Infill Residential Opportunities Attract Out-of-State Builder/Investor; Prompts New Joint Venture and Pipeline of Projects in Arizona

PHOENIX, AZ – The recovering Phoenix homebuilding market has flexed its muscle once again, prompting a new joint venture that links local real estate development veterans Steven Pritulsky and Paul Timm, and their company New Leaf Communities, with long-time Southern California-based builder Watt Communities.

Steve Pritulsky

The venture, Watt Communities of Arizona, has closed on two infill townhome community sites—one in central Tempe and another in the Biltmore area—that will bring the infill residential experience of Watt Communities to Arizona.

The joint venture is evaluating other sites in key Phoenix area urban infill markets as well, with the goal of developing many more quality, attached for-sale communities.

“We are firm believers in the power of local industry expertise. It is one of the best ways to understand the direction and needs of a market,” said Watt Communities President Howard Press.

“New Leaf brings that expertise to this joint venture and Watt, in turn, brings deep-rooted success in urban residential infill development. The combination will allow us to acquire land and build wisely and precisely, according to what metro Phoenix homebuyers are seeking.”

“We anticipate a pipeline of Watt-New Leaf deals that will take advantage of some very unique land positions in Metro Phoenix and bring new, quality living options and innovative product designs into our urban cores,” said Pritulsky, who serves as New Leaf Communities President and CEO. “We are thrilled to have Watt as a partner.”

Paul Timm

Two sites previously acquired by New Leaf have been purchased by the new venture. The company’s “Dorsey” project is located on 3 acres in central Tempe, Ariz., just south of the southwest corner of Broadway Road and Dorsey Lane, and within minutes of the Loop 101, Loop 202 and US 60 Superstition freeways.

In the planning stage now, the venture intends to develop a 54-unit for-sale townhome community. When completed, the project will be complimented by other existing uses within Dorsey Crossing, a mixed-use residential, office and commercial services development.

The venture’s “Biltmore” project site is located less than a mile south of 24th Street and Camelback Road, and the Biltmore Fashion Square. It totals 1.7 acres south of Glenrosa Avenue between 26th and 27th streets.

The site is a mile east of the 51 Freeway and just three miles north of Phoenix Sky Harbor Airport. Like the Tempe location, the Biltmore site is planned for townhome development, with 29 units envisioned for the project.

Both properties will offer contemporary, three-story urban townhomes ranging in size from 1,400 to 1,800 square feet, and each with its own two-car garage. 

Community amenities will include gated entry, pool/ramada/sundeck, outdoor poolside kitchen and landscaped paseos throughout. Pricing for the new projects will be released as the communities near completion.

Dorsey Crossing, Tempe, AZ

“These are urban locations within established employment cores, and our projects will match the quality and the vibrancy of these neighborhoods,” said Timm, who serves as New Leaf Communities Chief Operating Officer. “They will allow Phoenix residents to move from renting to owning, without giving up any of their urban lifestyle.”

Prior to forming New Leaf Communities, Pritulsky spent 20 years analyzing, acquiring and developing residential projects totaling more than 7,000 acres and 17,000 residential lots.

Timm has more than 25 years of residential development experience, including the construction of numerous subdivisions and the formation of several investment partnerships for commercial and residential real estate in the Southwestern U.S.

  

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Lincoln Property Company Earns Honors; Grows Management Portfolio to Highest Point in Office’s History

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7025 North Scottsdale Road, Scottsdale, AZ

Alisa Timm

PHOENIX, AZ – The Desert West Region of Lincoln Property Company (LPC) this week pushed its management portfolio to the highest point in the office’s history with the assignment of 7025 North Scottsdale.

Under the leadership of new Director of Management Services Alisa Timm, the firm also retained 100 percent of its nearly 6 million-square-foot portfolio in 2013 through multiple sales transactions, and expects continued and significant expansion in 2014.

The announcement came on the same day that LPC earned The Outstanding Building of the Year (TOBY) award by the Building Owners and Managers Association (BOMA) for management of the Arizona Game and Fish (AZGF) Department Headquarters. Located at 5000 W. Carefree Highway in Phoenix, LPC developed the project in 2007. 

David Krumwiede

It was the first-ever project to achieve LEED Platinum certification nationally for the organization and LPC has retained the management assignment for the campus ever since.

“We are known as a very successful property developer and owner, but we are also an exceptional property manager. In fact, 50 percent of our portfolio is third-party management,” said Timm, a 25-year industry veteran.

