Wednesday, March 26, 2014

WNC Engages Strategic Tax Credit Investments LLC to Raise Investor Equity and Develop Product

David Robbins
 IRVINE, CA– WNC, a national investor in real estate and community development initiatives, announced it has signed a broker agreement with Strategic Tax Credit Investments LLC (STCI), an investment advisory, brokerage and consulting firm led by founder Dave Robbins, a 25-year veteran of the affordable housing industry. 

As part of the agreement, STCI will focus on strategic positioning, raising investor equity and aiding in product development for WNC.

“I am pleased to announce this partnership with the STCI team. The firm’s professionals have countless relationships with multi-fund and private investors that will greatly benefit our organization’s equity raise capabilities, and in turn, the communities we serve,” said Michael Gaber, executive vice president and chief operating officer of WNC.

STCI, an institutional division of Compass Securities Corp. that is headquartered in a Boston-area suburb, was established by Robbins in 2010.

Michael Gaber
Since its founding, STCI has been directly involved in raising more than $2 billion in LIHTC equity, including primary and secondary transactions.

Previously, he spent eight years as the head of institutional sales at MMA Financial, where he raised in excess of $4 billion in LIHTC equity and was responsible for the oversight of the sales and fund management team, as well as managing the company’s third-party broker-dealer network.

Robbins said, “I have developed strong relationships with the professionals at WNC over the years and I am looking forward to a very productive partnership, supporting the organization’s equity raise and product development goals.”

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

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile

The Bill Holmes Tower at CHOC Children's Hospital Wins Associated General Contractors of America's Alliant Build America Award

From left:  McCarthy Project Director Kris Nordbak, McCarthy CEO Mike Bolen, McCarthy Project Director Max Burcham, McCarthy Project Superintendent John Moffatt.

NEWPORT BEACH, CA – The Bill Holmes Tower at CHOC Children’s Hospital recently received an Alliant Build America Award for Best New Building Project from the Associated General Contractors (AGC) of America.  

Representatives from McCarthy Building Companies, who served as general contractor for the project, accepted the award earlier this month during the AGC of America’s annual convention in Las Vegas, Nevada.

                Considered by many to be the most prestigious recognition of construction accomplishments in the United States, the AGC Alliant Build America Awards highlight the nation’s most significant construction projects.

A panel of judges, representing all areas of construction, evaluated the nominated projects' complexity, use of innovative construction techniques and client satisfaction, among other criteria. 

                As a testament to the project’s success, the much anticipated pediatric patient tower was completed 64 days early, enabling children to receive advanced medical care in the new CHOC facility sooner than originally anticipated.  All of this was accomplished on a fully functioning hospital campus, while achieving an outstanding safety record and the highest levels of quality.

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

Laura Mickelson
(949) 453-0851

Multi Housing Advisors Brokers Three Atlanta Apartment Sales Totaling $39.85 Million

The Oaks of Briarcliff Apartments, Buckhead district, Atlanta, GA

Joshua Goldfarb
 ATLANTA, GA — Multi Housing Advisors (MHA) has brokered the individual sales of three metro Atlanta apartment communities. Combined, the transactions total $39.85 million and cover 734 units.

Josh Goldfarb and Tyler Averitt of MHA represented the sellers and were the only brokers involved in the deals.

In one of the transactions, The RADCO Companies acquired Defoors Ferry West, a 297-unit community in Atlanta’s West Midtown neighborhood, for $16 million. Urban Partners LLC sold the 50-year-old complex.

In another deal, FC Oaks LLC, an affiliate of FortCap Partners, purchased The Oaks of Briarcliff, a 227-unit, garden-style community located in Atlanta near Emory University and the city’s Buckhead district, for $14.8 million. The Oaks of Briarcliff/W.C., L.P. sold the property, which was built in 1964.

Also, Greentree Real Estate Services LLC bought Huntington Ridge, a 210-unit, garden-style community in Norcross, Ga., for more than $9.05 million. LMREC CDO II REO VII Inc. was the seller. Huntington Ridge was built in 1973.

