$4.6 Million Sale of 30-Unit Biltmore Villas in Coral Gables, FL Brokered by Marcus & Millichap

Biltmore Villas, 416 and 426 Santander Avenue, Coral Gables, FL.

Still Hunter III

CORAL GABLES, FL, Oct, 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Biltmore Villas, a 30-unit apartment property located in Coral Gables, FL. The asset sold for $4,579,500 representing $152,650 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice President Investments, and Felipe J. Echarte and Joseph P. Thomas, Vice President Investments, all 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 New York, NY.  

Evan P. Kristol

The buyer was a limited liability company with principals from South America.

“Biltmore Villas generated substantial interest due to its prime location, along with its unique, attractive unit mix.  Ultimately, the property closed with new financing in less than 60 days at $256 per square foot,” says Thomas.

Felipe J. Echarte

“Much of the interest we received was from foreign investors and ultimately the buyer of the property was from South America,”  adds Echarte..

“Miami-Dade, and in particular Coral Gables, continues to cement its position as a safe haven for Latin American and European capital as many foreign buyers are acquiring multi-family properties in quality locations.

Joseph P. Thomas

“As the number of Latin American-based companies who choose to make Miami their headquarters increases, it is expected that the apartment market will see even more growth and velocity.”

Biltmore Villas consists of two buildings containing 13 one-bedroom/one-bathroom single-level units, 12 townhouse style units and five two-bedroom/one-bathroom units.

The property is located in the highly desirable Biltmore section of Coral Gables.  Biltmore Villas is located at 416 and 426 Santander Avenue in Coral Gables, FL.

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

Gregory Matus

Regional Manager

Vice President

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges Sale of 51-Unit Apartment Building in North Miami Beach for $3.15 Million

  

Carmel Apartments, 16700-16701 NE 21st Avenue, North Miami Beach, FL.

  

Evan P. Kristol

NORTH MIAMI BEACH, FL, Oct. 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carmel Apartments, a 51-unit apartment property located in North Miami Beach, FL. The asset sold for $3,150,000 representing $61,765 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice President Investments, and Felipe J. Echarte and Joseph P. Thomas, Vice President Investments, all in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. 

Felipe J. Echarte

Kristol, Hunter, Echarte and Thomas as well as Harrison Rein, an investment associate in the Miami office, represented the buyer, a limited liability company from Miami.

“The immediate neighborhood, which is north of NE 163rd Street and west of Biscayne Boulevard in North Miami Beach, is a strong rental market due to its close proximity to Aventura and a lack of new inventory coming to the market,” says Echarte.

Joseph P. Thomas

“Because of the strong economic drivers surrounding the area, rental rates and occupancy levels in North Miami Beach should continue to rise. This particular deal is an added-value opportunity as the investor plans to renovate the units and repair the deferred maintenance items to improve the rental income and the quality of the tenant base.”

Carmel Apartments consists of two three-story buildings with a total of 51 units. The unit mix is made up of 33 one-bedroom/one-bath units and 18 two-bedroom/two-bath units.

 The property is located within close proximity to the Golden Glades Interchange where I-95, Florida’s Turnpike and the Palmetto Expressway meet. Carmel Apartments is located at 16700-16701 NE 21st Avenue in North Miami Beach, FL.

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

Gregory Matus

Regional Manager

Vice President

Fort Lauderdale, FL

(954) 245-3400

HFF closes $35 million sale of development site in Manhattan’s Hudson Yards

Manhattan’s Hudson Yards neighborhood

Andrew Scandalios

NEW YORK, NY – HFF announced today that it has closed the $35 million sale of a 9,875-square-foot development site in Manhattan’s Hudson Yards neighborhood.

Jose Cruz

               HFF worked on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc.  New York-based real estate developer David Marx purchased the land parcel for $35 million.

The development site is situated on 9,975 square feet at 448-452 11th Avenue and 556 West 37th Street in the Hudson Yards neighborhood. 

The site is directly across the street from the Jacob K. Javits Center, and can accommodate residential, retail, hotel, office or entertainment uses.

Jeffrey Julien

The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeffrey Julien and Kevin O’Hearn.

Kevin O'Hearn

“No immediate development plans for the site have been announced,” commented Scandalios.

For a complete copy of he 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

Martin Potts & Associates, Inc. Expands Into Northern California to Service Growing Client Base; Adds Cory Chung as Senior Project Manager to Lead Office

         

  

Cory Chung

SAN JOSE, CA– Recognizing the increasing development ambitions of its client base, Martin Potts & Associates, Inc. (MPA), a development services firm, has announced its expansion into Northern California. According to the firm’s leadership, this growth is driven by an existing client base which is expanding into or already has a presence in Northern California.

                Based in Southern California since 1991, MPA has built a high profile roster of clients. The firm specializes in third-party management of planning, entitlement, budget/value engineering, pre-construction, construction and tenant coordination for new construction, renovations and value added opportunities.

                To support its expansion, MPA has opened an office in San Jose led by Cory Chung. Chung will serve as Senior Project Manager responsible for the growth and success of the new office by serving existing clients, as well as forging new relationships with the local development community and other developers looking to enter or expand in the market. 

Martin Potts

                “Cory is a strong addition to our team. He brings a solid local reputation and a well-rounded skill set to his role with MPA. He has an amazing wealth of experience having worked for Bay Area developers such as Catellus,” said Martin Potts, founder and president of MPA.

“I’m excited about the timing of this expansion. Our relationships with our valued retail development clients provides a lucrative foundation to build more aggressively into our other development strengths such as office, mixed use, medical office and hospitality. With Cory’s background and our existing team’s experience, we look to build on the already recognized momentum.”

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

Spaulding Thompson & Associates

Jessica Thompson

jessica@spauldingthompson.com

949-233-8575

www.mpassoc.com