$26.25 million sale of Denver, CO multi-housing community closed by HFF

Jordan Robbins

 DENVER, CO – HFF announced it has closed the $26.25 million sale of Rockledge Bear Valley, a 230-unit, garden-style multi-housing community in Denver.

                HFF marketed the property on behalf of the seller, a joint venture between ColRich Multifamily and Harbert Management Corporation.  Jackson Square Properties purchased the asset for $26.25 million free and clear of existing debt.

                Rockledge Bear Valley is located at 3550 South Kendall Street in southwest Denver on the border of Lakewood and Jefferson Counties. 

Partially renovated between 2012 and 2014, the 96-percent leased property includes 10 three-story buildings with one- and two-bedroom units averaging 808 square feet each. 

Community amenities include a resort-style swimming pool, bocce ball court, outdoor grilling areas, state-of-the-art fitness center, dog park, clubhouse and business center.

Jeffrey Haag

                The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.

                “ColRich/Harbert completed significant exterior and interior upgrades to the property giving it a competitive advantage within the submarket yielding incredible income growth throughout the last year.

“This was a highly sought-after property, but Jackson Square was the perfect buyer as it fits well within the company’s current portfolio and they will be able to continue the interior renovations to generate additional yield,” said Robbins.

ColRich Multifamily is a private, family run, residential real estate development and investment firm.  The company currently manages a portfolio of approximately 9,500 units in the western United States.  

Leveraging upon its construction expertise, ColRich Multifamily primarily invests in the value-add spectrum, with a heavy emphasis on value creation through either extensive renovations and repairs or ground up development. 

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

New Affordable Housing Community Opens in Cambridge, MN

                                                                               

Michael Gaber

 CAMBRIDGE, MN – WNC, a national investor in real estate and community development initiatives, announced the completion of Heritage Townhomes, a 24-unit affordable housing community in Cambridge, Minn. 

WNC provided $2.9 million in low-income housing tax credit (LIHTC) equity to fund the project.

Located at 1503 South Fern St., Heritage Townhomes consists of a mix of one-, two- and three-bedroom units split amongst six buildings. 

The apartments are designed as single-story garden style or two-story townhouse units, each including an attached garage and driveway. The property includes a community gazebo and children’s playground.

“We couldn’t be more pleased to deliver an additional affordable housing option to the families of Cambridge,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“Heritage Townhomes is well-located in the Cambridge community, situated less than one mile from three schools that provide families with education from kindergarten through 12th grade. The property is also within a short walk to a recreational park and a variety of trails at the nearby Wood Duck Preserve.”

Heritage Townhomes was developed by MetroPlains LLC. Robert McCready served as the project developer.

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

$7 Million Sale of Millennium Pointe in Orlando, FL Arranged by Marcus & Millichap

Still Hunter III

ORLANDO, 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 Millennium Pointe, a 200-unit apartment property located in Orlando, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,000,000.

Still Hunter, III and Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate in Marcus & Millichap’s Tampa office, represented the seller, Paul Beaullieu, a private investor from Lafayette, LA and the buyer, a limited liability company from Ormond Beach, Fla.  

“Investor demand for Orlando multi-family assets remains keen, with well-priced assets typically generating multiple offers when brought to market.  

Evan P. Kristol

"We received remarkable interest on this opportunity to acquire a stabilized asset centrally located near Orlando’s major employment centers.  Millennium Pointe also has the largest floor plans in the submarket and recently underwent significant renovations,” says Donaldson.

Millennium Pointe is a 200-unit garden-style apartment community consisting of six two-story buildings.  The unit mix includes 60 one bedroom/one bathroom units, 110 two bedroom/one-and-one-half bathroom townhome units and 30 three bedroom/two-and-one-half bathroom townhome units.

Ideally situated just off South Rio Grande Avenue and less than one mile from South Orange Blossom Trail, two of the area’s major retail corridors, Millennium Pointe’s central location is convenient to transportation and employment. The property is located at 4255 Barwood Drive in Orlando, FL.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $625,000 Sale of West Bay Apartments in Tampa, FL

West Bay Apartments, 705 West Bay Street
South Tampa, FL

TAMPA, 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 West Bay Apartments, an 11-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $625,000.

Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

West Bay Apartments is a “turn-of-the-century,” early 1900s vintage converted apartment community located at 705 West Bay Street in South Tampa’s Hyde Park submarket, which is one of the most desirable in the Tampa Bay region. 

Ari Ravi

The property consists of four studio apartments and seven, one-bedroom/one-bathroom apartments of varying sizes.  Tenants enjoy off-street parking and access to the laundry facility at a neighboring property.

This high barriers-to-entry submarket is a haven for young professionals, and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District.    There are also plenty of shopping, dining and entertainment destinations along South Howard Avenue and Bayshore Boulevard. 

“West Bay was a value-add offering located in a Class A, Hyde Park (South Tampa) location,” says Ravi.

