Marcus & Millichap Arranges $4.12 Million Sale of 36-Unit Hyde Park Apartment Portfolio in Tampa, FL

  

Casey Babb

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 Hyde Park Apartment Portfolio, a 36-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,125,000.

Cameron Barbas, associate, Michael P. Regan, vice president investments, Francesco P. Carriera, vice president investments, Casey Babb, CCIM and vice president investments, and Ari Ravi, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, a private investor, was secured and represented by Babb, Barbas, Carriera, Regan and Ravi. 

Hyde Park Apartment Portfolio consists of three assets located within the class “A+” Hyde Park and South Tampa submarkets. 

The Rome and Dekle properties are 1920s vintage communities located within a few blocks of each other within the Historic Hyde Park submarket at 916 South Rome Avenue and 2001 West Dekle Avenue. The property located on De Leon is a 1960s vintage community just west of Memorial Hospital at 3318 West De Leon Street in the Palma Ceia Gardens neighborhood. 

Ari Ravi

The portfolio is made up of one studio, 30 one-bedroom/one-bathroom and five two-bedroom/two-bathroom units ranging from 375 rentable square feet up to 1,025 rentable square feet.

This portfolio was previously unsuccessfully listed by a local firm for six months and expired prior to the seller deciding to exclusively list the property with Marcus & Millichap. Once the property was exclusively listed with us, we were able to utilize our national marketing platform to drive interest and multiple offers from local, national and international buyers. 

This ensured the highest value for the seller on a portfolio that was comprised of approximately 83 percent one-bedroom floor plans. The buyer pool continues to understand the appreciation of property values in Hyde Park, as well as the future growth in rent.

At the time of sale, the asset was operating at below market rents for its non-renovated units. The new buyer saw value in placing additional capital into upgrading the interior of the units and exterior of the buildings to increase rents anywhere from $100-$200 per respective floor plans. 

The downtown development, job growth throughout the Tampa markets and continued push to improve roadways and infrastructure has continued to bring sophisticated national and international buyers into the Tampa marketplace.

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

Richard D. Matricaria

Vice President/Regional Manager
Tampa, FL

The 144-Unit Imperial Village Apartments in Seminole, FL Sold in $8.15 Million Deal Handled by Marcus & Millichap

Imperial Village Apartments, 9790 Hamlin Boulevard,
Seminole, FL

SEMINOLE, 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 Imperial Village Apartments, a 144-unit multifamily community located in Seminole, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,150,000.

Michael P. Regan and Francesco P. Carriera, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Carriera and Regan. 

Imperial Village Apartments is located at 9790 Hamlin Boulevard in Seminole, Florida. 

The property consists of 12 two-story residential buildings and a one-story building that serves as the clubhouse and leasing office. 

The residential buildings are comprised of 96 one-bedroom/one-bathroom units ranging from 685 to 710 rentable square feet and 48 two-bedroom/two-bathroom units with 978 rentable square feet.

All units have central heating and air-conditioning, and the buildings sits on a 6.85 acre parcel. Amenities include an on-site laundry facility, shuffleboard court, clubhouse and a 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

Pensacola Station Apartments in Tallahassee, FL Goes for $1.3 Million; Marcus Millichap Brokers Deal

Francesco P. Carriera

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 Pensacola Station Apartments, a 24-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.

Joshua Teplitzky, investment associate, Francesco P. Carriera, vice president investments, and Michael P. Regan, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Teplitzky, Carriera and Regan

Pensacola Station Apartments is located just north of Pensacola Street at 103 Cactus Street. The property consists of two, two-story buildings. The buildings are comprised of one-bedroom/one-bathroom units, two-bedroom/one-bathroom units and four-bedroom/two-bathroom units. 

Within the last two years the property was upgraded with new roofs on both buildings, new windows, new exterior siding, repaved and restriped parking lot, renovated swimming pool and upgraded unit interiors. The property is approximately 10 minutes south of Interstate 10, which provides easy access to Jacksonville to the east and Mobile, Alabama to the west.

