The Wilbert Group

O:  404.343.0870

C: 404.901.4433

sduncan@thewilbertgroup.com

www.thewilbertgroup.com

Morrison Commercial Real Estate Complete Two Lease Transactions Totaling 15,416 SF in Maitland, FL

  

Maitland Forum office complex, 2600 Lake Lucien Drive, Maitland, FL

Emily Zinaich

ORLANDO, FL --  Morrison Commercial Real Estate announced the completion of two lease transactions totaling 15,416± square feet.

Emily Zinaich of Morrison Commercial Real Estate represented the landlord in leasing 12,779± square feet to Branch Banking and Trust Company at the Maitland Forum building located at 2600 Lake Lucien Drive, Orlando, FL.  Chris Sproles of CBRE represented the tenant in this transaction.

 Zinaich also represented the landlord in leasing 2,637± square feet at the Maitland 100 building located at 2300 Maitland Center Parkway, Maitland, FL.  Sproles of CBRE represented the tenant, GRAEF – USA, Inc. in this transaction.   

Chris Sproles

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

Marylyn Tryon

Administrator and Marketing Assistant

Morrison Commercial Real Estate

255 S. Orange Avenue, Suite 1545

Orlando, Florida 32801

407.440.6639 Direct Dial

mtryon@morrisoncre.com

 www.morrisoncre.com

VCBRE Orlando Closes 989-Unit Apartment Portfolio in Orlando's Rosemont Neighborhood

Apartment portfolio includes Village Lakes, Village Townhomes and Village Park
Rosemont Neighborhood, North Orlando, FL

Shelton Granade

 ORLANDO, FL-- CBRE is pleased to announce that it has sold an apartment portfolio consisting of Village Lakes, Village Townhomes, and Village Park in Orlando. Completed in 1985/86, the portfolio totals 989 units in the Rosemont neighborhood of Orlando.

Luke Wickham

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction. All three assets sold to a California-based owner/operator.

The properties offer 1, 2, and 3-bedroom floor plans with water views of Lake Orlando and individual amenity packages at each property including swimming pools, fitness centers, and clubhouses. The communities were 93% occupied at closing.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $490,000,000 in the Orlando MSA thus far in 2013.

Justin T. Basquill

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

Shelton Granade, Luke Wickham, Justin Basquill

Executive Vice President,  First Vice President,  Director of Operations

T 407.839.3103, T 407.839.3130, T 407.839.3169

shelton.granade@cbre.com

 luke.wickham@cbre.com

 justin.basquill@cbre.com

A Group Effort: A New Law May Lead to More Group Real Estate Investing

ATLANTA, GA– With the recession coming to an end and commercial property values climbing, now is an ideal time to invest in commercial real estate. However, many investors simply do not have the cash to buy properties by themselves; for these people, group investing offers a great way to reap the benefits of the recovering real estate market.

Gene Trowbridge

Furthermore, those who raise money for commercial real estate purchases through the private placement of securities may soon find that task a little easier, thanks to a new federal law that permits such investments to be advertised to the public under certain circumstances.

Those were some of the points made on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guest, author and attorney Gene Trowbridge of The Trowbridge Curriculum, discussed a range of topics, including the advantages of group investing, securities, private placement offerings and the impending change in Regulation D.

Michael Bull

The federal Securities and Exchange Commission’s (SEC) Regulation D exempts securities from having to register with the SEC, a process that can cost hundreds of thousands of dollars, if their investors are deemed to be “accredited” — meaning they each have a net worth of $1 million (not including their homes) or earn more than $200,000 year.

Regulation D has, until recently, banned the public advertising of the investments. However, under a provision in the Jumpstart Our Business Startups (JOBS) Act that is set to take effect in September, those seeking to raise funds under Rule 506 of Regulation D — which allows sponsors to raise an unlimited amount of money — will soon able to solicit accredited investors from the general public by advertising. 

The sponsor will bear the burden for determining that his investors are accredited, Trowbridge said.

The new rule will “have a major positive effect” on group real estate investing, Trowbridge said. About $1 trillion was raised for commercial real estate purchases through the private placement of securities in 2012. With the new rule, Trowbridge said the annual amount could rise by up to 15 percent in the coming years. “That’s a lot of money,” he added.

