Marcus & Millichap Arranges $5.3 Million Sale of Ocean Park Apartments in Boynton Beach, FL

Evan P. Kristol

 BOYNTON BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Ocean Park Apartments, a 64-unit apartment property located in Boynton Beach, Fla. 

The asset sold for $5,300,000 equating to $82,813 per unit.

Evan P. Kristol, a senior vice president investments, and Brandon J. Rex, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Pompano Beach, Fla.  

The buyer, a private investor from Plantation, Fla was also secured by Kristol and Rex. 

“The Ocean Park deal represented the rare opportunity for an investor to acquire a quality renovated apartment community in a submarket of Palm Beach County. The buyer has the opportunity to take advantage of the recent renovations and upgrades by continuing to increase the revenue stream through stabilizing rents to market levels,” says Rex.

Brandon J. Rex

Contiguous to the Bethesda Memorial Hospital Campus and situated on a main thoroughfare with excellent exposure, Ocean Park Apartments is located at 2861 South Seacrest Boulevard in Boynton Beach, Fla. 

The community consists of eight two-story residential buildings with a unit mix of 56 one-bedroom one-bathroom units and eight two-bedroom two-bathroom units.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Loews Hotels & Resorts Announce New Hotel With Partners at Universal Orlando Resort

Paul Whetsell

NEW YORK, NY – Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L) and Universal Orlando Resort, announced Loews Sapphire Falls Resort at Universal Orlando, opening in the summer of 2016.

“Our partnership with Universal is integral to our growth as we strategically expand Loews Hotels,” said Paul Whetsell, President & CEO, Loews Hotels & Resorts.

“Loews Sapphire Falls Resort will complement our four existing hotels as we increase the total number of guestrooms, and continue to strive to offer unique experiences for all guests, whether they are visiting Orlando for leisure or meetings.”

The new hotel will be located between Cabana Bay Beach Resort, which opened in June 2014, and Loews Royal Pacific Resort. 

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

Chris Daly, media

 (703) 435-6293

chris@dalygray.com

Peachtree Hotel Group Completes Seven Hotel Transactions during Summer 2014

Greg Friedman

              ATLANTA, GA —Officials of Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, announced that it completed seven hotel transactions during the summer of 2014. 

The seven assets are a combination of mortgage notes, real estate acquisitions, majority interest investments, and bridge loans.        

“We have now met our 2014 goal of adding up to 14 new assets to our hotel portfolio, and we still have plenty of time to far exceed those aggressive numbers and make this a record year for Peachtree,” said Greg Friedman, Peachtree CEO.  “We remain a nimble investor, capable of executing quickly for the right investment opportunities.” 

“The hospitality industry continues its upward trajectory in terms of both rate and occupancy, and we continue to be an active player as investment opportunities come to market,” said Jatin Desai, Peachtree CIO.  

Mitul Patel

“We have put the teams in place to maintain rapid, but measured growth, and we expect to maintain our current pace of activity in the select- and limited-service hotel arenas for the foreseeable future.”

From May 30th through August 22nd, Peachtree transacted on the following:

  

“Not only have we enjoyed unprecedented growth this year, but we have achieved operational high water marks, as well,” said Mitul Patel, Peachtree COO. 

  “We continue to experience robust growth in room revenues and profitability across our portfolio of hotels due to the surging economy coupled with the implementation of our revenue management strategies and operating disciplines.”

 For more information, please visit www.peachtreehotelgroup.com.

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

Chris Daly, media

 (703) 435-6293

chris@dalygray.com

$27.5 Million Multifamily Complex in Sparks NV Sold by IPA

Stanford W. Jones

SPARKS, NV – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Eastland Hills, a 296-unit multifamily property located in Sparks, Nev., for $27.5 million.

            IPA executive vice president investments Stanford Jones and IPA vice presidents investments Philip Saglimbeni and Salvatore Saglimbeni advised the seller, A.G. Spanos Cos. of Stockton, Calif.

Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office and winner of the 2013 Reno Summit Multi-Family Broker of the Year award, also provided representation.

Jones, Philip Saglimbeni, Salvatore Saglimbeni and Blomsterberg also advised the buyer, Standard Management Co. of Beverly Hills.

Philip Saglimbeni

            “With its exceptional location just minutes from Reno, Eastland Hills represents an excellent investment in the Sparks core market,” says Jones.  “This asset is well-positioned for long-term growth as we expect the Reno-Sparks apartment market will continue to have increasing tenant demand.”