“That we have retained these clients year after year, and through changes in ownership, is noteworthy and extremely unusual in a rising market like Phoenix, where volatility is increasing.”

“Because LPC also owns and develops projects, we approach management assignments with an ownership attitude, which is different than other firms,” added Lincoln Property Company’s Executive Vice President David Krumwiede.

Lauren Grant

 “I consider our team the most elite managers. We have the talent, and we give our experts the time and resources they need to fully commit to a project’s goals in a very sophisticated way.”

LPC’s management portfolio now also includes 7025 North Scottsdale. Totaling 91,148 square feet, the three-story, Class A office building provides direct frontage to Scottsdale Road, adjacency to market-leading amenities and prime mountain views.

LPC’s new Senior Property Manager, Lauren Grant, will oversee the project. With almost 10 years of commercial real estate experience, Grant has managed more than 2 million square feet of Class A office and retail product in Arizona and California.

The new assignment joins an LPC property management portfolio that also includes contracts retained through sales transactions of Broadway 101 Commerce Park, an 11-building, 808,000-square-foot mixed-use project in Mesa, Ariz., and Sky Harbor Business Center (formerly Lincoln Sky Harbor), a 130,000-square-foot project located next to Phoenix Sky Harbor International Airport.

Arizona Fish & Game Department Headquarters
5000 West Carefree Highway, Phoenix, AZ

The Phoenix Business Journal recently ranked LPC among the top 10 property management firms in the Valley.

 Under direction by Timm, LPC expects to continue to grow that presence in 2014, with an emphasis on office, industrial and retail assignments, and with plans to grow its new Las Vegas office as well as expand into Utah and New Mexico in the next 24 months.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

BC LYND and CrossHarbor Capital Partners Acquire Six Marriott Hotels in the Midwest and Southwest

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Brandon S. Raney

SAN ANTONIO, TX and BOSTON, MA  -- BC LYND Hospitality, a full service hotel management and investment company, and CrossHarbor Capital Partners LLC, a seasoned investor in a variety of opportunistic and value-oriented commercial real estate transactions, have joined together to extend their respective national hospitality footprints with the acquisition of six Marriott-branded properties.

 “We see a strong upside with the implementation of our business plan and management strategy, which coupled with CrossHarbor’s outstanding acumen in the real estate business provides an excellent platform for creating value in the hotel space,” said BC LYND chief executive officer Brandon S. Raney.

Clyde J. B. Johnson IV

The hotels add portfolio depth and advance the companies’ acquisition plans, said chief investment officer Clyde J.B. Johnson IV. “CrossHarbor and BC LYND each operate on disciplined acquisition criteria and look forward to executing on future similar opportunities together.”

 Bank of America N.A., in coordination with Holiday Fenoglio Fowler, provided an acquisition-and-improvement loan to finance the transaction. 

 “In partnership with BC LYND we identified an off-market portfolio where the conditions exist to improve operating performance through professional management strategies and value added capital improvements,” said Eric S. Boyd, a Principal of CrossHarbor Capital Partners LLC.

“These properties diversify our portfolio of twenty-four select and limited service hotel assets across the United States.”

 The transaction included six (6) hotels carrying the TownePlace Suites, SpringHill Suites, and Fairfield Inn brands located across four Midwest and Southwest states.  The purchase price was not disclosed.

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

Todd Templin

Boardroom Communications (For BC LYND)

954-370-8999/954-290-0810

ttemplin@boardroompr.com

www.bclynd.com.

FrontDoor Communities Announces New Development in Historic Roswell, GA; Company to Partner with Lehigh Homes on Phase II of Providence

Rendering of second phase of Providence, Roswell, GA

Eric White

ATLANTA, GA– FrontDoor Communities announced it has partnered with Lehigh Homes to build the second phase of Providence, a community located in the heart of Historic Roswell. This will mark FrontDoor’s second project in Georgia. 

The community will include 13 townhomes and three single-family homes. Lehigh developed Phase I of the property, which included 35 brownstone-style townhome units.

The new homes will be traditional in style, each with an outdoor private courtyard space. Every residence will have an open floor plan with an emphasis on master suites, kitchen and living areas.

“We are excited to work with Lehigh Homes to add further value to the Roswell community,” said Eric White, division vice president of FrontDoor Communities in Atlanta.

“We’ll work closely with one another to design and develop truly unique homes. Lehigh is very well-connected in Roswell, and we’re happy to join such a successful developer and to be involved in another project in our home town.”