Tyler Averitt
“Atlanta’s apartment market is firmly in the middle of its recovery, and with continued rent growth and occupancy gains on the horizon, the metro area is proving to be very attractive to investors,” said Goldfarb, co-founder and co-managing partner of MHA. “We foresee a very brisk sales pace in the city in 2014.”
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

PKF U.S. Hotel Forecast: Overbuilding Is Not A Concern (Yet!)

R. Mark Woodworth
Atlanta, GA – According to the recently released March 2014 edition of PKF Hospitality Research, LLC’s (PKF-HR) Hotel Horizons® forecast report, the U.S. hotel occupancy rate will finally recover to pre-recession levels in 2014. 

Given this lofty level of performance, many industry participants are starting to worry about an oversupply of new lodging units may be in the future. 

  The demand for lodging accommodations has been at an all-time high for the past two years, so could elevated construction levels be far behind?

“Anyone that was around in the 1980s and 1990s remembers the dramatic negative impact overdevelopment can have on the lodging industry,” said R. Mark Woodworth, president of PKF-HR. 

Fortunately, we see a different scenario evolving during the current property cycle.  According to Smith Travel Research, the long-run average annual change in supply has been 2.0 percent.  We do not see the national annual supply growth exceeding that level until 2017.”

Not only are the forecast percent changes in supply lower than historical averages, but so are the actual counts of new rooms entering the market.

 “During past expansions, we have seen three to five consecutive years of 100,000 or more net new hotel rooms entering the market.  Our current supply forecasts for the next three years are well below that threshold,” Woodworth said.
For a complete copy of the company’s news release, please contact:

Therese Taylor of Hold-Thyssen Real Estate Services Negotiates Three Leases at Winter Garden Office Building in Winter Garden, FL

Therese Taylor
Winter Park, FL and Winter Garden, FL --- Hold-Thyssen Real Estate Services, a commercial property firm based in Winter Park, recently negotiated three executive suite lease agreements at 12200 W. Colonial Drive in Winter Garden.

R. Anthony Fisher, vice president of Hold-Thyssen Real Estate Services, said Leasing Agent Therese Taylor negotiated all three transactions representing the landlord, 12200 W. Colonial Drive LLC based in Portland, Ore.

The lease agreements at the office building include two new tenants – MC Immigration Law and Gerri Byrd Tartt Mental Health & EAP Services.

R. Anthony Fisher
Tenant Ijenti, Inc., a specialist in online marketing systems, renewed the lease on two mini suites they occupy at the Winter Garden office building.   

Earlier this year Taylor completed seven other lease agreements at 12200 W. Colonial.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

Faris Lee Investments Announces Promotion of John Redfield to Director

John Redfield

 IRVINE, Calif., March 26, 2014 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has named John Redfield as director. Redfield previously served as senior financial analyst with Faris Lee. 

In his new role, Redfield will leverage his years of experience servicing private and institutional owners to provide them with the highest level of retail real estate advisory.

In keeping with Faris Lee's reputation for bringing advanced intellect and insight to every transaction, Redfield excels at unlocking maximum value for an asset and advising clients on financial and marketing strategies that will help them achieve their commercial real estate goals.

“John has provided outstanding leadership and underwriting skills to Faris Lee and has been an invaluable part of the firm,” said Richard Chichester, president and CEO of Faris Lee Investments. “His financial skills and real estate knowledge will serve him well in a brokerage role.” 

Redfield has more than seven years of experience in the commercial real estate industry and has been directly involved in over $315 million in commercial real estate transactions. His background includes acquisitions, dispositions and underwriting of retail, office and multifamily asset types.

Richard Chichester
Prior to joining Faris Lee, Redfield worked in acquisitions/dispositions and asset management in the West Coast office of Goldman Sachs-owned Archon Group.

While at Archon he assisted in the disposition of over $132 million and managed over three million square feet of commercial real estate. He also worked at Milan Capital Management, a long-time client of Faris Lee.

