The Preiss Co. Acquires Fifth Property in Three Months

Campus Edge Apartments, 3551 Cum Laude Court, Raleigh, NC

RALEIGH, NC,  April 7, 2016—Officials of The Preiss Company, the nation’s third largest, privately-held, student housing owner-operator, today announced the acquisition of the 546-bed student housing complex, Campus Edge, in Raleigh, N.C., in a joint venture with a private investment group for an undisclosed price. 

Located at 3551 Cum Laude Ct., Campus Edge is within walking distance to the North Carolina State Centennial campus and approximately two miles from the main campus.  The acquisition comes on the heels of the company’s first quarter student housing acquisitions of a three-property portfolio in Boca Raton, Fla., and a transaction in Greensboro, N.C. 

Donna Preiss

“This off-market transaction continues our aggressive growth through both acquisition and third-party management contracts,” said Donna Preiss, founder and CEO, The Preiss Company.  “While we have expanded to 23 markets nationwide, we continue to look for in-fill opportunities in existing markets.”

“Raleigh is our headquarters city and we have unparalleled expertise here.  

"This is our 14th property in the market which gives us tremendous economies of scale, supported by a deep, experienced infrastructure. 

“Our national footprint exposes us to new practices and opportunities.  However, North Carolina remains an important market.  We are the largest student housing provider in the state, as well as at NCSU.  We see continued opportunity throughout North Carolina and have excellent relationships with the leading colleges and universities,” she added.

Preiss will commence an extensive $2.2-million renovation this year, which the company expects to complete ahead of the 2017 – 2018 school term.  The project includes fully renovating the clubhouse and significant upgrades such as new flooring, countertops, upgraded black appliances and lighting in a substantial number of the units. 

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

Patrick Daly

Office Manager

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

The Habitat Co. Extends Affordable Housing Program at Asbury Plaza in Chicago’s River North

 

Sheila Byrne

CHICAGO, IL  – The Habitat Company, a leading multifamily developer and manager in the United States, announced on behalf of ownership of Asbury Plaza, that with the U.S. Department of Housing and Urban Development (HUD) and the Illinois Housing Development Authority (IHDA), the company has extended the affordable housing program at Asbury Plaza, a 384-unit apartment community in Chicago’s River North neighborhood, for an additional 15 years to 2031.

Since Asbury Plaza opened in 1981, 20 percent of the community’s 384 residences, or 77 apartments, have been set aside as affordable through HUD’s Section 8 program. “We are proud that Asbury Plaza will continue to be accessible to Chicagoans, regardless of income level,” said Matt Fiascone, president of The Habitat Company.

“This agreement is the result of a cooperative effort by Habitat and officials from HUD and IHDA that culminated in a continuation of affordable housing at Asbury for the next 15 years.”

Located at 750 N. Dearborn St., Asbury Plaza includes a mix of convertible, one- and two-bedroom apartments ranging in size from 675 to 1,040 square feet. The extension of the community’s affordable housing program comes as the property is undergoing extensive renovations that will update individual residences with new flooring, lighting, appliances and granite countertops.

Matthew Fiascone

The Habitat Company also recently completed a new lobby and redecorated hallways, expanded fitness center and new business center as part of the ongoing renovations. Other on-site amenities at Asbury Plaza include an outdoor swimming pool and sun deck, furnished guest suites and a 24-hour door attendant.

“For 35 years, Asbury Plaza has served as a model of how a mixed-income community can thrive,” said Sheila Byrne, executive vice president of property management at Chicago-based The Habitat Company. 

“The extension of the affordable housing program, coupled with the ongoing renovations, will help ensure that Asbury Plaza remains a vibrant community for years to come.”

Celebrating its 45th anniversary in 2016, The Habitat Company has deep roots in affordable and public housing. Habitat is currently the largest property manager for the Chicago Housing Authority. The company’s management portfolio comprises more than 25,000 units across the U.S., of which more than 8,500 are affordable or public housing units.

For leasing information, visit www.habitat.com

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

John Holden, jholden@taylorjohnson.com, 312.267.4538

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Waterton Acquires 322-Unit Savannah Midtown in Atlanta, GA

  

Max Peek

 ATLANTA, GA  – Waterton, a U.S. real estate investor and operator, announced the acquisition of Savannah Midtown, a 322-unit mid-rise rental community in Atlanta’s Midtown neighborhood.

Located on North Avenue, a major east-west thoroughfare, the four-building property comprises a mix of one- and two-bedroom rental homes. Ponce City Market, Fox Theatre and Piedmont Park are all a mile or less from the community, offering residents a highly walkable, urban lifestyle.

 In addition, Savannah Midtown is minutes from major employers in and around the neighborhood, including Georgia Tech, Emory University Hospital and several Fortune 500 companies.

“Midtown consistently ranks as one of Atlanta’s top neighborhoods for renters due to its walkability and robust job market, fueled in part by the city’s rapidly growing tech sector,” said Max Peek, executive vice president of acquisitions at Waterton.

“Companies that don’t already have a presence here are opening research and development labs at Tech Square – a five-minute walk from Savannah Midtown – where they can more easily recruit talent coming out of Georgia Tech. As more businesses move to the neighborhood, demand for rental housing will only continue to increase.”

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

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

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

Proper Title, LLC Awarded 2015 Excellence in Action Award by Fidelity National Title Group, Inc.