“Through our marketing campaign we were able to generate multiple offers and source a buyer from Tampa,” says Teplitzky. “Buyers are continuing to chase yield into tertiary markets as cap rates are compressing in primary and secondary markets. This asset was constructed in 1994 and received approximately $400,000 of capital improvements over the last couple of years.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Prospect Towers Apartments in Clearwater, FL Sold for $8 Million in Deal Brokered by Marcus & Millichap

Michael P. Regan

CLEARWATER, 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 Prospect Towers Apartments, a 208-unit multifamily building located in Clearwater, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,000,000.

Michael P. Regan and Francesco P. Carriera, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  The buyer was secured and represented by Carriera and P. Regan. 

Prospect Towers Apartments is an iconic, 17-story, high-rise tower located in the heart of Clearwater at 801 Chestnut Street, and is just a half mile walk to the Intracoastal Waterway. Currently the property is operated as an affordable, age-restricted community in which residents must exceed the age of 62 years, but it has the potential to lease at market rate as a conventional multifamily property. 

The property consists of one, 17-story residential building as well as an additional one-story building which serves as the maintenance shop. The residential building is comprised of 96 efficiency units ranging from 384 to 411 rentable square feet and 112 one-bedroom/one-bathroom units with 530 rentable square feet.

“This was a great opportunity to represent a client who had owned the property since inception. The seller, a non-profit organization, has plans to redeploy the monies into other senior programs within the community,” says Carriera. “The buyer plans to keep the property as a 55 years and older community and make improvements to provide clients a quality place to live.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $915,000 Sale of Grove Mobile Home Park in Lutz, FL

Dan Mulkey

LUTZ, 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 Grove Mobile Home Park, a 34-unit manufactured home community in Lutz, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $915,000.

Dan Mulkey, vice president investments, and Daniel Hurd, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  The buyer was secured and represented by Hurd and Mulkey. 

Grove Mobile Home Park is a well occupied, 34-unit community nestled back in a quiet residential area of northern Hillsborough County. The community, which was built in 1966, sits on 7.76 acres and has a mix of single and double wide homes. 

There are several major thoroughfares, including Interstate 4, Interstate 275 and the Veterans Expressway, located within a few miles of the park making travel throughout the Tampa Bay area very convenient.

“Our strategic marketing campaign allowed us to generate multiple offers on the property throughout the listing period, which ultimately resulted in a sale to a local group of investors,” says Hurd. “The buyers see significant opportunity to add value by filling and renting the vacant lot, while raising rental rates to market.”

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Handles $2.5 Million Sale of Liv @ South Dale Mabry Apartments in Tampa, FL

  

Joshua Teplitzky

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 Liv @ South Dale Mabry, a 48-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.

Joshua Teplitzky, associate, Cameron Barbas, associate, Michael P. Regan, vice president investment, and Francesco P. Carriera, vice president investment, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Teplitzky, Barbas, Regan and Carriera.

Liv @ South Dale Mabry is located within the South Tampa submarket at 3729 West Tyson Avenue, which is in close proximity to the Westshore and Gateway business districts.

The property consists of three, two-story buildings comprised of 36 one-bedroom/one-bathroom units with 575 rentable square feet and 12 two-bedroom/one-bathroom units with 791 rentable square feet. The buildings were constructed in 1985 and sit on a 1.35 acre parcel of land.

Cameron Barbas

Amenities include an on-site laundry facility, barbecue/picnic area and a newly renovated swimming pool and courtyard.

“This property is located just south of Gandy Boulevard off South Dale Mabry Highway. We have seen a positive demographic shift in this market as some renters are getting priced out of the Hyde Park and South Howard submarkets,” says Teplitzky.

“This progressive trend has led to increased rents and rapidly improving property values in the immediate submarket of the subject property, which recently received $400,000 in capital improvements and has sold three times since 2012” adds Barbas

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

$1.7 Million Sale of Pep Boys in Spring Hill, FL Brokered by Marcus & Millichap

Pep Boys, 14690 Spring Hill Drive, Spring Hill, FL

SPRING HILL, 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 Pep Boys, a 5,546-square foot net-leased property located in Spring Hill, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,700,000 equating to $307 per square foot.

Barry M. Wolfe, first vice president investments, and Alan Lipsky, associate, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Clearwater, Fla.

Barry M. Wolfe

 The buyer, an individual/personal trust from Coconut Grove, Fla, was secured and represented by Paul D. Nudelman, senior associate, in Marcus & Millichap’s Miami office. 