Redfield received a Bachelor degree in Business Administration with a concentration in Real Estate Finance from University of Southern California. He is a member of the Trojan Real Estate Association (TREA).

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

Darcie Giacchetto
Spaulding Thompson & Associates

Signature of Atlantic Canadian Hospitality Becomes First Autograph Collection Hotel in Canada

General Manager Tim Ostrem (left) and Marriott Vice President Manlio Marescotti
 hang the Autograph Placquard at the reopening of the Algonquin Resort, 
the first Canadian Hotel to join the Autograph Collection.       
SHELTON, CT; HALIFAX, NS; SAINT ANDREWS, NB. CANADA - - Officials with New Castle Hotels and Resorts, Southwest Properties and Marriott International, Inc. (NASDAQ: MAR) unveiled the greatly anticipated renovation to New Brunswick's landmark Algonquin Resort. 

The iconic resort is the nation's first Autograph Collection hotel, Marriott International’s exclusive portfolio of independent hotels. The Southwest/New Castle team purchased the hotel from the provincial government in 2012 to undertake the "rafters to registration" refurbishment.

Jim Spatz
“To those of us who hail from this part of the country, the Algonquin is more than just a hotel, it is part of our heritage, our history," said Jim Spatz, chairman and CEO of Southwest Properties. 

"It's where generations of Canadians have come to make memories with family and friends, and we took that responsibility very seriously as we set out to restore this treasure to its rightful place among our nation's very best. 

“The challenge was to preserve the authenticity of the historic hotel while simultaneously meeting modern building standards, as well as guest expectations for luxurious accommodations. Guests will judge for themselves, but I dare say they'll be impressed."

“We are thrilled to welcome The Algonquin into our exceptional portfolio of independent hotels," said Manlio Marescotti, vice president for Marriott International, speaking at the event.  "With its remarkable sense of place, this extraordinary hotel represents an ideal opportunity to introduce the Autograph Collection to Canada.”
For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Daly Gray, Inc.

Davidson Hotels & Resorts Names Edie Bates Vice President, Brand Performance

Edie Bates
 ATLANTA, GA —Davidson Hotels & Resorts, one of the nation’s largest, independent hotel management companies, today announced that it has appointed Edie Bates to the newly created position of vice president, brand performance. 

 In her new role, Bates will be responsible for supporting the property teams and partnering with the company’s regional/corporate teams to enhance Guest Satisfaction Scores (GSS) and Quality Assurance (QA) results.

“With over 30 years of hospitality experience, Edie will help lead our team as we solidify our ‘best-in-class’ status  with all of our brand partners,” said John Belden, Davidson’s president and CEO.  

“Having performed in similar capacities at a number of international hospitality companies, Edie's experience  will prove invaluable as we strive  to reach our own, internal goals.”

John Belden
Prior to joining Davidson, Bates held several positions with Interstate Hotels & Resorts, culminating in vice president, brand assurance and room operations.  In that role, she held multi-brand responsibility for standards and quality assurance compliance, guest satisfaction performance, and room operations for more than 380 hotels.

She also coordinated numerous domestic and international hotel openings for Interstate.

Previously, she held several property and corporate positions with Residence Inn by Marriott, including general manager of the Residence Inn Atlanta Downtown and regional director of quality assurance for the southeast region. 

Bates has served on two Marriott franchise advisory committees, GSS/Social Media Redesign and  Lodging Quality Assurance reinvention, and has been a member of the Residence Inn System Standards Committee since 2005. She also was the co-host of the Residence Inn General Manager’s conferences from 2007 to 2011.

“Davidson already has one of the strongest reputations in the hospitality industry, and I look forward to applying my background working with virtually every  brand to help them  achieve their  next level of growth,” said Bates.

