Thursday, April 21, 2016

First Communities Management Appoints Industry Veteran Stacey C. Smith as Senior Training Director


Stacey C. Smith

ATLANTA, GA – First Communities Management (FCM) announces the appointment of Stacey C. Smith as senior training director. Smith brings more than 26 years of multifamily management experience to her position with FCM. As director of training, Smith will oversee 30,000 multifamily units.

Mitch Harrison
Smith joins FCM from RAM Partners where she was the director of training for multiple departments, as well as the leading facilitator for onboarding and mentorship programs.

“Stacey impressed us with her leadership skills and experience in developing and implementing training programs for the multifamily business,” said Mitch Harrison, CEO and president of FCM.

 “She joins FCM at a critical time as our portfolio is experiencing record growth. We know that her development skills and attention to detail will be a tremendous asset as we continue to expand upon our reputation for excellence in service.” 

Smith holds an Accredited Residential Manager certification from the Institute of Real Estate Management and a Bachelor of Arts degree in journalism and advertising from the University of Georgia.


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

Savannah Durban
The Wilbert Group
404-343-0870


SVN | Chicago Commercial Named Second-Highest-Earning Office in Sperry Van Ness International Network


Al Stepan
CHICAGO (April 15, 2016) - SVN | Chicago Commercial today announced it was named the second-highest-revenue-grossing office in the SVN network for 2015, marking the third consecutive year the Chicago office has ranked in the top three among the network’s 200 international franchises.

The Chicago office, which posted year-over-year revenue growth of six percent, was recognized at the full-service brokerage firm’s national conference, held in San Diego this past February.

Additionally, Chicago Managing Director Al Stepan was named “Innovator of the Year” by his SVN peers.

 “We are thrilled to again be recognized as a top-producing office within the SVN network,” said Michael Thanasouras, managing director at SVN | Chicago Commercial. “We take pride in fostering an environment that encourages individual and collective success, and this award is a testament to the tireless efforts of the talented professionals who comprise our entrepreneurial team.” 

Michael Thanasouras
Contributing to SVN | Chicago Commercial’s strong performance in 2015 were a rising number of middle-market transactions, particularly in secondary and tertiary markets across the country where prices have been slower to appreciate, fueling investment activity.

 In addition to transactions throughout the Chicago area, the firm executed deals in cities like Denver, St. Louis, Cincinnati, Omaha, Phoenix and Miami.

“Across all markets, we are seeing an uptick in deals between $2 million and $10 million, with most Chicago-area activity focused on the multifamily sector,” said Thanasouras, 

“We’re also seeing some growth in office and industrial – including velocity in the suburbs – as well as the return of land deals in the city as transit-oriented developments heat up.”

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

Lehia Franklin Acox, lfacox@taylorjohnson.com, 312-267-4511

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

The Habitat Company Assumes Management of Three North Side Apartment Communities on Behalf of Chicago Housing Authority

                           
                                                         
Matthew Fiascone
CHICAGO (April 19, 2016) – The Habitat Company, a leading multifamily developer and manager in the United States and the largest property manager for the Chicago Housing Authority (CHA), announced it has assumed management of three North Side communities totaling 111 units on behalf of the CHA.

The three properties, which were acquired by the CHA in March 2016, include the 41-unit Crowder Place at 3801 N. Pine Grove Ave., the 37-unit Mulvey Place at 416 W. Barry Ave., both in the Lakeview neighborhood, and the 33-unit Devon Place at 1950 W. Devon Ave. in the West Ridge community.

 The recent acquisition by the CHA ensured that all three communities, which were previously owned by Presbyterian Homes, will remain an affordable housing option in the city of Chicago.

“Our long history in both the development and management of public and senior housing, as well as our long-standing relationship with the CHA, allows us to truly understand the needs of both the CHA and its residents,” said Matt Fiascone, president of The Habitat Company.

 “With more than 5,000 CHA units under management, we were able to address the needs of both the CHA and its residents and provide them with a seamless transition.”

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

John Holden, jholden@taylorjohnson.com, 312.267.4538

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

Pre-Leasing Begins For Phase Two of Madison Throop Place Luxury Rentals in Chicago’s West Loop Neighborhood


 
Aaron Galvin
CHICAGO, IL  – Luxury Living Chicago Realty announced it has opened phase two of Madison Throop Place, a 72-unit boutique luxury apartment development in Chicago’s popular West Loop neighborhood.

 The four-story new-construction building, located at 1247-1249 W. Madison Street, features condo-quality finishes, which can be viewed in the building’s two-bedroom decorated model.

 Pricing starts at $2,350 per month for one-bedrooms, while three-bedrooms start at $3,900. Phase two apartments will be available for mid-June to early-July move-ins.

“The top-of-the-line finishes and unique features like built-in dry bars provide the condo look and feel discerning renters desire,” said Aaron Galvin, owner and managing broker of Luxury Living Chicago Realty, the exclusive leasing brokerage for Madison Throop Place.

“We’ve experienced a number of people moving from downtown Class A, high-rise apartments with five-star common-area amenities to Madison Throop Place, and its sister building Jackson Throop Place.

“These sophisticated renters prefer to live in – and pay for – a more refined and graciously designed home with the luxury interior features and finishes they’ll enjoy on a daily basis, rather than a rental tower with amenities they rarely use.”