Electric car manufacturer Tesla Motors Inc., which is based in Fremont, Calif., has announced that it has selected the Reno area for its new $5 billion battery “gigafactory,” which will employ 6,500 people upon opening and is expected to have 20,000 employees when fully operational. 

The building is projected to be 10,000,000 square feet in size and is scheduled for completion in 2017. 

“This facility will be a major boost to the Reno/Sparks economy,” states Blomsterberg.

Sal Saglimbeni

“There will be upward pressure on rents with the opening of the new Tesla facility coupled with the limited number of new units being constructed in a market that is already 95-percent-plus occupied,” adds Philip Saglimbeni.

The construction pipeline for new multifamily communities in the area is less than 1,500 units.  There are currently 1,118 units under construction with another 350 units in the planning stages. 

Constructed in 1998, Eastland Hills Apartments is composed of 21 buildings situated on almost 16 acres.

 The apartment homes in this gated complex provide residents with luxury living in Sparks with community amenities such as a fitness center, heated pool and year-round spa, tennis court, barbecue areas and generous in-unit conveniences. 

Nearby are destination retail, dining and entertainment options, along with the exceptional recreational opportunities made possible by this location’s proximity to the Sierra Nevada Mountains and picturesque Truckee Meadows.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Palm Beach County, FL Retail and Office Plaza Sells for $15.3 Million

  

Linton International Plaza, Delray Beach, FL

DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has arranged the sale of Linton International Plaza, a five-building, 85,383-square-foot retail and office plaza in Delray Beach, Fla.

 The sales price is $15.3 million.

            Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller. Brian Rosen, a senior associate, also in the firm’s Fort Lauderdale office, represented the buyer.

Douglas K. Mandel

            “Linton International Plaza is located along rapidly growing Linton Boulevard, one of the hottest retail corridors in Palm Beach County,” says Mandel.

            Linton International Plaza is a mix of office and retail, with national tenants such as Subway, Pet Supplies Plus and Pollo Tropical restaurant.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Atlantic|Pacific Companies Announces Two New Property Management Assignments in Key West, FL

  

Randy Weisburg

MIAMI, FL - Atlantic|Pacific Management (A|P Management), the management subsidiary of Atlantic|Pacific Companies (A|P), is pleased to announce two additions to its property management portfolio, West Isle Club and Ocean Walk in Key West, Florida.

These two new assignments elevate A|P Management to the role of market leader of apartment rental management in Key West.

West Isle Club,located at 3333 Duck Avenue, is a relaxing and comfortable multi-apartment community. The property houses 192 units, available with one, two and three bedroom floor plans. All units include first class amenities such as luscious and sprawling grass lawns, outdoor barbecue grills, washers/dryers a large swimming pool and a state of the art gym is under development.

 Ocean Walk is located at 3900 South Roosevelt Boulevard. Ocean Walk consists of 297 residential units, offering one, two and three bedroom floor plans. The property features basketball courts, tennis courts and a swimming pool. It is nestled around natural vegetation, and is just minutes away from everything Key West has to offer.

Key West, FL skyline

For more information about A|P Management and its property services, visit www.apmanagement.net or call (800) 918 - 1145.

 For more information, please contact Randy Weisburd at rweisburd@apmanagement.net.

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

Jessica Wade Pfeffer | Jessica Wade Inc.

jessica@jessicawadeinc.com | 305.804.8424

HFF closes $6.6 million sale of and arranges acquisition financing for apartment community in Hemet, CA

  

Hunter Combs

SAN DIEGO, CA – HFF announced it has closed the $6.6 million sale of and arranged acquisition financing for Park Columbia Apartments, a 151-unit apartment community in Hemet, California.

                HFF marketed the property on behalf of the seller.  Srinivas Yalamanchili, a private investor, purchased the property for $6.6 million free and clear of existing debt.  HFF also worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. 

                Park Columbia is located at 201 South Columbia Street approximately .75 miles from the junction of Highways 74 and 79 in Hemet. 

The two-building community is 95 percent leased and includes studio, one- and two-bedroom floor plans ranging between 385 and 830 square feet each. 

Pat Burger

Community amenities include two swimming pools, two spas, grill area and expansive courtyards.

                The HFF investment sales team was led by director Hunter Combs. 

