RealtyTrac Reports Flipped Homes Fall to 4.5 Percent of all Single Family Sales in Second Quarter

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q2 2015 U.S. Home Flipping Report, which shows that 30,013 single family homes were flipped — sold as part of an arms-length sale for the second time within a 12-month period — in the second quarter, 4.5 percent of all single family home sales during the quarter.

Highlights of the report:

·              Home flipping as a share of sales declined to 4.5 percent of all sales in Q2, but the average flipping returns (gross ROI) increased to 35.9 percent ($70,696 gross profit).

·              Fewer foreclosure deals are available to flippers, with former foreclosures representing just 41 percent of all homes flipped in Q2, a 7.5-year low.

·              Flippers are taking longer to rehab, list and sell their product, with Q2 completed flips taking an average of nearly six months (179 days), an eight-year high.

·              There were 211 zip codes where flips sold for $1 million dollars or more on average

·              Most profitable zip codes for flipping were in Jacksonville, Florida, Dayton, Ohio, Baltimore, St. Louis, and Memphis.

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

                 

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

$21.25 Million North Miami Business Park Sale Arranged by IPA

North Miami Business Park

Douglas K. Mandel

NORTH MIAMI, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of North Miami Business Park, a 12-building, 214,318-square-foot business park located in North Miami, Fla.

 The asset sold for $21,250,000, which equates to approximately $100 per square foot.

IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver represented the seller, a fund based in Boston, Mass., and the buyer, a limited liability company from Coral Gables, Fla.

“The Aventura/North Miami submarket has experienced tremendous growth over the past 20 years and the area is constrained for industrial space,” says Mandel.

“Small-bay warehouse properties are scarce and the opportunity to acquire one of the largest small-bay warehouse parks in North Miami was especially coveted.

“We received tremendous interest upon bringing the property to market and knew we would receive highly competitive bids,” Mandel continues. “We established a call for offers date and were able to exceed the list price by conducting a ‘best and final.’”

Benjamin H. Silver

“The deal was awarded to a local owner/operator who had previously owned the property and sold it for $21.75 million in 2005 at the height of the last market cycle.

The buyer anticipates tremendous rental rate growth driven by increased demand for small-bay warehouse space and the nearby development of SoLe Mia Miami, a joint venture between Turnberry Associates and LeFrak, which will add 4,390 residences, 1 million square feet of commercial space and a 150-key room hotel,” Mandel concludes. 

Located between Biscayne Boulevard and West Dixie Highway and just south of Northeast 151st Street, North Miami Business Park is one of the Tri-County Area’s premier commercial parks. 

It is located at 1922 NE 149th St. midway between Miami and Fort Lauderdale, with prime access to many of South Florida’s main traffic arteries, ports and airports. 

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Essex Realty Group Brokers the Sale of Vacant Commercial Building in Chicago's Motor Row District

  

Brian Kochendorfer

 CHICAGO, ILLINOIS – Thursday August 6, 2015 - Essex Realty Group, Inc. is pleased to announce the sale of 2229 S. Michigan Ave.

2229 S. Michigan Ave. is a vacant commercial property located in Chicago’s Motor Row District. 

The three-story building contains 34,223 SF of gross building area, which includes 4,454 SF of mezzanine space above the first floor.  

The first, second, and third floors each consist of approximately 9,923 square feet.  The property also has a partial, unfinished basement area consisting of 540 square feet.

The first floor consists of a main dock loading area, a small open office area, a bathroom, and open general warehouse space as well as two overhead doors and a freight elevator that provides access to the second and third floors, in addition to the stairs.

The property is located in the South Loop’s “Entertainment District” and is adjacent to McCormick Place, DePaul University Event Center (under construction), and the new Cermak-McCormick Green Line stop.

The sale price was approximately $2,850,000.

Brian Kochendorfer represented the seller and Doug Imber represented the buyer.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

IEC Acquires Rare Unrenovated Apartment Building in Marin County, CA

Marin Gardens Apartments, San Rafael, CA

Marin County, CA – Interstate Equities Corporation (IEC), an institutional fund manager has acquired a rare, un-renovated, 46-unit multifamily community in San Rafael, California from a private family owner.