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

Cyndi Norwood      
Davidson Hotels & Resorts                                       
(678) 349-0909                                                         

Chris Daly (media)
Daly Gray Public Relations
 (703) 435-6293

$5.9 Million Sale of 17.34 Acre Commercial Land Tract in Fort Lauderdale, FL Arranged by Marcus & Millichap

Riverbend commercial land tract, 2201-2307 West Broward Boulevard, 
Fort Lauderdale, FL

Drew A. Kristol
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the 17.34-acre Riverbend commercial land tract in Fort Lauderdale, FL. The asset sold for $5,900,000.

Drew A. Kristol and Kirk D. Olson, Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Sunrise, FL.  Kristol and Olson also secured and represented the buyer, a limited liability company from Fort Lauderdale. 

“This was a rare opportunity to own a core commercial development opportunity in the heart of Fort Lauderdale on Broward Boulevard, just west of the Interstate 95 on ramp.

“The previous owner invested in all utilities and site improvements for development based on the current approved site plan.

“The buyer plans to re-position the asset over time after working with the city and county to create an appropriate and redevelopment strategy,” says Kristol.

Kirk D. Olson
Zoned B-1 commercial, the site is approved for up to 180,000 square feet of office space and 71,000 square feet of retail.

The property is ideally located just minutes north of the Fort Lauderdale/Hollywood International airport and east of Downtown Fort Lauderdale.  The land tract is located at 2201-2307 West Broward Boulevard in Fort Lauderdale.

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

Kirk Felici
First Vice President/Regional Manager
 Miami, FL

(786) 522-7000

Marcus & Millichap Brokers $4.35 Million Sale of ZP Apartments in Miami, FL

ZP Apartments, 5610 North Miami Avenue, Miami, FL

Evan P. Kristol
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of ZP Apartments, an 89-unit apartment property located in Miami, FL. The asset sold for $4,350,000.

Evan P. Kristol, a Senior Vice President Investments, and Felipe J. Echarte, a Vice President Investments, both in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local private investor. 

“ZP Apartments offered investors a rare opportunity to acquire a critical mass of units situated on almost 2.5 acres in the city of Miami.

“This area is primed for the redevelopment and repositioning of existing properties because of the growth of Midtown and the Design District, as well as the progression of development northward along Biscayne Boulevard and other north/south corridors.

Felipe J. Echarte
“ The buyer of ZP Apartments has a potential upside in the rent through strong management and making further renovations to the units,” says Echarte.

ZP Apartments is an 89-unit apartment community consisting of two folios and 12 buildings which are located about a mile north of the Design District and several blocks west of Biscayne Boulevard.  The property is located at 5610 N. Miami Avenue in Miami, FL. 

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

 Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400

Marcus & Millichap Arranges Sale of Country Inn & Suites in Destin, FL for $4.65 Million

Country Inn & Suites4415 Commons Drive East, Destin, FL

David M. Greenberg

DESTIN, FL, March 26, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Country Inn & Suites, an 83-room hotel located in Destin, FL. The asset sold for $4,650,000 which represents $56,024 per room.

David M. Greenberg, a vice president investments, and David Altman, an associate, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Kansas. Greenberg and Altman also secured and represented the buyer, a private investor from Alabama.

“The combination of strong industry performance, increased availability of capital, and attractive interest rates make hospitality investments particularly attractive to buyers.

David Altman
"High consumer confidence has increased travel and demand for rooms and hotel operations have improved significantly and are forecasting strong gains in revenues/profits in 2014 and 2015,” says Greenberg.

“The seller of this particular hotel was an out-of-state owner who built the property as a Country Inn & Suites in 1997.  The deal represented an excellent opportunity for a hands-on owner/management company to improve its current operations and maximize the returns.  The buyer plans to capitalize on the hotel’s high-barrier-to-entry location by extensively renovating the property and repositioning it as another brand,” adds Altman.

The County Inn & Suites is an 83-room, three-story, select service hotel constructed in 1997.  The hotel is conveniently located near Destin Commons, an upscale outdoor lifestyle center, the beach, and several country clubs. The Country Inn & Suites is located at 4415 Commons Drive E in Destin, FL.

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

 Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400