HFF secures $10 million financing for manufactured home community in Sacramento, CA

Meadowbrook Mobile Home Community, North Highlands area, Sacramento, CA

Zach Koucos

SAN DIEGO, CA – HFF announced it has secured $10 million in financing for Meadowbrook MHC, a 269-home site, all-age manufactured home community in the North Highlands area of Sacramento, California.

Working exclusively on behalf of Storz Management Company (SMC), HFF placed the 10-year, fixed-rate, 30-year amortization loan with Voya Investment Management.  HFF is servicing the loan, which will be used to retire existing debt and for capital reserves.

Meadowbrook MHC is situated on 33 acres at 5700 Antelope Road, adjacent to Interstate 80 and approximately 20 minutes northeast of downtown Sacramento.  

The landscaped property averages 8.15 home sites per acre and is 97.4 percent occupied.  

Community amenities include a main clubhouse equipped with a full kitchen, dining room, billiard room, playroom, library/study and living area in addition to two heated swimming pools, Jacuzzi spa, outdoor café tables with umbrellas, basketball and recreation court, RV/boat storage and dog park.

The HFF team representing the borrower was led by director Zach Koucos.  HFF worked directly with SMC’s CFO, Mark Weiner, and its president, Andy Carey, on the transaction.

“SMC’s team is a pleasure to work with, and we are grateful that they entrusted us with this assignment,” Koucos said.  “Voya provided a great loan and execution, an example of the attractive non-recourse life insurance company capital available in today’s market.”  

  

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

Las Vegas Strip Walgreens Hits the Market With an Expected Price in the Mid-$40 Million Range

  

Walgreens  on Las Vegas Strip, Las Vegas, NV

Ray Germain

LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive right to market for sale a net-leased Walgreens drugstore located on the world-famous Las Vegas Strip.

 The price is open bid, however, the net-leased commercial real estate investment specialists involved expect the asset to trade in the mid-$40 million range.

            The store is situated on a 1.61-acre parcel on the signalized corner of Las Vegas Boulevard and Convention Center Drive directly across the street from Las Vegas’s next mega-resort, Resorts World Las Vegas.

 The drugstore operates 24 hours a day, holds a full liquor license, sells fresh foods and features a W Café, which provides patrons with bistro-style fare, coffee and beverages. The store also has an 86-space off-street parking lot.

Lior Regenstreif

Ray Germain, an associate director of Marcus & Millichap’s National Retail Group in Las Vegas, Lior Regenstreif, first vice president investments in the firm’s Encino office, Dean Zang, first vice president investments in Washington, D.C. and Mark Taylor, first vice president investments in Philadelphia, are representing the ownership, a joint venture that includes Harbor Group International.

            “This Walgreens has substantial lease term remaining, phenomenal store sales, and we see tremendous appetite from domestic and foreign capital today for larger, trophy net-lease opportunities,” says Zang.

            “Walgreens will be subject to future rental increases that are extremely rare with this type of investment, and when coupled with the 24/7 nature of this exceptional location, we believe coastal markets buyers will gladly pay a comparable cap rate in ‘Sin City,’” adds Germain.

            The net-leased asset is located at 3025 S. Las Vegas Blvd. less than a quarter-mile north of the Encore at Wynn Las Vegas and in the midst of a significant amount of new hospitality development.

Dean Zang

The location serves as the closest pharmacy for visitors to the Las Vegas Convention Center and is on the most direct route to and from the Las Vegas Strip. 

Conventions drive approximately $7.4 billion in economic activity in Las Vegas and the greater Las Vegas metropolitan area attracts nearly 40 million visitors per year.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Brokers Sale of 1800 Broadway in San Antonio’s Lower Broadway Corridor.

1800 Broadway, Downtown San Antonio, TX

Will Balthrope

SAN ANTONIO, 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 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. 

The terms of the sale were not released.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the developer, Criterion Property Company, LP of Dallas and Boston, and its equity partner, Cypress Real Estate Advisors of Austin.  The property was professionally managed by Greystar Real Estate Partners.

The buyer is Churchill Forge Properties, a Boston-based firm. One of Churchill Forge Properties’ owners, Paul Resnek, is based in San Antonio.

            “This premier multifamily commercial real estate investment asset is at the epicenter of growth near the Pearl Brewery in the emerging Lower Broadway Corridor, a submarket that shows promising strong future rent growth as it continues to draw residents at a record pace,” says Balthrope. 

Drew Kile

“This is the first multifamily asset in this submarket to sell, and it sets a great standard for all high-end multifamily assets in the San Antonio market.”

            “Compared to other Texas urban infill submarkets, the Lower Broadway Corridor is in the infancy of its growth,” Balthrope continues.

 “Strong existing demand, demonstrated by record lease-ups, will continue as more office, retail and entertainment options are added.  

"The area is emerging as a location of great interest to renters and investors, much as Uptown Dallas and Galleria Houston evolved,” Balthrope concludes.

           1800 Broadway is on the corner of Broadway and Grayson streets directly across the street from the large mixed-use Pearl Brewery development, home of the Culinary Institute of America, many high-end retailers and 14 award-winning restaurants.

 Multiple on- and off-ramps for U.S. Route 281 and Interstate 35 are nearby and the world-famous San Antonio River Walk, featuring a hike/bike trail and riverboat shuttles that run throughout downtown San Antonio, is two blocks away.  There are more than 119,000 jobs—55 percent more than in any other San Antonio location—within a three-mile radius of the property.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Represents Purchaser of 140-Unit Central Boulder, CO Apartment Community

Jacob Steele

 BOULDER, CO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastpointe Apartments, a 140-unit multifamily community in Boulder, Colo. 

The $18 million sales price equates to $128,571 per unit.

Built in 1974, the property is situated on seven acres at 1500-1590 Eisenhower Drive in

Boulder, Colo., across the street from the newly developed Foothills Community Hospital and within proximity of other major area employers such as the University of Colorado Research Park.

            Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, represented the buyer, Apartment Investment and Management Company (AIMCO).

Nick Steele

            “Eastpointe Apartments is a very well-situated asset in central Boulder within walking distance of major Boulder employment centers,” says Jacob Steele. 

“The property represents a rare value-add opportunity in Boulder, one of Colorado’s strongest rental markets.”

               Eastpointe Apartments is a garden-style community with quiet, well-groomed grounds, a pool, volleyball and tennis courts, a playground and laundry facilities. The unit mix features one-, two- and three-bedroom apartments with balconies and patios

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Capital Markets Arranges $34.08 Million Refinancing in Aurora, CO

  

Anita Paryani

 AURORA, CO – Institutional Property Advisors Capital Markets (IPACM), a leading provider of debt and equity placements and advisory solutions for major investors, has arranged $34,080,000 in refinancing for a 454-unit multifamily investment property in Aurora, Colo.

            Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt.

            “An IPA Capital client for more than 10 years, the property owner was confident we could take advantage of the low interest rate environment and maximize the leverage they needed to cash out money from the asset they have owned and created value in for nearly 20 years,” says Roberts.

“This required a solid appraisal and a lender who would go to 80 percent loan to value on a refinance,” adds Paryani.

 “IPA identified a lender who was willing to push the LTV to the necessary level and meet our client’s financial goals.”

Jake Roberts

The debt is structured with a seven-year term amortized over 30 years with a fixed 3.88 percent interest rate with a few years of interest only.

The 398,040-square-foot property was built in 1981 and renovated in 2000 and 2003.

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

Gina Relva

Public Relations Manager

(925) 953-1716