Belmont Shopping Center, Long Beach, CA

IRVINE, CA  – HFF announced today that it has arranged a $15.5 million financing for Belmont Shopping Center, a 112,302-square-foot, grocery-anchored retail center in Long Beach, California.

HFF worked exclusively on behalf of the borrower, Westwood Financial Corp., to secure the 4.14-percent, 15-year, fixed-rate loan through a correspondent life company relationship.

 HFF is also servicing the loan, which will be used to retire existing debt.

Belmont Shopping Center is situated on 7.19 acres at the intersection of Anaheim Street and Redondo Avenue, less than a mile south of Highway-1 (Pacific Coast Highway). 

Kevin MacKenzie

The Pacific Ocean is approximately 1.5 miles south of the center, and the Interstate-405 freeway is approximately 1.7 miles north of the property. 

The center’s anchor tenant – Food 4 Less – was one of the first stores in the country that was remodeled under a special rebranding and remerchandising program initiated by Cincinnati-based Kroger in late 2013. 

The center is 95.9 percent leased.  McDonald’s and Payless Shoe Source are other notable tenants. 

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie, associate director Greg Brown and real estate analyst John Jo.

Westwood Financial Corp.’s portfolio strategy focuses on the acquisition of top quality, neighborhood oriented retail properties with exceptional long term value.  

Belmont is an excellent example of a property that has been a staple of retail in the Long Beach community for many years, and has increased its influence with recent leasing and the conversion of its supermarket brand to Food 4 Less, which close to doubled sales after only one year.

Greg Brown

 Locking in 15 years of fixed rate financing at today’s low interest rates will allow the property to maximize cash flow and create exceptional returns for years to come.

For more than forty years, investors have turned to Westwood Financial Corp. for proven returns on strategic real estate investments. 

Under the direction of founders Howard S. Banchik and Steven J. Fogel, the company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. 

In the process, Westwood Financial Corp. has earned a reputation and longevity that is unparalleled in the shopping center world. 

Westwood Financial Corp. continues this tradition today with a staff of more than 60 retail experts directing a portfolio of more than 115 shopping centers in 17 states and 26 metropolitan markets. 

Westwood Financial Corp. is fully integrated in asset management, property management, leasing and acquisition efforts from our Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.

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

Belmont Shopping Center, Long Beach, CA

 IRVINE, CA  – HFF announced today that it has arranged a $15.5 million financing for Belmont Shopping Center, a 112,302-square-foot, grocery-anchored retail center in Long Beach, California.

               HFF worked exclusively on behalf of the borrower, Westwood Financial Corp., to secure the 4.14-percent, 15-year, fixed-rate loan through a correspondent life company relationship.

 HFF is also servicing the loan, which will be used to retire existing debt.

Belmont Shopping Center is situated on 7.19 acres at the intersection of Anaheim Street and Redondo Avenue, less than a mile south of Highway-1 (Pacific Coast Highway). 

Kevin MacKenzie

The Pacific Ocean is approximately 1.5 miles south of the center, and the Interstate-405 freeway is approximately 1.7 miles north of the property. 

The center’s anchor tenant – Food 4 Less – was one of the first stores in the country that was remodeled under a special rebranding and remerchandising program initiated by Cincinnati-based Kroger in late 2013. 

The center is 95.9 percent leased.  McDonald’s and Payless Shoe Source are other notable tenants. 

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie, associate director Greg Brown and real estate analyst John Jo.

Westwood Financial Corp.’s portfolio strategy focuses on the acquisition of top quality, neighborhood oriented retail properties with exceptional long term value.  

Belmont is an excellent example of a property that has been a staple of retail in the Long Beach community for many years, and has increased its influence with recent leasing and the conversion of its supermarket brand to Food 4 Less, which close to doubled sales after only one year.

Greg Brown

 Locking in 15 years of fixed rate financing at today’s low interest rates will allow the property to maximize cash flow and create exceptional returns for years to come.

For more than forty years, investors have turned to Westwood Financial Corp. for proven returns on strategic real estate investments. 

Under the direction of founders Howard S. Banchik and Steven J. Fogel, the company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. 

In the process, Westwood Financial Corp. has earned a reputation and longevity that is unparalleled in the shopping center world. 

Westwood Financial Corp. continues this tradition today with a staff of more than 60 retail experts directing a portfolio of more than 115 shopping centers in 17 states and 26 metropolitan markets. 

