ConAm Acquires Two Value-Add Multifamily Assets Totaling 524 Units in Las Vegas and Phoenix

Silver Shadow Apartments, Las Vegas, NV

LAS VEGAS, NV – The ConAm Group (ConAm), a San Diego-based real estate investment, development and services firm, has expanded its multifamily portfolio in the Las Vegas and Phoenix markets with the acquisition of two multifamily properties.  The two acquisitions add 524 units to ConAm’s portfolio.

Las Vegas Acquisition

In Las Vegas, where ConAm already has a strong presence, the firm has acquired Silver Shadow, a 200-unit apartment community located in Las Vegas, Nevada for $22.6 million dollars.

“This property, located in the southwestern Las Vegas submarket adjacent to the Summerlin master planned community, strongly aligns with our strategy to acquire well-located assets in the Las Vegas market,” according to George Lloyd, ConAm’s Executive Vice President of Acquisitions.

The Greens Apartments, Chandler, AZ

Phoenix Acquisition

ConAm also expanded its multifamily portfolio in the Phoenix area with the acquisition of The Greens, a 324-unit apartment community in Chandler, Arizona.

“This property has exclusive frontage on the San Marcos Golf Resort with golf course views from most of the units and is within walking distance of historic downtown Chandler,” says Lloyd.

 “Located near Interstate 10, Loop 101 and Loop 202, the asset provides easy access to employment centers in both the City of Chandler and Greater Phoenix.”

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

Lexi Astfalk or Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.conam.com.

Stepp Commercial Completes Two Apartment Property Sales to 1031 Exchange Buyer for $4.33 Million in Long Beach, CA

 

Robert Stepp

 LONG BEACH, CA– Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed two apartment property sales to a single 1031 exchange buyer, Northpoint Realty.

The assets, which are situated across the street from each other in the Eastside/Circle area of Long Beach by Temple Avenue, sold for a total of $4.33 million and nearly $155,000 per unit.

“Stepp Commercial worked in conjunction with two different sellers of similar, courtyard-style apartment properties on the same street,” said Robert Stepp, principal with Stepp Commercial. “We advised the sellers to list both assets at the same time with the strategy of attracting a 1031 exchange buyer, which is exactly what happened.”

Michael Toveg, senior vice-president with Stepp Commercial added: “Ultimately, we successfully closed escrow on the two properties and garnered a sale price of $246 per square foot. That is one of the highest prices ever paid for comparable apartment assets in the surrounding area.”

Michael Toveg

The first property was sold for $2,525,000 and is located at 2705 to 2723 E. Spaulding Street. Stepp and Toveg represented the seller, Keeley Partners, LP, as well as the buyer. 

The transaction closed at a 5.4 percent cap rate. Built in 1958, the two-story, 16-unit property includes four, one-bedroom units and 12, two-bedroom units. All the units were recently remodeled to include updated kitchens with granite countertops.

The second property was sold for $1,805,000 and is located at 2727 to 2730 E. Spaulding Street. Stepp and Toveg represented the seller, BJJ Investments, LLC, as well as the buyer. 

The closing cap rate was 5.1 percent. Built in 1958, the two-building, two-story property includes 12 units consisting entirely of two-bedroom units.

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

Darcie Giacchetto

949.278.6224

DG Logo 2

www.SteppCommercial.com

NAI Realvest Negotiates Four Leases at industrial centers in Seminole County, FL

  

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated four leases for more than 40,000 rentable square feet at Seminole County industrial centers. 

Michael Heidrich, principal at NAI Realvest and Associate Kristen Kemp brokered a sublease of the 22,000 square foot hangar and warehouse facility at 2651 S. Mellonville Ave.  The Sublandlord is Apopka-based Aeronautical Restoration & Maintenance Facility, LLC and the Sublessee is Jeteezy, Inc. a local general aviation firm specializing in sales and support of seaplanes.

Kristen Kemp

At South Seminole Industrial Center, 1175 Florida Central Parkway, Heidrich and Associate Patty Nolff brokered a new lease of 10,377 square feet representing the landlord 1944 Unionport Associates, LLC of New York, N.Y. and the local tenant, Coolstuffinc.com, LLC.  

Michael Heidrich

Nolff and Heidrich represented the landlord at Monroe CommerCenter South in a new lease agreement for 6,000 square feet of industrial space at 683 Progress Way in the complex.  

The tenant Jvmax, Inc., a business services firm specializing in sales calls, was represented in the transction by Vincent F. Wolle of Results Real Estate Partners. 

Heidrich represented the same landlord – Monroe South SPE, LLC – in a renewal lease agreement with Southern Custom Creations, a signage company who occupies 2,000 square feet at 667 Progress Way in Monroe CommerCenter South.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates Sale of 187-Acre Lake County Land Portfolio to International Investor Group

 

Chris Butera

ORLANDO, FL – NAI Realvest recently completed the sale of a portfolio owned 187-acre tract of land at 32520 S.R. 44 in Eustis in Lake County for $425,000.00,     

Chris Butera, investment associate at NAI Realvest negotiated the sale on behalf of the seller, Turnstone Group, LLC of Atlanta, with offices in Minneapolis and Spain. 

The buyer, SR44 USA, LLC of Groveland, Fla. was represented in the transaction by Joe Townsend of Global real Estate. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Hold-Thyssen Negotiates Extension Lease at Enterprise Plaza in Orange City, FL

       

Darby Hold

ORANGE CITY, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated an extension lease for 1,224 rentable square feet at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

Darby Hold, transaction specialist at Hold-Thyssen, negotiated the retail lease extension with the tenant Tuan Vinh Truong d/b/a Lena’s Nail Salon who extended the term of their lease another year for a full three-year term. 

Enterprise Plaza, Orange City, FL

 Hold represented the landlord, Florida Premier-Enterprise LLC based in Rochester Hills, Mich.  The tenant was not represented in the transaction.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates Sale of Mixed Use Development Parcel to Osceola County, FL for its Affordable Housing Project

Veronica Malolos

KISSIMMEE, FL -- Veronica Malolos, a broker with NAI Realvest, recently negotiated the $525,000 sale of a nine-acre tract of land to Osceola County using HUD’s HOME Investment Partnerships Program grant funds for its project to provide affordable housing. for children and families currently living in area hotels and motels, often referred to as homeless families.

1650 Yates Road, Kissimmee, FL

Malolos, who represented Seller James and Helen Yates Trust of Winter Haven, said the property is located at 1650 Yates Road in Kissimmee, next to the Shingle Creek Regional Park and behind the 192 Flea Market just south of Hwy 192 in Kissimmee.

Zoned for mixed use (Tourist Commercial), the County plans to build 200+ units of affordable housing in two phases.  The project also includes rental assistance for qualifying families.

Malolos has been lauded by the Central Florida Commercial Assn. of Realtors for her continuous advocacy and work with homeless children and families in Osceola County.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com