“We received strong investor interest in Pep Boys’ locations recently marketed,” says Wolfe.  “Currently we have two additional Pep Boys locations scheduled to close.  It is evident that many investors are confident with investing in Pep Boys.”

Pep Boys is newly constructed and opened in September 2015.  The property is located in a busy retail area with surrounding national retailers, and is adjacent to Brooksville-Tampa Bay Regional Airport.

Pep Boys is located at 14690 Spring Hill Drive in Spring Hill, Fla. 

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 sale of vista bella apartments in fort lauderdale, fl for $1.04 million

Vista Bella Apartments, Fort Lauderdale, FL

FORT LAUDERDALE, 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 Vista Bella Apartments, a 8-unit apartment property located in Fort Lauderdale, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,040,000 equating to $130,000 per unit.

Derek R. Gibbs, associate vice president investments, Daniel J. Cunningham, senior associate, and Evan Richardson, associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Pompano Beach, Fla.

Built in 1964 on a 0.25 acre lot, Vista Bella Apartments is a rare waterfront property near the upscale community of Coral Ridge.  The property is comprised of six one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.

Vista Bella Apartments is located at 2414 NE 25th Place in Fort Lauderdale, Fla, in close proximity to beaches, shopping and restaurants.

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

                            

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Marcus & Millichap arranges sale of 24-unit apartment building in lighthouse point, fl

Point Royale Apartments, Lighthouse Point, FL

LIGHTHOUSE POINT, 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 Point Royale, a 24-unit apartment property located in Lighthouse Point, Fla.

 The asset sold for $3,025,000 equating to more than $126,000 per unit.

Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments, and Evan Richardson, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lighthouse Point, Fla.

Point Royale Apartments is a 24-unit apartment complex located in the highly sought after city of Lighthouse Point, Fla. The property consists of one two-story building, comprised of 14 one-bedroom/one-and-one-half-bathroom units, and 10 two-bedroom/two-bathroom units.

Point Royale is within five minutes of major shopping centers, public parks and beaches, as well as Interstate 95. The property is located just east of North Federal Highway and Sample Road at 2201 Northeast 36th Street.

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

                            

Ryan Nee

Regional Manager, Fort Lauderdale

(954) 245-3400

Alliance Residential Co. Purchases Land in Plantation for Development of New Multi-Family Complex

Steve Hyatt

FORT LAUDERDALE, FL  – Berger Commercial Realty announced the $7.5 million purchase of land in Plantation that will be developed into a new apartment complex, tentatively slated as Broadstone Plantation.

Berger Commercial Realty Senior Vice President Steve Hyatt represented buyer Alliance Residential Company in the deal, which closed on Friday. The land was sold by William Murphy of Sunrise Properties and Investments #14 LLC.

Located at 6901 W. Sunrise Blvd., the 12-acre parcel currently houses a former office building. The new multi-family development will feature 250 garden-style units surrounding a lake  with  amenities such as a community clubhouse, pool, fitness center and dog park.

"This was an attractive acquisition for Alliance due to the property's central location in Broward County and proximity to major employment centers," Hyatt said.

This is the second land purchase that Hyatt has closed for Alliance this year. In March, he represented the company in purchasing 4.26 acres of land, located at 1701 S.E. 17th St. in Fort Lauderdale, from Art Institute Investments, LLC for $22.1 million. The company is developing that parcel into a 394-unit apartment complex named Broadstone Harbor Beach.

Rendering of Planned
Broadstone Harbor Beach Apartments,
 Plantation, FL

Plans for Broadstone Harbor Beach include eight stories of apartment units; high-end amenities such as a club room, pool, putting green and state-of-the-art fitness center; 2,700 square-feet of retail space; and a 4,600-square-foot retail outparcel.

Headquartered in Phoenix with a regional office in Boca Raton, Alliance is one of the largest private multi-family development companies in the United States, purchasing real estate, developing projects and managing properties in 19 states and 29 metropolitan markets throughout the country.

Hyatt has more than 30 years of real estate experience in the South Florida market. His focus areas include investment sales, land brokerage, and acquisition / disposition services for both corporate clients and private investors.