Marshall Boyd

The 45-year-old Marin Gardens Apartments is still in its original condition, providing a tremendous opportunity to create value, according to Marshall Boyd, President of IEC.

“This was a unique opportunity based on location and property condition,” says Boyd.  “In Marin County, very few apartment communities in the 25 - 100 unit range are ever available for sale.  Families tend to own these properties for generations.

“ Further, identifying a property that has been kept in good condition but hasn’t been renovated is akin to finding a needle in a haystack in the current multifamily market.”

Ryan Wagner of Colliers represented both the buyer and the seller in the transaction.

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

Lexi Astfalk

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

lastfalk@browermillercole.com

www.interstateequities.com

Six/Ten brings Orthodontics Practice to Downtown Winter Haven, FL

  

 

Chad Lennox

Winter Haven, FL—   Ellis and Abramowitz Orthodontics has relocated from Lake Wales to Downtown Winter Haven at 250 3rd Street N.W., Suite 203.  The space was leased from Six/Ten LLC.

“We have seen tremendous growth in the downtown district,” said Six/Ten’s leasing agent, Chad Lennox.  “Downtown Winter Haven is quickly becoming a one-stop-shop for local residents.”

With the office move, Ellis and Abramowitz Orthodontics is incorporating several high-tech advancements into the practice, such as 3D digital diagnostics. 

The office specializes in non-extraction service, meaning permanent teeth are rarely removed. Additionally, the office is a premier provider of braces and clear aligners, like Invisalign.

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

Michelle Friedman

BoardroomPR

407-973-8555

mfriedman@boardroompr.com

Thomas D. Wood and Company’s Sarasota, FL Office Secures $10.7 Million in Commercial Mortgage Transactions

Brad Cox

Sarasota, FL  – Thomas D. Wood Company Senior Vice President Brad Cox, CCIM, financed $10,700,000 in commercial mortgage transactions.  Cox secured financing for commercial properties in the states of Florida, North Carolina, South Carolina, and Illinois.

The most notable transactions for Cox included the following:  $4,750,000 permanent financing for the Windmill Apartments, a 128-unit multifamily complex in Mauldin, South Carolina; $1,150,000 in permanent financing for the Shoppes on Clybourn, and

an 8,116 square-foot retail center in Chicago, Illinois; $1,525,000 in permanent financing for Saint Cloud Commons, a 11,340 square-foot retail center in Saint Cloud, Florida; and $1,450,000 in permanent financing for Henderson Pointe Office Building, a 16,080 square-foot office/retail center in Tampa, Florida.

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

Jessica Kinnee

407 374 0251

Jessica@tdwood.com

Marcus & Millichap Brokers $6.83 Million Sale of Prime Downtown Miami Redevelopment Site

Mika Mattingly

MIAMI, FL – 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 Metro Beauty, 11,300-square feet of land located in downtown Miami. The asset sold for $6,825,000.

Ryan T. Shaw, a vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, 3 Palms Enterprises LLC.  

The buyer, Jersey Art Holdings, was represented by Mika Mattingly of Sterling Equity Commercial.

“This was an excellent opportunity for the seller to capitalize on a strong real estate market, while continuing to operate established businesses in downtown,” says Shaw.

Metro Beauty is located at 4 SE 1st Street in Miami. The property sits approximately 150 feet from the Miami Avenue Metromover station, blocks from to the new Whole Foods at Met 3 and the Brickell City Centre development.

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

Kirk A. Felici

First Vice President and District Manager,

Miami, FL

(786) 522-7000

John Glass Named Executive Vice President Investments at Marcus Millichap

John Glass

SAN FRANCISCO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named John Glass an executive vice president investments, according John J. Kerin, president and chief executive officer, and Jeffrey Mishkin, first vice president and regional manager. 

Most recently Glass held the position of senior vice president investments.

            Glass joined Marcus & Millichap in February 1989 as an agent specializing in the net-leased retail property sector, and serves as a senior director in the firm’s National Retail Group and Net Leased Properties Group.

