Waterton Purchases 426-Unit Addison Park Apartments in Charlotte, NC

  

 

Matthew Masinter

CHICAGO, IL — Waterton, a U.S. real estate investor and operator, announced the acquisition of Addison Park, a 426-unit rental community in Charlotte, North Carolina. 

Situated on 44 landscaped acres in the Harris Boulevard / Mallard Creek submarket, the community comprises 22 three-story buildings with attached, direct-access garages.

 Apartments offer a mix of one-, two- and three-bedroom floor plans, each with 9-foot ceilings, a wood-burning fireplace and private patio or balcony.

Community amenities include two resort-style swimming pools with sun decks, a resident clubhouse, 24-hour fitness facility, fully equipped business center, outdoor grilling area, children’s playground, car detailing station and on-site “bark park” with grooming station.

“There continues to be strong demand for luxury rental housing in Charlotte,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “This was an opportunity to acquire an attractive asset in a highly sought-after location, with proximity to schools, retail and major employment centers like Charlotte’s University Research Park.”

As the new owner, Waterton plans to renovate unit interiors and common areas to increase the marketability of the complex.

“Our capital improvement strategy will put us in a better position to compete against existing rental stock and new apartment projects currently in the pipeline,” said Masinter.

 For more information on Addison Park, call (844) 681-7057 or visit www.addisonparkapt.com

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

Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

REVA Development Partners Begins Pre-leasing in Response to High Demand for Luxury Rentals at Residences of Orland Park Crossing in Orland Park, IL

  

Matt Nix

 CHICAGO, IL — Chicago-based REVA Development Partners announced the start of pre-leasing at the Residences of Orland Park Crossing, a new luxury rental community currently under construction in downtown south-suburban Orland Park, Ill. The sales center, now open in the recently-completed clubhouse, is currently taking appointments for community tours.

According to REVA, the 231-unit Residences of Orland Park Crossing is only the second luxury rental community to be built in Orland Park in several decades. “We had a very robust response when we opened our VIP list last month as more than 200 people signed up within two months,” said Matt Nix, principal of REVA Development Partners.

“The walkable, transit-oriented location of the property has been a strong driver of demand for the Residences of Orland Park Crossing,” he continued, underscoring the significance of the newly constructed pedestrian bridge connecting the development’s residents with the nearby 143rd Street Metra station.

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

Sara Williams, swilliams@taylorjohnson.com, 312.267.4510

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Marcus & Millichap Handles $1.75 Million Sale of 12-Unit Palma Ceia Palms Apartments in Tampa, FL

Shawn Rupp

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 Palma Ceia Palms, a 12-unit apartment building located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.

Casey Babb, CCIM and vice president investments, Luis Baez, senior associate, and Shawn Rupp, 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 also secured and represented by the three brokers.

Palma Ceia Palms is located at 3321 West De Leon Street in the Class “A” Palma Ceia Gardens submarket of South Tampa. It was originally built in 1984 and rehabbed extensively over the past three years.

The community consists of twelve, two-bedroom/one-bathroom apartment homes which average 900 square feet and feature semi-private entrances, laminate wood, ceramic tile and berber carpet floor coverings, new white and black kitchens with modern appliances, nine foot ceilings, stackable washer and dryers, private patios (select units) and central HVAC.

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

16-Unit Waterfront Pelican Apartments in Apollo Beach, FL Sold for $1.13 Million in Deal Handled by Marcus & Millichap

Pelican Apartments, Apollo Beach, FL

APOLLO BEACH, 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 Pelican Apartments, a 16-unit waterfront apartment property located in Apollo Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,137,500.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both 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 also secured and represented by Baez and Babb.

Pelican Apartments consists of two, two-story buildings located at 1003 Apollo Beach Boulevard in Apollo Beach, Florida. The two buildings totaling 13,700-square feet sit on an approximately 0.63 acre parcel directly in front of a canal giving access to the Tampa Bay and the Gulf of Mexico.

 The unit mix consists of four, one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units featuring central heat and air-conditioning, water and pool views, ceramic tile flooring and balconies. Community amenities include a swimming pool, two on-site laundry centers, lush tropical landscaping, waterfront living and off-street parking.