Westwood Financial Corp. is fully integrated in asset management, property management, leasing and acquisition efforts from our Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.

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

HFF arranges $15.5 million financing for Belmont Shopping Center in Long Beach, CA

Belmont Shopping Center, Long Beach, CA

 IRVINE, CA  – HFF announced today that it has arranged a $15.5 million financing for Belmont Shopping Center, a 112,302-square-foot, grocery-anchored retail center in Long Beach, California.

               HFF worked exclusively on behalf of the borrower, Westwood Financial Corp., to secure the 4.14-percent, 15-year, fixed-rate loan through a correspondent life company relationship.

 HFF is also servicing the loan, which will be used to retire existing debt.

Belmont Shopping Center is situated on 7.19 acres at the intersection of Anaheim Street and Redondo Avenue, less than a mile south of Highway-1 (Pacific Coast Highway). 

Kevin MacKenzie

The Pacific Ocean is approximately 1.5 miles south of the center, and the Interstate-405 freeway is approximately 1.7 miles north of the property. 

The center’s anchor tenant – Food 4 Less – was one of the first stores in the country that was remodeled under a special rebranding and remerchandising program initiated by Cincinnati-based Kroger in late 2013. 

The center is 95.9 percent leased.  McDonald’s and Payless Shoe Source are other notable tenants. 

The HFF team representing the borrower was led by senior managing director Kevin MacKenzie, associate director Greg Brown and real estate analyst John Jo.

Westwood Financial Corp.’s portfolio strategy focuses on the acquisition of top quality, neighborhood oriented retail properties with exceptional long term value.  

Belmont is an excellent example of a property that has been a staple of retail in the Long Beach community for many years, and has increased its influence with recent leasing and the conversion of its supermarket brand to Food 4 Less, which close to doubled sales after only one year.

Greg Brown

 Locking in 15 years of fixed rate financing at today’s low interest rates will allow the property to maximize cash flow and create exceptional returns for years to come.

For more than forty years, investors have turned to Westwood Financial Corp. for proven returns on strategic real estate investments. 

Under the direction of founders Howard S. Banchik and Steven J. Fogel, the company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. 

In the process, Westwood Financial Corp. has earned a reputation and longevity that is unparalleled in the shopping center world. 

Westwood Financial Corp. continues this tradition today with a staff of more than 60 retail experts directing a portfolio of more than 115 shopping centers in 17 states and 26 metropolitan markets. 

Westwood Financial Corp. is fully integrated in asset management, property management, leasing and acquisition efforts from our Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.

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

RealtyTrac Ranks Best College Towns for Buying Rentals and Best College Towns for Flipping in 2014

 

IRVINE, CA -- RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.

  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.

Top 10 for buying rentals

The top 10 college towns for buying rental properties were ranked based on annual gross rental yield, which is the annualized rental income — using average fair market rents for the town from the U.S. Department of Housing and Urban Development —divided by the average of the median sales prices in the city during the first eight months of 2014.

With an average rental yield of nearly 14 percent, the city of Akron Ohio, home of the University of Akron, tops the list of top college towns for buying rental properties. Following closely is Trenton, N.J., home of Thomas Edison State College, with an average gross rental yield of 13.20 percent, Gainesville, Fla., home to the University of Florida, with an average gross rental yield of 11.34 percent.

 Top 10 for flipping

The top 10 college towns for flipping were ranked based on the average gross return on investment (ROI) percentage for single family homes flipped in the town during the first eight months of 2014. Not all college towns had sufficient sales, rental or flipping data to rank.

Topping the list of the best college towns for flipping is Minneapolis, Minn., home of the University of Minnesota, with an ROI for flipping of 65.59 percent. Close behind is Seattle, Wash., home of the University of Washington, with an ROI on flipping of 61.88 percent and Lincoln, Neb., home of the University of Nebraska, with an ROI on flipping of 55.01 percent.

Greg Smith

"Boulder shows strong rental rates with rents of $800 to $1,000 per bedroom close to campus and a vacancy rate of 1 percent," said Greg Smith, broker/owner of RE/MAX Alliance in Boulder, Colo. "Boulder investment properties are selling at an all-time high with many properties selling for cap rates of less than five percent."

