RealtyTrac Finds Best and Worst Markets for Low Down Payment Buyer Affordability and Accessibility

Michael Mahon

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released a joint analysis with Down Payment Resource which examined affordability, median income, median home price and homeownership program availability in 370 U.S. counties with a population of at least 100,000 and where sufficient data was available and then ranked each county based on its affordability and accessibility for low down payment buyers such as first-time homebuyers and boomerang buyers.

Of the counties analyzed the top five highest for affordability and accessibility for low down payment buyers included Ashtabula, Ohio, Imperial, California in the El Centro metro area, Hernando, Florida in the Tampa metro area, Clayton, Georgia in the Atlanta metro area and Lackawanna, Pennsylvania in the Scranton metro area.

Other markets within the top 25 for affordability and accessibility score for low down payment borrowers included counties in Northern New Jersey, Pittsburgh and Allentown, Pennsylvania, Dayton, Ohio and Pensacola, Florida.

“The Ohio markets continue to provide affordable housing benefits for many boomerang and first time buyers. The region’s stability in price, and growth in jobs across the state, provides greater access for buyers to take advantage of lower down payment opportunities, as well as an increasing available inventory in new and existing communities,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio.

“Unlike many market across the country, Ohio has remained at an affordable median housing price that enables many first time buyers and boomerang buyers to realize their dreams of homeownership.”

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

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

 Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

$14.2 Million Buys Net-Leased Asset in Washington, DC

705 Edgewood Street NE. Washington, DC

Robert J. Filley

WASHINGTON, DC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of 705 Edgewood Street NE, a 72,209-square-foot, two-story commercial building in Washington, D.C. The asset sold for $14,200,000.

Robert J. Filley, a senior director of Marcus & Millichap’s National Office and Industrial Properties Group, Josh Feldman, associate vice president investments, and associate Benjamin W. Wilson, all in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, 705 Edgewood Associates LLC.

The property was purchased by an affiliate of Mosaic Realty Partners.

“The building’s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode Island Avenue shopping center, which is on the building’s south border, drove demand for this net-leased asset,” says Filley. 

Situated on a 1.48-acre parcel, the building was 65 percent occupied by the William E. Doar, Jr. Public Charter School for the Performing Arts at the time of the sale. There is 25,374 square feet of additional industrial/flex space available for lease.

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

Gina Relva, Public Relations Manager

(925) 953-1716

384-Unit Apartment Complex in Kansas City, MO Sold by Marcus & Millichap

Whispering Lake Apartments, metro Kansas City, MO

Brett Meinzer

KANSAS CITY, MO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Whispering Lake Apartments, a 384-unit multifamily complex in Kansas City, Mo. The terms of the sale were not released.

            Brett Meinzer, associate, Michael Sullivan, senior associate and Grant Kollman, associate, all in Marcus & Millichap’s Kansas City, Kan. office, along with Alex Blagojevich, vice president investments in Tampa, and David Gaines, vice president investments in Chicago Downtown, represented the seller, Baltimore-based MMA Capital Management.

The buyer is L5 Investments, based in El Dorado Hills, Calif. At the time of sale, Will Holman, senior associate in St. Louis, Mo., was Marcus & Millichap’s broker of record in Missouri. Brett Chetek, senior director of Marcus & Millichap’s National Retail Group in St. Louis, Mo., is the firm’s broker of record in Missouri.

Grant Kollman

“L5 Investments has budgeted for a $1.7 million rehab program that includes a complete remodel of the leasing center, business center, fitness center and model unit, added amenity areas, improved landscaping and interior upgrades,” says Meinzer.

“We procured 138 registered bidders, received 18 initial offers and 11 best and final offers, four of which contained immediate nonrefundable deposits,” adds Gaines. “We closed at a 5.43 percent cap rate based on the trailing 12 months’ net operating income.”

Built in 1989, Whispering Lake Apartments is located approximately 10 miles southeast of Kansas City’s downtown area near interstates 70 and 435. The property consists of 17, three-story buildings and features one- and two-bedroom units that average 767 square feet.  

   

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

Gina Relva, Public Relations Manager

(925) 953-1716

San Fernando Valley, CA Apartment Complex Sells for $16.5 Million

Vista Modern Apartments,  4632-4646 Vista Del Monte Avenue,  San Fernando Valley
 Sherman Oaks, CA

LOS ANGELES, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Vista Modern, a four-story, 34-unit apartment complex in Sherman Oaks, Calif.

 The $16,510,000 sales price equates to $485,588 per unit.

Jeff Louks

            Jeff Louks, senior vice president investments, and Janette Monfared, senior associate, both in Marcus & Millichap’s Encino office, represented the seller and procured the buyer, a Japanese construction company.

            “Vista Modern is a new apartment building located near Ventura Boulevard,” says Monfared. “Our unique investment property sales platform produced a winning all-cash offer for the asset followed by a three-week close.”

“As once-robust economies in Asia cool, some Eastern investors seek to diversify their portfolios with multifamily investment offerings in prime Los Angeles locations,” adds Louks.