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

  

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

Griffin-American Healthcare REIT III Completes Acquisitions Totaling More Than $180 Million During the Third Quarter 2015

  

Danny Prosky

IRVINE, CA  - American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin- American Healthcare REIT III, Inc., announced the REIT completed the acquisition of nine healthcare buildings in five states, the United Kingdom and Isle of Man, as well as a collateralized debt instrument, for an aggregate purchase price of approximately $180 million during the third quarter of 2015. 

The acquisitions were comprised of six medical office buildings and three senior housing facilities.

“We continue to acquire accretive assets for the quickly growing portfolio of Griffin-American Healthcare REIT III,” said Danny Prosky, president, chief operating officer, interim chief financial officer and one of the largest stockholders of the REIT.

 “With these latest acquisitions, our portfolio is valued in excess of $1.1 billion, based on purchase price, and we have more than $1.0 billion in additional pending acquisitions that we expect to close in the coming months.”

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

Damon Elder                                                                         

delder@ahinvestors.com

 (949) 270-9207

RealtyTrac Reports Share of Chinese-Speaking Buyers Paying Cash for U.S. Homes Increased 229 Percent in the past 10 years

Daren Blomquist

IRVINE, CA, Oct. 6, 2015 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, and Ethnic Technologies (www.ethnictechnologies.com), the global leader in digital multicultural marketing, research, data enhancements and analysis, today announced findings from a joint analysis of 10 million publicly recorded residential property sales deeds in 2014  and 2015 compared to 2005 by ethnicity and native language spoken.

The analysis found that 46 percent of Mandarin Chinese-speaking buyers who purchased U.S. homes in the 17 months ending in May 2015 paid all-cash, up 229 percent from the 14 percent share paying all-cash in 2005 — the biggest increase of any language group.

Among all language groups, the share of all-cash buyers of U.S. homes increased 65 percent from a 20 percent share in 2005 to a 33 percent share in the 17 months ending in May 2015.

Native Language	2005 Cash Share	2015 Cash Share	Percent Increase
Chinese Speakers	14%	46%	229%
All Buyers	20%	33%	65%

“Cash buyers across the board are playing a much bigger role in the housing market now than they were 10 years ago, and that is particularly true for Chinese Mandarin-speaking cash buyers, who are more likely to be foreign nationals,” said Daren Blomquist vice president at RealtyTrac.

“Foreign cash buyers have helped to accelerate U.S. home price appreciation over the past few years given that these buyers are often not as constrained by income as local, traditionally financed buyers.”

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

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Bonnie Shekarabi Joins Megatel Capital Investment in Dallas, TX To Lead National Accounts

  

 

Bonnie Shekarabi

 DALLAS, TX, Oct. 6, 2015 – Megatel Capital Investment announced today that seasoned business development executive Bonnie Shekarabi has joined the company as executive vice president, national accounts.

“We are very pleased to work with an industry veteran of Bonnie’s caliber, who has such a successful track record in the industry,” said Zach Ipour, co-founder and co-president of Megatel Capital Investment. 

 “Bonnie has an excellent reputation for producing results and with her leadership we expect great things as we build our platform.” 

Shekarabi has worked in the financial services industry for 28 years. She previously led the business development efforts for Ascendant Capital, Preferred Apartment Communities and Walton International Group, where she significantly increased the number of selling agreements and successfully grew distribution.

 She started her career in the independent broker-dealer channel with Wells Real Estate Funds, where she helped grow the company from 38 employees to more than 700 and increased assets under management from $240 million to more than $5 billion in five years. 

Shekarabi earned a bachelor’s degree in business – economic/finance from Southern New Hampshire University. She is an active member of ADISA and the IPA and currently holds FINRA Series 7 and 63 licenses.

Megatel Capital Investment is the capital markets division of Megatel Homes Inc. Megatel Capital Investment funds help fuel the construction of homes built by Megatel as an additional source of construction financing.

Founded in 2006, Megatel Homes has emerged as one of the most successful homebuilders in the state of Texas. The company has had considerable growth, with more than 100 developments, consisting of 2,700 homes, since its founding. The Dallas Business Journal recently ranked the company third in North Texas homebuilders based on local housing starts in 2014.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com