Brendan Walsh

FrontDoor is looking to meet the growing demand for neighborhood walkability. All Providence residents can walk to the wonderful restaurants and shops on the Canton Street, and have access to local hiking trails and parks.

“In Phase I, Lehigh worked very hard to develop a successful community based on attention to detail and quality,” said Brendan Walsh, general manager at Lehigh Homes.

“Once we met FrontDoor, we knew we were forming a partnership with a company that would maintain that same level of quality and execution to be delivered to our customers.”

The community is located off Canton Street in Historic Roswell. Construction of Phase II is expected to begin this fall and once complete, FrontDoor will lead sales for all homes. 

In July, FrontDoor announced the purchase of 158 acres in south Forsyth County, the largest residential land acquisition in Atlanta in seven years.

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

Michael Phillips                                                                                                                     

404.996.0828

mphillips@frontdoorcommunities.com

www.providenceroswell.com

Arbor Finances $76.5M in Texas and Midwest Multifamily Deals

Wimberly Park Apartments, Duncanville, TX

Anthony Tarter

UNIONDALE, NY  - 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 11 loans totaling $76,479,999 across the Midwest under the Fannie Mae Delegated Underwriting & Servicing® (DUS®), Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS  Small Loan product lines. These loans include:

·      Wimberly Park Apartments, Duncanville, TX – This 440-unit multifamily property received $14,999,999 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a 24-hour fitness center, a 24-hour business center, outdoor basketball courts, two laundry centers, three swimming pools and an on-site day care center.

Camelot Village Apartments, Mesquite, TX

·      Camelot Village, Mesquite, TX – This 512-unit multifamily property received $14,900,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a 24-hour fitness center, a 24-hour business center, a tennis court, an indoor and outdoor basketball court, a sand volleyball court, a soccer field, picnic areas with gazebos and grills, three pools and four laundry centers.

·      Ventana at Valwood, Farmers Branch, TX – This 265-unit multifamily property received $6,502,800 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a common laundry area with several washers and dryers.

Ventana at Valwood Apartments
Farmers Branch, TX

·      Sayle Gardens, Greenville, TX – This 119-unit multifamily property received $3,175,000 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.  The property includes a swimming pool and laundry facility.  Select apartments also include a wood burning fireplace, washer/dryer connections and walk-in closets.

·      Mill Run Apartments, Dallas, TX – This 112-unit multifamily property received $2,960,000 funded under the Fannie Mae DUS Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 25-year schedule.  The property includes a swimming pool as well as a central laundry center.

Summit Plaza Apartments, Arlington, TX

·      Summit Plaza Apartments, Arlington, TX – This 17-unit multifamily property received $1,995,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex offers a swimming pool as well as a laundry center in one of the two buildings on the property.

  

·      Lakeview Townhomes, Rowlett, TX – This 17-unit multifamily property received $1,995,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.  Each unit includes a washer/dryer as well as a garage space.

·      The Plaza Apartments, Austin, TX – This 41-unit multifamily property received $1,067,200 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.  The property includes a laundry facility containing five washers and six dryers.

Sayle Gardens Apartments, Greenville, TX

·      Brookwood Village Townhomes, Blue Springs, MO – This 200-unit multifamily property received $11,400,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a community gazebo located in the center of a cul-de-sac.

·      Town Square Townhomes – This 57-unit multifamily property received $6,550,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·      Iron Ridge, Spearfish, SD – This 66-unit multifamily property received $5,110,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a fitness room, laundry facilities, a swimming pool and a whirlpool spa.

Town Square Homes, Fargo, ND

·      Farmstead Estates, Moorhead, MN – This 48-unit multifamily property received $4,560,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a heated garage, a library, a TV room, a workout facility and large function rooms for tenants to gather,

·      Mission Manor Apartments – This 96-unit multifamily property received $2,030,000 funded under the Fannie Mae DUS Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

All of the loans were originated by Anthony Tarter, Vice President, in Arbor’s Dallas, TX, office.

Brookwood Village Townhomes
Blue Springs, MO

“While Arbor is a leading U.S. multifamily lender, striving to provide the necessary funding to all types of properties nationwide, within the heart of the country—from Texas up to Minnesota—our expertise is second to none, as demonstrated by these recent transactions,” Tarter said.

 “We worked hand in hand with these borrowers to ensure they received the terms as well as the personal service they not only deserved but have also come to expect from Arbor deal after deal.”

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

Christopher Ostrowski

costrowski@arbor.com