Built in 2014 just west of Van Nuys Boulevard at 4632-4646 Vista Del Monte Ave. in Sherman Oaks, the apartment complex is close to public transportation, freeway access and shopping and entertainment outlets along Ventura Boulevard. A Gelson’s supermarket is close by and the Sherman Oaks Galleria is a short distance away.

Apartments at Vista Modern feature dark laminate wood floors, quartz countertops, stone backsplashes, imported Italian cabinetry, large balconies, recessed lighting, washers and dryers, nine-foot ceilings on floors one through three and 12-foot ceilings on the fourth floor.

Community amenities include a full fitness center, an extra-large rooftop patio with lounge chairs, 68 subterranean parking spaces, and a full security system.

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

Gina Relva, Public Relations Manager

(925) 953-1716

$23 Million Buys Suburban Chicago Apartment Complex

Riverwood Apartment Homes, 3649 173rd Court, Lansing, IL

LANSING, IL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Riverwood Apartment Homes, a 354-unit apartment complex in Lansing, Ill. The $23 million sales price equates to $65,000 per unit.

Eric Bell

            Eric Bell, senior vice president investments in Marcus & Millichap’s Chicago O’Hare office, represented the seller and procured the buyer, who was required to assume existing debt.

            “The property has received numerous capital improvements within the last seven years, and in the last nine years, 96 units have been renovated,” comments Bell. 

“With the renovated buildings showing stronger occupancy and higher average rents, the new owner is well positioned to continue the renovation program and further enhance value.”

            Built in 1974 at 3649 173rd Court in Lansing, the apartment complex is less than one mile from interstates 80, 94 and 294, and approximately 30 miles south of downtown Chicago.

The property is served by Pace, the Chicago metropolitan area’s suburban bus division, South Shore commuter trains in nearby Hegewisch, and Metra commuter rail trains in Homewood. Lansing also has its own municipal airport.

            Riverwood Apartment Homes is composed of six, 48-unit, elevator mid-rise buildings and three two-story buildings totaling 66 units.

The average unit size is 907 square feet. Apartments feature electric baseboard heat and sleeve air conditioning, full appliance packages, private patios or balconies, custom vertical blinds and individual intercoms.

Shared amenities include a clubhouse with party room, a large outdoor pool with sun deck, a fitness center, basketball court, sport court, dog walk area, on-site laundry and on-site storage.

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

Gina Relva, Public Relations Manager

(925) 953-1716

IMC Properties Buys Tamiami East Shopping Center in Miami, FL for $15.9 Million

Tamiami EAst Shopping Center, 14180 Tamiami Trail, Miami, FL

Kirk D. Olson

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Tamiami East, a 54,864-square-foot shopping center located at 14180 Tamiami Trail in Miami. The center is anchored by a 45,000-square-foot LA Fitness.

            North Miami-based IMC Properties, led by President Yoram Izhak, through one of its affiliates, paid $15.9 million for the asset.

“We completed the transaction with only 10 days due diligence and went hard with a substantial deposit,” says Izhak. “The acquisition is a natural progression for us as we own the property next door. The purchase also satisfies the requirements of our 1031 exchange.”

            “Year-to-date, IMC has purchased approximately $90 million in commercial properties,” adds Izhak. “However, the market is changing and as the economy recovers we will see a rise in interest rates, which in turn will cause capitalization rates to increase.”

Brian Munn

Kirk D. Olson and Drew A. Kristol, both vice presidents investments in Marcus & Millichap’s Miami office, along with James “Chris” Rea, senior vice president investments, and Brian Munn, vice president investments the firm’s Atlanta office, secured the acquisition for IMC Properties and represented the seller, a North Carolina-based LLC. 

An $11.5 million loan for the purchase was arranged by SunTrust Bank.

 “Tamiami East is a fully occupied shopping center with a strong anchor tenant and a good mix of small shop tenants with excellent exposure to heavily travelled SW 8th Street in western Miami-Dade County,” says Olson.

 “We generated more than 10 offers on the property in a relatively short amount of time, which demonstrates the demand and continued growth of this retail submarket.”

            LA Fitness occupies 82 percent of the center. Other tenants include CPR Cellphone Repair, GameStop and Pollo Tropical.

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

Gina Relva, Public Relations Manager

(925) 953-1716

New York City Walgreens Sells for $15.68 Million in Deal Brokered by Marcus & Millichap

Walgreens,  Guy R. Brewer Boulevard, Queens, New York City, NY

 

Steven Siegel

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a freestanding, 10,500-square-foot Walgreens drugstore in the New York City borough of Queens.

The $15,684,000 sales price equates to $1,494 per square foot.

            

Steven Siegel and Michael Kook in Marcus & Millichap’s Manhattan office represented the seller and procured the buyer.

            

“The property is a dominant drugstore in a densely populated trade area,” says Siegel. “The store’s location and sales volume drew interested buyers from throughout the net-leased property investment community.”