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

Jennifer von Pohlmann

PR Manager

RealtyTrac

Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com

Marcus & Millichap Arranges Sale of 9,849-SF Net-Leased Property in Doral, FL for $4.65 Million

FedEx/AT&T Building, Doral, FL

DORAL, FL, Oct. 7, 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 FedEx / AT&T, a 9,849-square foot net-leased property located in Doral, Fla.

 The asset sold for $4,650,000.

Alex D. Zylberglait, a first 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 St. Pete Beach, Fla.  The buyer, a limited liability company from Aventura, Fla, was also secured and represented by Zylberglait.

Alex D. Zylberglait

“I’m seeing more local investors focus on assets in suburban locations. Many of these buyers prefer single-tenant properties with long-term leases; however, because of intense competition, low yields and a lack of listings, some investors are looking to small strip centers along major thoroughfares that are not management intensive,” says Zylberglait.

The 9,849-square foot building is situated on 1.6 acres and is leased to FedEx Office and AT&T Mobility under double-net terms with landlord responsible for roof and structure.

“This location serves the high-income residential community of Doral Park and Costa del Sol. The daytime employment population is very strong with many office parks east of the property as well as industrial parks to the west,” he adds.

Located along NW 41st Street, the area’s main retail corridor, the property is centrally located between the Palmetto Expressway and Florida’s Turnpike.  FedEx / AT&T is located at 10003/5 NW 41st Street in Doral, FL.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Lincoln Harris Brokers 15,213 Square Feet of Office Leases in Raleigh-Durham Area, North Carolina

Kaler Walker

 RALEIGH, N.C. (Oct. 7, 2014) — Lincoln Harris recently brokered three office leases in the Raleigh-Durham area totaling 15,213 square feet.

“The Raleigh-Durham office market continues to perform well, drawing tenants of all sizes and kinds,” said Kaler Walker, a vice president in Lincoln Harris’ Raleigh office. “We anticipate vacancy will continue to shrink in this market and across the Carolinas as a whole.” 

Details of the transactions are as follows:

·      Centralized Showing Service signed an 11,683-square-foot lease at Cedar East Building, a 40,029-square-foot property at 3101 Poplarwood Court in Raleigh. Walker represented the tenant, and Kathy Woodward of DDI Commercial represented the landlord, Cedar East & Cypress LLC.

·      Dickie, McCamey, & Chilcote PC signed a 2,000-square-foot lease at the Atrium, a 160,000-square-foot building at 2501 Blue Ridge Road in Raleigh. Walker and Matt Larson of Lincoln Harris represented the tenant in the transaction. The landlord, Blue Ridge Realty, was self-represented by Lisa Van Roekal.

Kathy Woodward

·      The Paragraph Project signed a 1,530-square-foot lease at a historic 4,682-square-foot office building at 322 E. Chapel Hill St. in downtown Durham. Walker represented the tenant in the transaction, and Ben Steel of Empire Properties represented the landlord, 322 Empire Alliance LLC.

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)

sursery@thewilbertgroup.com

Capital Square Realty Advisors Partners with CENTURY Parking Group, Acquires First Parking Portfolio in Downtown Chicago

Louis Rogers

CHICAGO, IL (Oct. 7, 2014) – Capital Square Realty Advisors, LLC announced today that it has formed a partnership with CENTURY Parking Group to acquire parking facilities.

 The partnership has acquired CSRA Chicago Parking I, DST, comprised of two parking garages in downtown Chicago. The facilities are 100 percent leased to Buddy’s Parking.

“We’re excited to add parking facilities to our platform through a trusted partnership. These parking garages are well-located within established and heavily trafficked districts of downtown Chicago that have high barriers to entry for new parking areas and facilities,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“The parking garages benefit from numerous major retailers, restaurants, office buildings, luxury hotels and condominiums that are on-site or within close walking distance of the property.” 

The first parking facility, 100 E. Walton St., is a seven-story valet parking garage that is part of a mixed-use development containing retail and office space, and 31 floors of individually owned condominiums.

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

julie@spotlightmarcom.com

REVA Development Partners Breaks Ground on Luxury Rental Community Northgate Crossing in Wheeling, IL

  

Rendering of planned Nosrthgate Crossing, Wheeling, IL

 CHICAGO, IL (Oct. 7, 2014) – Chicago-based REVA Development Partners announced it has broken ground on a 288-unit luxury rental community in north-suburban Wheeling, Ill., called Northgate Crossing.