 “The buyer, through our in-house mortgage brokerage division, was able to secure acquisition financing, plus an additional $100,000 for immediate repairs which should allow him to improve the overall appearance, upgrade the units and in turn raise the rents,” concludes Ravi.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

$5 Million Sale of Tanglewood Apartments in Tallahassee, FL Brokered by Marcus & Millichap

Michael P. Regan

TALLAHASSEE, 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 Tanglewood Apartments, a 112-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $5,250,000 sales price equates to $46,875 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Tanglewood Apartments were built in 1974 and are situated on approximately 8.87 acres of land at 1600 Pullen Road in Tallahassee, Florida. 

The property consists of 15 two-story residential buildings and an additional one-story building that serves as a leasing office, clubhouse and fitness center. 

Francesco P. Carriera

The residential buildings are a mix of one and two-bedroom/two bath units with central heating and air-conditioning. 

Amenities of the property include stackable washer and dryer appliances in all units, fitness center, car care center, dog walk area, clubhouse with a full kitchen, business center, billiards room and a sparkling swimming pool.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Nine-Unit Apartment Building in St. Petersburg, FL for $885,000

Liv @ Villa Serena Apartments, Beach Drive, Old Northeast submarket, St. Petersburg, FL

 ST. PETERSBURG, 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 Liv @ Villa Serena Apartments, a nine-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $885,000.

Casey Babb

Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Liv @ Villa Serena Apartments is a Class “B” apartment building located on Beach Drive in St. Petersburg’s historic ‘Old Northeast’ submarket. 

The property consists of a single, three-story building on an oversized corner lot, built with masonry construction on an elevated pier foundation with a flat, built-up wood truss roof system, which was replaced in 2012. 

The building consists of eight large one-bedroom/one-bath units and a studio apartment, as well as an on-site laundry facility, resident storage units, a utility room and a building maintenance storage area. 

Community amenities include bike storage, common area laundry facilities, a shaded outdoor lounge with a brick paved patio deck, barbecue grilling stations and outdoor lounge furniture under a new wood pergola.

Ari Ravi

“Liv @ Villa Serena received a lot of attention from investors due to the ‘Class A’ location in the Old Northeast area of St. Petersburg, and we conducted no less than 20 property tours during the marketing campaign,” says Babb.

 “The buyer comes from Los Angeles, California and was attracted to the downtown St. Petersburg area as a whole, as well as the upside potential and in-place yields at the property relative to those in California, which are much lower,” concludes Babb.

  

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

CBRE Orlando Lists Wickham Commons Office Building for Sale in Melbourne, FL

ORLANDO, FL -- CBRE, Inc. is the exclusive marketing broker for Wickham Commons, a six building offering located in Melbourne Florida. Excellent access to Interstate-95, strong occupancy and high quality nearby amenities make Wickham Commons an attractive investment.

 Investment Highlights • Credit tenants include Walgreens, Bank of America Merrill Lynch, and Brevard Community College.

Ronald J. Rogg

• NNN lease structure provides ownership a hedge against operating expense increases.

 • Brevard County office vacancy rate is only 10.4% as of 2Q 2014 (CoStar Office Market Report).

 • Well positioned to take advantage of Northrop Grumman expansion and Embraer building its second assembly plant.

• Significant upside in lease up of vacant space.

• NOI projected to grow 46% over the next 5 years.

• Strong in-place income unencumbered by debt.

• Superior location and excellent access to Interstate-95.

• Lack of available land and rising labor and construction costs creates a barrier to entry resulting in an excellent in-fill site.

• Approximately 60 minutes from Orlando International Airport.

• Can be acquired at well below replacement cost.

• Diversified nearby amenities including restaurants, shopping, personal services and recreation

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

Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

Plaza Advisors Brokers Shopping Center Sale in New Port Richey, FL

Pasco Square Shopping Center, New Port Richey, FL

TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Pasco Square Shopping Center located in New Port Richey, Florida. 

The grocery anchored shopping center is situated at the intersection of SR 54 and Rowan Road and totals 135,421 square feet of gross leasable area.

The major tenants include Beall’s Outlet, Dollar General Market, Badcock Home Furnishings and Dollar Tree. Other notable tenants include: GNC, Radio Shack, The UPS Store and Subway. The property was 90% leased at the time of sale.

Jim Michalak

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transaction. No other brokers were involved in the sale. The seller and buyer were Phillips Edison and Company, and Isram Acquisition Corp., respectively. 

“This asset was constructed in 1986 and has consistently reported an above market historical occupancy rate” Mike Cvetetic stated. “From a competitive standpoint Pasco Square has always effectively competed for tenants due to the aggressive rent structure the owner is able to offer” Cvetetic emphasized.

Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed twelve centers since December 2013. Those closings included: six Winn Dixie, three Publix and one Dollar General Market anchored assets.

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

Jim Michalak

Managing Partner

Plaza Advisors

3412 Bay To Bay Boulevard

Tampa, FL 33629

813.837.1300 Ext. 101

Fax 831.2627

jim.michalak@plazadvisors.com

www.plazadvisors.com