Built in 2010, this Walgreens drugstore is located on a 0.71-acre parcel on Guy R. Brewer Boulevard in Queens. More than 10,000 people live within a half-mile radius of the store and there are over 40,000 people within a one-mile radius.

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

Gina Relva, Public Relations Manager

(925) 953-1716

HFF secures $18.5 million refinancing for Class A office building in Iselin, NJ

Centra, 100 Wood Avenue South, Metropark section, Woodbridge, NJ

 

Michael Klein

FLORHAM PARK, NJ  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured an $18.5 million refinancing for Centra, a 110,700-square-foot, Class A office building in the Metropark section of Woodbridge, New Jersey.

Working on behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF placed in November of 2010 for the redevelopment of the property.

Centra is located at 100 Wood Avenue South close to the Metropark Train Station and directly accessible from the Garden State Parkway Exits 131 and 132, which are located just north of the confluence of the NJ Turnpike, Interstate 287, Route 440 and Routes 1 & 9, and approximately  20 miles southwest of New York City. 

Completed in late 2011, the property is now 95 percent leased.  Key tenants include JP Morgan Chase, MetLife, Grant Thornton and Net App.  The four-story, LEED Platinum building features a conference center, fitness center and café.

The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.

Jon Mikula

“When we began marketing the debt, the building was still in lease up at 66 percent occupancy,” said Klein.  

“That quickly changed as JP Morgan Chase and MetLife executed leases taking the building’s occupancy to 95+ percent, further demonstrating the strength of this location and the quality of the asset.”

“M&T Bank was flexible throughout the process and flawlessly executed for the borrower as the deal evolved,” added Mikula. 

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

rmurphy@hfflp.com

http://www.hampshireco.com.

$45 million financing for garden apartment community in Denver, CO secured by HFF

The Parc at Cherry Creek Apartments, 7555 East Warren Drive, Southeast Denver, CO

Josh Simon

DENVER, CO  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $45 million in financing for The Parc at Cherry Creek, a 408-unit, garden-style apartment community in Denver, Colorado.

HFF worked on behalf of PCC Partners LLC and Iron River Management, LLC to secure the 10-year, 3.89-percent, fixed-rate loan with five years interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

The Parc at Cherry Creek offers three floor plans ranging from 782 to 1,089 square feet.  Community amenities include a 24-hour fitness center, pool and spa, gas grills in the pool area, tennis and basketball courts, sand volleyball court, DVD library,clubhouse, detached garages, gas fire pit and internet café with Wi-Fi.

 Situated on almost 20 acres at 7555 East Warren Drive in southeast Denver, the community is within walking distance to retail shops, restaurants and Cherry Creek Country Club about 7.4 miles from downtown Denver.

Kristian Lichtenfels

The HFF debt placement team representing the borrower was led by managing director Josh Simon and real estate analyst Kristian Lichtenfels.

“Given that we are witnessing the sunset of the currently favorable interest rate environment, it’s smart business for our team to make this move,” said Jonathan Ringham, manager of PCC Partners, LLC and president of Iron River Management, LLC.

  “Locking in this low rate for the next decade provides enormous flexibility in our future operations.  HFF was instrumental to us as a partner in getting this deal done from beginning to end.”

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

rmurphy@hfflp.com

HFF arranges $65.5 million refinancing for Bassett Place in El Paso, TX

Bassett Place, 6101 West Gateway, El Paso, TX

 

Trey Morsbach

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $65.5 million refinancing for Bassett Place, a 595,399-square-foot regional mall in El Paso, Texas.

HFF worked on behalf of the borrower, Cypress Equities, to secure the 10-year, fixed-rate loan with Goldman Sachs Mortgage Company. 

HFF is servicing the securitized loan, which will be used to pay off existing debt and fund food court renovations and the new Dave & Buster’s addition.

With more than 17.9 million visitors annually, Bassett Place is one of El Paso’s most popular shopping destinations.

 Currently, the mall’s 595,399 square feet is home to seven anchor tenants, including Target, Kohl’s, Marshalls, Ross Dress for Less, Office Depot, Conn’s and Premiere Cinemas IMAX; five restaurants and 41 shop tenants including Victoria’s Secret, David’s Bridal, Shoe Carnival, Rue 21, GameStop, Zales and Finish Line. 

With the addition of Dave & Buster’s as the eighth anchor tenant, the mall will expand to 606,717 square feet when completed in January 2016 and be 96.3 percent leased. 

Bill Fishel

Situated on 44 acres at 6101 West Gateway where it intersects with Geronimo Drive at Interstate 10, the mall is 2.4 miles from Fort Bliss, the second largest military base in the U.S. and home to more than 73,000 soldiers and family members, and 6.2 miles from the Bridge of the Americas border crossing connecting El Paso to Ciudad Juarez, Mexico.

The HFF team representing the borrower was led by senior managing director Trey Morsbach, director Bill Fishel and real estate analyst DJ Meagher.

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

rmurphy@hfflp.com

www.cypressequities.com