The major advantage to group investing is that investors without a lot of real estate experience can place their funds in the hands of someone who has considerable experience, management expertise and proven skills, Trowbridge said.

Additionally, group investing often makes it easier for investors to pursue opportunities outside of the market in which they live, Trowbridge added. For example, Trowbridge said many of the California investors he works with are interested in several states in the Southeast, including Texas, Georgia, the Carolinas and Alabama.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Greystone Originates $6.6 Million Loan for Florida Multifamily Property

Ravenwood of Kissimmee apartments, Kissimmee, FL

 

New York, NY – Aug. 29, 2013 – – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has originated a $6.652 million loan for Ravenwood of Kissimmee, a 185-unit multifamily property located in Kissimmee, Florida.

The deal was brought to Greystone by David Metzger of Eastern Union Commercial and was completed by Andrew Ellis, originator in Greystone’s Rockville, Maryland office.

 Greystone will service the loan provided through Freddie Mac’s Targeted Affordable Housing (TAH) Program. 

As a Freddie Mac Targeted Affordable Housing and Seniors Housing Seller/Servicer, Greystone is one of a select number of firms able to originate, underwrite and close affordable multifamily and seniors housing loans on behalf of Freddie Mac.

 “Greystone strives to offer our clients a robust set of options to meet their financing needs,” said Jeff Englund who leads the Affordable Housing group at Greystone. 

“Our long-standing relationship with HUD, Freddie Mac and Fannie Mae, and our range of CMBS and interim lending programs allow us to provide a full range of financing solutions across the nation.”

 Ravenwood of Kissimmee is an Expiring Use Low Income Housing Tax Credits garden-style apartment project, comprised of one, two, and three-bedroom floor plans. A Land Use Restriction Agreement with the Florida Housing Finance Agency results in 100% of the units being restricted to households earning at or below 60% area median income. 

David Shweky, Managing Member of DLS Partners, LLC said, “We enjoyed working with Greystone and Freddie Mac to acquire Ravenwood of Kissimmee. 

"We look forward to working with Greystone again as we continue to focus on upside investments in Florida that will allow us to maximize investment returns to our investors and provide affordable and enjoyable housing to our tenants.”

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

Cognito

Loretta Mock/Josh Gerth

646 395 6300

Greystone@cognitomedia.com

Cash Purchases Jump to 40 Percent of all Sales in July as Sales Volume Drops in Fastest-Appreciating Markets, According to RealtyTrac Residential Sales Report

IRVINE, CA – Aug. 29, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its July 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties sold at an estimated annualized pace of 5.5 million in July 2013, up 4 percent from the previous month and up 11 percent from a year ago — the biggest annual increase in sales volume so far this year.

While sales volume continued to increase nationwide, eight states posted annual decreases in total sales, including California (down 17 percent), Arizona (down 11 percent), Nevada (down 7 percent), and Georgia (down 2 percent). 

Those four states also posted the four biggest annual increases in median home prices in July: California (up 31 percent); Nevada (up 27 percent); Arizona (up 21 percent); and Georgia (up 20 percent).

The national median sales price was $174,500 in July, up 4 percent from the previous month and up 6 percent from a year ago — the 16th consecutive month where median home prices nationwide have increased annually after bottoming in March 2012. 

The median price of a distressed sale — in foreclosure or bank owned — was $120,000, up 1 percent from the previous month but down 1 percent from a year ago and 37 percent below the median sales price of a non-distressed residential property.

“Low inventory of homes available for sale is proving to be a double-edged sword in many local housing markets that have bounced back quickly from the real estate slump,” said Daren Blomquist, vice president at RealtyTrac. 

“Home prices are accelerating rapidly in these markets thanks to the combination of low supply and strong demand. However, counter to the national trend, sales volume in these markets is down even as the percentage of cash sales rises, indicating there is still strong demand but that buyers who need financing to purchase are increasingly left out in the cold.

Daren Blomquist

“The recent uptick in interest rates could also be contributing to a higher percentage of cash purchases as some non-cash buyers can no longer afford to buy, particularly in high-priced markets,” Blomquist added.

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Brittney Marin

949.502.8300, ext. 107

brittney.marin@realtytrac.com

Data and Report Licensing:

800.462.5193

datasales@realtytrac.com