HFF closes “pre-stabilized” sale of Class A multi-housing community in Austin/San Antonio, TX Corridor

  

Silverado Crossing Community,  1480 Cabelas Drive,
 west of Interstate 35 about 16 miles south of downtown Austin
and The University of Texas in Buda, TX

Sean Sorrell

AUSTIN, TX – HFF announced it has closed the sale of Silverado Crossing, a newly-constructed, 300-unit, multi-housing community located on Interstate 35 in the Austin suburb of Buda, Texas. 

               HFF marketed the property on behalf of the seller, JCI Residential.  The Meagher Family Trust purchased the asset projecting full stabilization, free and clear of debt.

               Completed in 2013, Silverado Crossing features one-, two- and three-bedroom units averaging 852 square feet each. 

The community differentiates itself through an extensive resident event calendar, featuring weekly events such as “weird wine Wednesdays”, yoga classes, and movie nights; and monthly events such as community cooking classes and complimentary breakfast & coffee.

               The HFF investment sales team representing JCI Residential was led by senior managing director Sean Sorrell.

               “Silverado Crossing is one of the hottest properties in this burgeoning submarket; when HFF began marketing it was at 60 percent occupancy and by the time the property was under contract occupancy had already increased to 73 percent,” said Sorrell.  “Given the record levels of leasing, the property traded as if fully stabilized with no discounts given for leasing/occupancy levels.”

JCI Residential is a full service Austin, Texas-based multifamily development firm with a regional focus on large scale Class A residential communities. The firm’s lead principals are Sam Kumar and Kurt Goll.

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 Names Christopher Leonard Regional Director of National Multi Housing Group

  

Christopher Leonard

NEW YORK, NY,  March 6, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is pleased to announce the appointment of Christopher Leonard to the position of Regional Director of the National Multi Housing Group (NMHG). 

Leonard is based in the Manhattan office and will be focused on expanding NMHG business throughout the United States.

“We are fortunate to attract a great multifamily expert like Chris to the firm,” said John Sebree, Vice President and National Director of NMHG. 

“His many years of experience will help us support NMHG agents throughout the U.S. in expanding the services we deliver to owners. He will also focus on recruiting and developing additional team members and growing the firm’s multifamily brand and market position.”

Prior to joining Marcus & Millichap, Leonard was a First Vice President for CBRE Inc., where he was a leading member of the 12-person New York Institutional Group.

John Sebree

He led the disposition of multifamily assets and apartment development sites, while also advising clients throughout the ownership cycle, generating new business and managing junior team members. His responsibilities included providing capital markets solutions to multifamily owners in suburban metropolitan New York and across the country.

During his career, Leonard has participated in transactions valued at over $5.7 billion, including some of the region’s largest apartment and office closings. He received a Bachelor of Arts degree from James Madison University in Harrisonburg, Va.

  

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

Gina Relva,

Public Relations Manager

(925) 953-1716                                                                       

Marcus & Millichap Arranges $875,000 Sale of 48-Unit Apartment Building in Tampa, FL

University Portfolio Apartments, Tampa, FL

Michael Donaldson

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the University Portfolio, a 48-unit garden-style apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Michael Donaldson and Nicholas Meoli, senior associates in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution in Boca Raton.  Donaldson and Meoli also procured the buyer of the property, a private investor based in Canada.

The University Portfolio consists of three, garden-style apartment complexes located within a mile of each other in the University submarket of Tampa and situated approximately a mile from the University of South Florida.  The unit mix of the portfolio consists of entirely two-bedroom and one-bathroom units, ranging from approximately 660 to 918 rentable square feet.

Nicholas Meoli

"The University Portfolio was a collection of three bank-owned communities totaling 48 units with substantial value-add potential due to high vacancy," says Donaldson.

"While this theme was common in the downturn of the market, today, these offerings are few and far between and with the sheer number of investors looking for this type of opportunity, competition often drives "distressed" property values much higher than previous markets." 

"Through a strategic and extensive marketing campaign reaching local, domestic and international buyers, we were able to generate 12 offers on the property." "Ultimately, we closed with a foreign based buyer in Canada who plans to renovate and stabilize the community," concludes Meoli.

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

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700