REVA is partnering with Chicago-based Blue Vista Capital Management on the development.

Located at 250 Northgate Parkway, Northgate Crossing is part of the village’s Town Center district which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. 

Matt Nix

 The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre village-owned parcel.

“The village board has worked tirelessly on this exciting town center development area, and we’re very happy to be such an integral part of it,” said Matt Nix, principal of REVA Development.

“With such a wide variety of retail, office development, park space, and, of course, residences within walking distance of the Wheeling Metra station, the town center is sure to become a destination for people in the north suburbs to live, work and play.”

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

Vanessa Irving, virving@taylorjohnson.com, (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 www.kinziegroup.com.

www.revadevelopment.com.

HFF closes $32.8 million sale of retail power center in Destin, FL

Brad Peterson

ORLANDO, FL – HFF announced today that it has closed the sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power center in Destin, Florida.

               HFF marketed the property on behalf of the seller, Weingarten Realty Investors.  Stoltz Real Estate Partners’ fifth, U.S. diversified fund, which is currently investing capital, purchased the asset for $32.8 million free and clear of existing debt.

               The Shoppes at Paradise Isle is situated on 17.7 acres at 34940 Emerald Coast Parkway at the 17-lane intersection of US Highway 98 and Mid-Bay Bridge Road, the epicenter of the most dominant retail trade area between Pensacola and Panama City. 

Completed in 2005, the property is 89.7 percent leased and anchored by Best Buy, Big Lots, Michaels, PetSmart, Ulta and Office Depot.

               The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.

Whitaker Leonhardt

               “It is no exaggeration to say that the intersection of the Emerald Coast Parkway and the Mid-Bay Bridge is the best retail intersection in 40 miles,” Peterson said. 

“Destin’s economy is booming, and retailers are clamoring for the few remaining spaces that are available in the area.  Shoppes at Paradise Isle is one of the hallmark retail assets in the Florida Panhandle, so it is no surprise that it received very strong interest from the investment community.”

 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

www.weingarten.com.

Ardent To Manage Two New Manhattan Properties Affiliates with 1754 Properties, LLC

  

Si Sloman

 PHOENIX, AZ, Oct. 7, 2014—Officials of Ardent Hotel Management Company, a nationally recognized hotel management firm, today announced that the company has been engaged by a premier middle eastern investment company to manage two institutional, select-service hotels in Manhattan. 

            The newly built hotels, the 148-room Hampton Inn United Nations and the 135-room Holiday Inn Express Herald Square, are recent acquisitions in prime, mid-town locations that currently rank among the highest performing submarkets in the metropolis.

            The assignments come on the heels of 1754 Properties’ recent acquisition of an interest in Ardent. 1754 Properties, LLC, is an institutional investment and ownership company specializing in hotels properties in urban and infill resort areas.

            "We look forward to operating in Manhattan once again and leveraging the prior New York hotel experience of our principals to achieve maximum results for these two prime assets,” said Si Sloman, president of Ardent. “We will continue to grow our management services to institutional owners of urban 

hotels.”

Joe Smith

             “This transaction with a premier international investment group is representative of Ardent's capabilities and future growth potential,” said Joe Smith, founder of 1754 Properties.

            Opened in February 2013, the Hampton Inn United Nations is located between the United Nations and Grand Central Station, the city's transit hub, at 231 East 43rd St. 

Situated in a neighborhood of upscale residential towers and more than 35 million square feet of Class A office space, the area is home to such major corporations such as Pfizer, Mitsubishi, Wells Fargo, UNICEF and United Nations member nations. 

  The hotel offers a 24-hour business center, fitness center access, complimentary in-room internet service and Hampton's signature complimentary, hot breakfast daily.

            The Holiday Inn Express is located at 60 West 36th St. in the heart of the fashion district near Herald Square. 