 He rose to senior investments associate in January 2001, vice president investments in July 2006, and senior vice president investments in January 2008. 

Glass has closed 1,204 property transactions totaling in excess of $3.14 billion.

            “For over two and a half decades John’s dedication to exceptional client service has enabled him to be a leading retail and net-leased investment professional,” says Kerin. “For this, and for his major contributions to the San Francisco office, proven leadership abilities and wealth of knowledge on the retail and net-leased property sectors, John truly merits this distinction.” 

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Elects Peter Katz to Executive Vice President Investments

Peter Katz

PHOENIX, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Peter Katz an executive vice president investments, according to John J. Kerin, president and chief executive officer, and Don Morrow, regional manager of the firm’s Phoenix office.

 Most recently Katz held the position of senior vice president investments.

“Peter has been a premier institutional student housing and multifamily investment professional for nearly two and a half decades,” says Kerin.

“He has been instrumental in the growth and branding of the credibility in the Institutional Property Advisors (IPA) Student Housing group on a national basis, and within the firm’s IPA division in general.

“He continues to deliver quality advisory services in the sector and provides certainty of execution for institutional equity and sponsors throughout the industry.

" For his leadership, thorough understanding of the institutional student housing and multifamily property sectors and dedication to providing excellent client service, Peter has earned this distinct honor.”

          Peter joined Marcus & Millichap in 1991 as an agent in the Phoenix office. He was elected to the position of vice president investments in 1999 and promoted to the prestigious position of senior vice president investments in 2008. Peter specializes in institutional multifamily and student housing property investments. He serves as both an executive director of IPA and as a senior director of the National Multi Housing Group.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Marcus & Millichap Elects Jeff Louks to Executive Vice President Investments

Jeffrey Louks

ENCINO, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Jeff Louks an executive vice president investments, according to John J. Kerin, president and chief executive officer, and Adam Christofferson, first vice president and district manager in Encino.

 Most recently Louks, located in the firm’s Encino office, held the position of senior vice president investments.

            Louks joined Marcus & Millichap in January 1987 as an agent specializing the multifamily property sector, and serves as a senior director of the firm’s National Multi Housing Group.

He rose to senior investment associate in July 1993, vice president investments in July 2001 and senior vice president investments in January 2008.Over the course of his 28-year career, Louks has closed over $1.8 billion in investment property transactions.

            “Jeff’s tight control over all aspects of his transactions has enabled him to be a top multifamily investment professional for nearly three decades,” says Kerin. “For his detailed knowledge of the multifamily property sector, enduring commitment to client service and significant contributions to the success of the Encino office, Jeff has earned this honor.”

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Former Atlanta Apartment Association President Jerry Wilkinson Inducted Into National Apartment Association Hall of Fame

  

 

Jerry Wilkinson

ATLANTA, GA — The National Apartment Association (NAA) inducted Jerry Wilkinson into the NAA Hall of Fame last week at the 2015 NAA Education Conference & Exposition in Las Vegas. Wilkinson is the former president of the Atlanta Apartment Association (AAA) and the Georgia Apartment Association (GAA).

 Induction into the NAA Hall of Fame represents the highest honor that can be bestowed upon an apartment professional. 

Wilkinson, the 18th person inducted in the 76-year history of NAA, has been a real estate professional for more than 40 years, serving in leadership roles within NAA and as president of AAA and GAA.

 He served as NAA Chairman of the Board in 2012, and NAA Chairman of the Budget & Finance Committee in 2009. During his tenure on the latter, NAA had the biggest surplus in its history.

“Jerry’s induction into the Hall of Fame is well-deserved,” said AAA Chairman Tim Schrager. “We are grateful for his hard work and dedication on behalf of the Atlanta Apartment Association and entire the multifamily industry. We are honored to call him a member of our organization.”

Outside of work, Wilkinson writes for national publications and serves on the Board of Director’s for St. Joseph’s Hospital and the Duke University School of Engineering. He has been a longtime supporter of the Atlanta Community Food Bank.

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

Savannah Duncan

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sduncan@thewilbertgroup.com