 

Ben Niernberg

CHICAGO, IL — Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the commercial and residential sectors, announced it has been awarded the “Excellence in Action” award by Fidelity National Title Group, Inc., which is a member of the Fidelity National Financial (NYSE: FNF) family of companies and the nation’s largest group of title companies and title insurance underwriters.

Proper Title received the award based upon the firm’s performance ranking in a number of areas, including customer service, volume and quality of title work.

“We’re honored to have received the Excellence in Action award for the second year in a row, particularly considering Proper Title was founded just three years ago,” said Ben Niernberg, executive vice president of business development and operations at Proper Title. “This award exemplifies how our team has consistently raised the bar in the title insurance industry and, in turn, grown our business.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

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

The Habitat Company Establishes Major Presence in Southeast U.S. Apartment Market

Matthew Fiascone

CHICAGO, IL  – The Habitat Company, a leading multifamily property developer and manager, today announced it has added more than 5,000 units to its national management portfolio after securing assignments for 12 rental communities in Alabama and Florida since November 2015.

The recent additions to Habitat’s portfolio include seven communities comprising nearly 3,600 units in Birmingham, Ala., and five properties totaling nearly 1,400 units in Tampa, Fla. 

The assignments expand the Chicago-based company’s national management portfolio to more than 25,000 residences, the highest number in the company’s 45-year history.

“In a span of just four months, we’ve been able to expand our management portfolio by 25 percent while establishing a strong foothold in two very dynamic markets with favorable supply and demand fundamentals,” said Matt Fiascone, president of The Habitat Company.

“Having boots on the ground in Tampa and Birmingham will better position us to evaluate and pursue additional opportunities, not only in these cities, but in others throughout the Southeast U.S.  – whether via acquisition, development or property management.”

Sheila Byrne

The newest addition to Habitat’s management portfolio is the 340-unit Wildwood Acres in Tampa. The community, which is owned by a venture led by Texas-based Goff Capital Partners L.P., includes a mix of one-, two-, three- and four-bedroom units ranging in size from 700 to 2,400 square feet. It is one of six communities in the Tampa area managed by Habitat, which has had a presence in the market since 2012.

“The Southeast U.S. presents a tremendous growth opportunity,” said Sheila Byrne, executive vice president of property management at The Habitat Company. 

“As we continue to expand our footprint in the Southeast, we are committed to leveraging our national development and management experience to provide the highest possible level of service to our clients and the residents who call these communities home, operating each property as if it were our own.”

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

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

John Holden, jholden@taylorjohnson.com, 312.267.4538

Florida Appeals Court Clears Way for Minto’s Westlake Community to Move Forward in Palm Beach County

  

 

Michael J. Belmont

Central Palm Beach County, FL – Minto Communities Florida will begin work on Westlake in central Palm Beach County following a unanimous ruling by the 1st District Court of Appeals that rejected all arguments against the 3,800-acre project.

The court turned away objections for the master-planned community of 4,500 homes and 2.2 million square feet of commercial space. 

“Westlake will bring thoughtful and planned development to an area of the county that has experienced urban sprawl over decades,” said Mike Belmont, president of Minto Communities.

“The regulatory and court challenges to the Comprehensive Plan Amendment are over,” said John Carter, vice president of Minto Communities.

“The appeals court decision makes it clear that the land use approval by the Board of County Commissioners met the stringent criteria to amend the county’s Comprehensive Plan and we look forward to breaking ground on this visionary project.”

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

 Ashley Fierman

Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

NAI Realvest Negotiates Expansion, Renewal Lease for 7-Eleven Regional Office in Maitland, FL

  

 

Chris Adams

ORLANDO, FL --- NAI Realvest recently completed new renewal and expansion lease agreement with 7-Eleven Corporation for its regional office in the 800 Trafalgar Court building in Maitland Center.

Tom R. Kelley II, CCIM, a principal in the firm and Associate Chris Adams negotiated the transaction representing the landlord, Maitland-based FFVA/Florida Fruit & Vegetable Association.

Kelley said 7-Eleven renewed the lease of 2,185 square feet and expanded into another 1,800 square feet, using total 3,985 rentable square feet of office space for administration and training. 

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

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

   

NAI Realvest Negotiates Office Building Sales on Perimeter of Downtown Orlando Totaling Over $1 Million

 

Jeff Bloom

 ORLANDO, FL – NAI Realvest recently negotiated two investment sales totaling $1,050,000 for office properties located in the outskirts of downtown Orlando. 

Jeff Bloom, CCIM, vice president at NAI Realvest, represented Seller Sears, Hubert & Pamela of Cashiers, N.C. in the $725,000 sale of two separate single-story office buildings with 5,439 useable square feet on 0.42 acres at 2304-2310 E. Robinson St. off of Bumby Ave.  The local buyer, East West Place, LLC was represented in the negotiations by Nicholas Fouraker of Bishop Beale Realty, LLC. 

NAI Realvest principal Tom R. Kelley, II, CCIM and associate Chris Adams brokered the $325,000 sale of an office building with 1,541 useable square feet at 1214 E. Concord St. off of Mills Avenue.  Kelley and Adams represented the Ontario-based seller, Industrial Roof Consultants Group, Inc.  The buyer is ABBK Investments, LLC a Maitland-based mortgage lender. 

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

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