                HFF’s debt placement team was led by director Pat Burger and senior real estate analyst Kara Mathis.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Essex Realty Group Brokers the Sale of a 10-Unit Mixed-Use Building in Chicago, IL

 

Jim Darrow

CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 3355 N. Clark in Chicago, Illinois.

 3355 North Clark is a newer construction, mixed-use elevator building located in Chicago's Wrigleyville neighborhood. 

The property is situated on the east side of Clark Street, just two blocks north of the CTA Belmont Station (Red, Purple and Brown Lines) and is conveniently located along the Clark Street bus line.

The property features eight (8) condo-quality apartments, two (2) 1,200 SF street retail spaces and four (4) garage and four exterior parking spaces in the rear of the building.

Jordan Gottlieb

 The sale price was approximately $4,675,000.

Jim Darrow and Jordan Gottlieb were listing agents.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

CBRE Central Florida Multi-Housing Group Brokers $50.65 Million Sale of Auvers Village Apartments in Orlando, FL

Auvers Village Apartments, Orlando, FL

ORLANDO, FL -- Our CBRE Central Florida Multi-Housing Group is pleased to announce the sale of Auvers Village in Orlando for $50,650,000. 

 Built in 1989, Auvers Village consists of 480 units across from the back entrance of the prestigious Baldwin Park neighborhood. 

 Investor interest in Orlando continues to be very strong, and our CBRE team has closed more than $1,000,000,000 in local apartment sales in 2013/2014 TYD.  

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

Shelton D. Granade, Jr., Executive Vice President

CBRE | Investment Properties - Multifamily

200 S. Orange Avenue, Suite 2100 | Orlando, FL 32801

T 407 839 3103 F 407 404 5001

Shelton.Granade@cbre.com| www.cbre.com | www.cbre.com/shelton.granade

$10.875 Million Buys North County Multifamily Asset in Escondido, CA

Christopher Zorbas

ESCONDIDO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tanglewood Apartment Homes, a 96-unit garden-style apartment building in Escondido, Calif. The $10,875,000 sales price equates to $113,000 per unit.

            Christopher Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office and David Sperling, associate, also in the firm’s San Diego office, represented the seller, Chrismark LLC.  The buyer is a Canada-based private investment group.

            “This asset provides the new owner with a solid value-add opportunity,” says Zorbas. “Constructed in 1977, the building has yet to undergo a significant renovation program, although select units have been upgraded and renovated over the last couple of years. 

"The location, and Escondido itself, have grown significantly and will support the future growth of this property,” Zorbas continues. “For example, the building is around the corner from Palomar College’s 80,583-square-foot Escondido campus, which just received $10 million in renovations.”

David Sperling

            Located at 1920 East Grand Ave. in Escondido, Calif., the apartment building is near a major retail corridor featuring Albertsons, Big Lots, Big 5 Sporting Goods, CVS, Home Depot, Vons and Walmart. The Escondido Transit Center is within two miles and the Palomar Medical Center is one mile away.

            Apartments at Tanglewood Apartment Homes feature linen closets, private patios and fully equipped kitchens with dishwashers and breakfast bars. 

Community amenities include a gated swimming pool and spa, a tennis court, a clubhouse with a pool table and kitchen area, abundant covered and open parking, two laundry facilities and spacious courtyard areas.

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

Gina Relva

Public Relations Manager

(925) 953-1716

323 Multifamily Units in Houston, TX Sold by IPA

  

Will Balthrope

 HOUSTON, TX – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of a 323-unit multifamily property in Houston. The property’s name and transaction details were not disclosed.

            IPA executive director Will Balthrope represented the seller. Balthrope and Marcus & Millichap vice president investments Jeffrey Fript represented the buyer.

            “The property is a desirable apartment community located near high-traffic expressways, large corporate employers and regional retail centers,” says Balthrope. “Built in the early 2000s, the asset is at a stage now where enhancements provide an opportunity for value creation through revenue increases that will place it on par with newer assets.”

            The property is a short drive from the third-largest employment center in the region, Houston’s Energy Corridor. This area is home to many energy-industry leaders, including BP America, ConocoPhillips and the Shell Oil Co.

Jeffrey Fript

The three-story, 27-building multifamily complex, built in 2004, features remote-controlled access gates, scenic garden landscaping and a clubhouse. Apartment interiors contain amenities such as personal laundry rooms with full-size washers and dryers, home-style kitchens with abundant cabinet space, linen closets and oversize walk-in closets.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716