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

Lauralee Dobbins/Chris Daly

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

NAI Realvest Team Negotiates 10 Central Fla. Industrial Leases in 30 Days totaling over 64,000 Square Feet

  

Kristen Kemp

ORLANDO, F --- NAI Realvest recently negotiated 10 industrial lease agreements throughout Central Florida during September totaling 64,041 square feet.   Michael Heidrich, a principal and associate Kristen Kemp negotiated the following transactions at the following locations:

Uncanny Fitness, LLC new tenant in 6,400 square feet at 957 N. Pennsylvania Ave. in Winter Park; representing local landlord WFI, LLP;

Distler Construction Co. of Sanford, new tenant in 2,100 square feet at 3875 S. Johns Parkway in Sanford where the local landlord represented is Instrument Specialties, Inc.;

1st Class Moving Storage  Inc., new tenant in 8,160 square feet at 8350 Parkline Blvd. in Orlando.  The landlord NAI Realvest represents is Columbus, Ohio based Parkline Properties, LLC;

True World Foods Orlando, LLC new tenant in 3,000 square feet at 5032 Forsyth Commerce Rd. representing Forsyth Central Commerce Park, LLC;

Michael Heidrich

Cat & I, LLC of Winter Garden new tenant in 5,600 square feet at 4981 Enterprise Drive, Kissimmee representing the Orlando-based landlord PSI, LLP;

Renewal lease to Garage Automotive Group Corp. for 2,206 square feet at Goldenrod CommerCenter, 1468 N. Goldenrod Rd. in Orlando representing landlord Goldenrod SPE, LLC.

Renewal/Expansion lease agreement with Tampa-based Global Food Concepts Inc. for Suites 1737 and 1757 on Business Center Lane totaling 2,700 square feet at Poinciana CommerCenter East in Kissimmee representing landlord Small Bay Partners LLC of Maitland;

Heidrich also brokered lease renewals with Hajoca Corp of Ardmore, Pa. for their 30,000 square feet at 2499 Mercy Drive in Orlando where the landlord is LB Sowell Corp of Brandon Fla.; 

Southern Custom Creations of Enterprise, Fla. for 2,000 square feet at 667 Progress Way where the landlord is Monroe South SPE, LLC of Orlando, and with Sundax Florida, Inc. for 1,875 square feet at Suite 180 of Carter CommerCenter, 890 Carter Rd. in Winter Garden. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

   

Gelt, Inc. Acquires 247-Unit Murray Ridge Apartment Property for $25.5 Million in Salt Lake City; Acquisition Marks Entry into Utah Market

Murray Ridge Apartments, Salt Lake City, UT

Los Angeles, CA– Marking its entry into the Utah market, Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Murray Ridge Apartments, a 247-unit apartment community in Salt Lake City, for $25.5 million.

Located at 4120 South 500 East, Murray Ridge Apartments includes 22 buildings and is situated on 10.36 acres. 

The property was developed in two phases with 103 units built in 1973 and 144 units built in 1977.

 Its on-site amenities include a fitness center, clubhouse, BBQ areas, business center and swimming pool.

Keith Wasserman

 “Salt Lake City is a very hot market that we have aggressively pursued over the past two years,” said Keith Wasserman, partner with Gelt, Inc. 

“We are pleased to acquire this prime property at significantly below replacement cost and at an excellent basis as very little product trades hands and many transactions occur off-market.”

The previous owners invested $3 million from 2007-2014 into Murray Ridge including asphalt resurfacing, interior upgrades to some units, renovations to the leasing office and clubhouse areas, and pool upgrades. 

Gelt plans to make additional capital improvements to some of the units, as well as upgrades to common areas and landscaping. 

Gelt was represented by Sage Sawyer and Jed Millburn of Equimark in the transaction. The same brokerage team represented the seller.

  

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

MHA Brokers Two Apartment Community Sales Totaling $27.7 Million in the Carolinas

  

Tides at Calabash apartments, Sunset Beach, NC

 CHARLOTTE, NC — Multi Housing Advisors (MHA) has brokered the $12.6 million sale of Tides at Calabash in Sunset Beach, North Carolina, and the $15.1 million sale of Cherry Grove Commons in North Myrtle Beach, South Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. Hamilton Point Investments LLC acquired both properties and did not use a broker. The two properties are approximately 15 miles apart.

Berkadia sold the 168-unit Tides at Calabash, located at 7112 Town Center Road. The property, built in 2011, includes a business center, fitness center, bocce ball court, pool, volleyball court, and grilling and picnic areas.

Marc Robinson

Aspen Square Management sold the 172-unit Cherry Grove Commons, located at 1100 David St. The property, built in 2001, includes a business center, fitness center, pool and laundry facility.

“We continue to see strong investor interest for Class A multifamily assets in the primary and secondary markets throughout the Carolinas,” McCarley said.

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)

sursery@thewilbertgroup.com