Sunday, May 17, 2015

Stepp Commercial Completes $3 Million Sale of 20-Unit Apartment Property in Long Beach, CA

Cerritos Apartments, 765 Cerritos Avenue, Downtown Long Beach, CA
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a 20-unit property located at 765 Cerritos Avenue in Downtown Long Beach. 

Robert Stepp
Robert Stepp, principal with Stepp Commercial, represented the seller, Pacific Palisades, Calif.-based 765 Cerritos LLC, as well as the buyer, a private investor from Egypt. The property closed at a 5.81 percent cap rate.

Built in 1963 the property offers a central courtyard and includes two, three-bedroom units; 14, two-bedroom units; and four, one-bedroom units with sizes ranging from 670 square feet to 1,100 square feet. 

All the units were recently renovated to include custom cabinetry, granite countertops in the kitchen and bathroom, and ceramic tile flooring.

The seller had just completed a major renovation of every unit in the property when he approached Stepp Commercial about listing it. 

Having taken out a renovation loan from the City of Long Beach, rents on several units were frozen for the next 24 months. He was concerned about finding a suitable buyer willing to take on the property with the rent restrictions.

“We assured the seller that we would be able to find a buyer who understood the rental situation,” said Stepp. “We identified a buyer after just two weeks of marketing the property and were able to secure a price very close to the asking price. Newly renovated, well-located properties such as this one are in high demand.”

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

Darcie Giacchetto

Construction of The Altman Companies’ Altís at Highland Park Nears Completion in Tampa, FL

Joel Altman
TAMPA, FL – The Altman Companies, a nationally recognized developer of luxury apartment communities, announces that construction of its luxury, mixed-use garden-style apartment community Altís at Highland Park is nearing completion.

 There continues to be strong demand for the 239 apartments, located in Tampa’s highly desirable Westchase neighborhood at 11571 Fountainhead Drive.

“When our residents live in Altís at Highland Park, everyday experiences become extraordinary moments,” said Joel Altman, chairman of The Altman Companies. “At The Altman Companies, we strive to offer our residents exceptional living experiences. The luxurious Westchase lifestyle they deserve is waiting for them at Highland Park.”

Rendering of Planned Altis at Highland Park Apartments
11571 Fountainhead Drive, Westchase Neighborhood,
Tampa, FL

In addition to Altís at Highland Park, The Altman Companies has another apartment community in Tampa called Altís at Grand Cypress, a 304-unit luxury community, located at 1901 Cypress Preserve Drive. 

There are also plans for two additional apartment communities in the works.

For leasing information on Altís at Highland Park, please call (888) 318-0346 or visit http://Altí

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

Ashley Fierman,

(954) 370-8999

Lincoln Harris and Chartwell Property Group Acquire 19.55 Acres of Land for 71,000-Square-Foot Retail Development in Southern Pines, North Carolina

David Connor
RALEIGH, N.C. (May 15, 2015) — A joint venture between Lincoln Harris and Chartwell Property Group has acquired 19.55 acres in Southern Pines, North Carolina, to develop Morganton Park South, a 71,000-square-foot retail center at 2482 Morganton Road. 

Completion of the center is slated for the summer of 2016.

Morganton Park South is uniquely positioned to serve Southern Pines, Pinehurst and Aberdeen. 

Part of the 188-acre Morganton Park master-planned community, Morganton Park South will be the first phase of development on the south side of Morganton Road. 

Morganton Park South is adjacent to established retailers including Kohl’s, ULTA, Hobby Lobby and the Sandhills Stadium 10 movie theater. 

“With a fantastic location convenient to downtown Southern Pines and Pinehurst, and with more than 16,000 vehicles passing by each day, we believe Morganton Park South will be very successful,” says David Connor of Lincoln Harris.

“We anticipate the available space will lease quickly to high-quality tenants. We are excited to have Lowes Foods anchor the project, especially given their recent rebranding campaign. Their new store concept provides an enjoyable shopping experience on par with, if not better than, any grocer operating in the Carolinas today.”

A 50,000-square-foot Lowes Foods will anchor Morganton Park South, with an additional 21,000 square feet available for other tenants. Three outparcels are available as well.

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

Stephen Ursery
The Wilbert Group

Multi Housing Advisors Names Brett Kingman to Head New Office in Nashville,TN

Brett Kingman
NASHVILLE, TN — After years of spectacular growth throughout the entire Southeast, Multi Housing Advisors (MHA) has opened a new office in Nashville, a move that further cements MHA’s standing as the premier apartment investment sales brokerage firm in the region.

Brett Kingman, who has been a senior director for MHA for nearly four years and who has an extensive track record of success in Tennessee, will head the office.

“We’re excited to be opening an office in Nashville, particularly during such an extraordinary time of growth for the city and region,” Kingman said.

“With Nashville’s continued population and job growth, favorable economic conditions and strong rental market fundamentals, we believe the region will be a highly desirable investment market for years to come.”

“We look forward to delivering the same level of service and local market knowledge our clients have to come to equate with MHA to new and existing clients throughout the state of Tennessee,” Kingman added. “We also want to thank those clients, business partners and colleagues that have been a part of our success in the region to date.”

The Nashville office is located at 3102 West End Avenue, Suite 400.

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)