Pelican Apartments is located just off U.S. Highway 41 in Apollo Beach, a thriving waterfront community in Hillsborough County between Tampa and Bradenton. The building and expansion of the Amazon Fulfillment Center is located seven miles from the property with 2,000 current jobs and an additional 2,000 expected within the next couple of years.

“This transaction is further evidence of increased investor activity in tertiary submarkets in pursuit of higher yield opportunities,” says Baez. “Apollo Beach once considered a sleepy submarket of Tampa is now positioned for explosive growth as economic drivers are being developed in the area such as the Amazon Fulfillment Center, a recently opened major hospital and an outside mall in the beginning stages of development.

 The buyer, headquartered in the northeastern U.S., plans to improve the curb appeal, enhance the amenity package and renovated interiors with the goal of lifting rents to market.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

$1 Million Sale of Eight-Unit San Juan Villas in Tampa, FL Brokered by Marcus & Millichap

  

 

Cameron Barbas

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 San Juan Villas, an eight-unit multifamily property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.

Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first 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 fund manager, was also secured and represented by the three brokers. 

San Juan Villas is an eight-unit multifamily property located at 3311 West San Juan Street in the highly desirable South Tampa submarket and is within walking distance to the beautiful Bayshore Boulevard.

It is located in a pocket of South Tampa that has seen a strong increase in walkability due to new restaurants and bars. The property consists of two, two-story residential buildings sitting on approximately 0.23 acres.

Francesco P. Carriera

 The buildings are comprised of four, one-bedroom/one-bathroom units with 535 rentable square feet and four, one-bedroom/one-bathroom units with 540 rentable square feet.

These one-bedroom apartments were renting for $2 per square foot. Amenities include an on-site laundry facility, private patios, car port parking and off-street parking.

“San Juan Villas was on the market for a total of 16 business days before going to contract, and we generated more than 10 showings and six offers within that period,” says Barbas.

“The listing was cultivated over a long relationship before the seller was interested in selling. Relationships like these allow us to help sellers increase value at the time of sale and increase cash flow during their holding period.”

“Frank, Mike and I have now listed and/or closed nearly 650 units in South Tampa, and that number continues to grow. We are seeing local, national and international buyers submitting offers on these assets, and rents at two dollars and above per square foot are becoming consistent in South Tampa,” Barbas said.

“The mayor and city have done a phenomenal job positioning the city for growth, and it’s reflected by the residents that are continuing to move to South Tampa and the investors that are upgrading these buildings for them.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $2 Million sale of 47-Unit Cypress Grove Apartments in Land O’Lakes, FL

Luis Baez

LAND O’LAKES, 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 Cypress Grove Apartments, a 47-unit apartment property located in Land O’Lakes, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,050,000.

Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.  The buyer, a Tampa-based private investor, was also secured and represented by Babb and Baez.

Cypress Grove Apartments is a 47-unit community located at 4142 My Lady Lane in Land O’Lakes, Florida. The property consists of six, two-story apartment buildings and a single story office building on approximately 3.03 acres.

The office building contains a two-bedroom/one-bathroom manager suite, as well as a clubhouse and laundry center. The remaining buildings house 46 apartments, which are 79 percent two-bedroom/one-bathroom and 21 percent one-bedroom/one-bathroom units.

Casey Babb

The units feature large floorplans averaging 832 square feet, fully-appointed electric kitchens, central HVAC, private patios, balconies, oversized closets, outside storage and come cable ready. Residents enjoy quiet country living, on-site leasing and maintenance services, as well as an on-site laundry facility.

“This offering was highly sought after and received over 10 offers due to the future cash flow potential. At this point in the cycle, investors seeking yield are finding opportunity in secondary and tertiary locations, and this transactions was very representative of that dynamic,” says Babb.

“Cypress Grove was built under the USDA’s Rural Development Program in the 1980s and is now exiting the program allowing the incoming investor to reposition the asset as a market rate property. He will be able to rehab units and increase rents to settle into a significantly above average cash flow.”

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

Richard D. Matricaria

Vice President/Regional Manager

 Tampa, FL

(813) 387-4700