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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

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

Englewood Construction Announces Five Restaurant Projects

  
 
William Di Santo
CHICAGO, IL — Englewood Construction, a leading national commercial construction firm, announced its restaurant group has completed two projects and has begun three more in markets across the country.

 Recent completions include a new ground-up Cooper’s Hawk Winery & Restaurant in Ashburn, Va., and a remodel of the famous Ruth’s Chris Steak House in Chicago. 

Ground-up construction projects currently underway by the Englewood team include a Matchbox in Arlington, Va.; a Fleming’s Prime Steakhouse & Wine Bar in Pasadena, Calif.; and Wisconsin’s first Portillo’s, located in Brookfield, Wisc.

“This latest group of projects, which spans both coasts as well as the nation’s heartland, showcases our capability as a national contractor equipped to manage projects wherever our client is doing business,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction.

“We’re also proud to say that each of these projects is the continuation of a strong partnership, whether it’s a brand we’ve already worked with on multiple projects, or a contact who switched firms and brought their relationship with Englewood to their new position. It’s always gratifying and a real testament to our team to see successful client partnerships result in new opportunities.”


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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

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

Marcus & Millichap Handles $1.25 Million Sale of 14-Unit Croissant Park Apartments in Fort Lauderdale, FL


Croissant Park Apartments, 335 SW 20th Street, Fort Lauderdale, FL

 
Derek R. Gibbs
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 Croissant Park Apartments, a 14-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 $1,250,000 equating to $89,286 per unit.

“Croissant Park Apartments offered an investor the opportunity to purchase a stabilized, well-located asset in the heart of Fort Lauderdale, with the potential of adding value by increasing rents to current market rates,” says Evan Richardson, associate.

Richardson, along with Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments, 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 Parkland, Fla.  The buyer was a limited liability company from Sacramento, CA. 

Built in 1975 Croissant Park Apartments consists of two, two-story buildings that sit on two adjacent parcels totaling 0.49 acres.  The first building, located at 335 Southwest 20th Street, consists of six, one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units and two studio units. The second building, located at 1920 Southwest 4th Avenue, consists of four, one-bedroom/one-bathroom units.

Croissant Park Apartments is located at the northeast corner of Southwest 4th Avenue and Southwest 20th Street, a few blocks west of Federal Highway, a half-mile south of Davie Boulevard and a half-mile north of State Road 84, at 335 SW 20th Street.


For a complete copy of the company’s news release, please contact:
                
 Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Washington Manor Apartments in Hollywood, FL Sold for $625,000 in Deal Brokered by Marcus & Millichap


Washington Manor Apartments, 1852 Washington Street, Hollywood, FL

 
Evan P. Kristol
HOLLYWOOD, 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 Washington Manor, an 8-unit apartment property located in Hollywood, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $625,000 equating to $78,125 per unit.

            “Investors continue to target Class C properties in Hollywood where they see opportunity in value-add projects by filling the rent gap between Class A and Class C units,” says Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. 

“Washington Manor offered an opportunity for an investor to take advantage of the property’s recent renovations and upgrades and stabilize rents to market levels.”

Kristol along with Robert S. Hunter, senior associate, Derek R. Gibbs and Daniel J. Cunningham, associate vice presidents investments, Brandon J. Rex, vice president investments 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 Fort Lauderdale, Fla.  The buyer is a limited liability company from Fort Lauderdale, Fla.

            Built in 1932 on a 0.25 acre lot Washington Manor consists of two adjacent, two-story buildings with a fenced-in backyard.  The unit mix consists of all one-bedroom/one-bathroom apartments.

The property is situated west of South Federal Highway and south of Hollywood Boulevard at 1852 Washington Street.
  
For a complete copy of the company’s news release, please contact:
                
 Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Arranges Sale of Applebee’s in Delray Beach, FL for $2.52 million


Applebee's Restaurant, 15058 Jog Road, Delray Beach, FL

 
Douglas K. Mandel
DELRAY BEACH, 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 Applebee's, a 4,755-square foot net-leased restaurant located in Delray Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,525,000 equating to $531 per square foot.

“This Applebee’s was completely remodeled in 2015 and is operated by an experienced franchisee who represents more than 140 restaurants in the United States,” says Douglas K. Mandel, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “We immediately identified potential buyers from across the country, went to contract just two weeks after bringing the property to market and ultimately closed for list price.”

Mandel along with Barry M. Wolfe, first vice president investments and Alan Lipsky, associate, also 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 Parkland, Fla. 

The buyer, a partnership from Clifton, NJ, was secured and represented by Alan Cafiero and Ben Sgambati, vice president investments in Marcus & Millichap’s New Jersey office. 

The 4,755-square foot Applebee’s is an outparcel to Atlantic Square Shopping Center and is surrounded by many national retailers including Home Depot, Dollar Tree, Bed Bath & Beyond and more.  Applebee’s is located at 15058 Jog Road.

For a complete copy of the company’s news release, please contact:
                
 Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Lincoln Property Co. Secures SAP as First Tenant; Breaks Ground on The Grand at Papago Park Center in Tempe, AZ


David Krumwiede
TEMPE, AZ– Just as it breaks ground on the first building at The Grand at Papago Park Center in Tempe, Arizona, Lincoln Property Company (LPC) has secured a pre-lease commitment from a major first tenant: leading enterprise application software company SAP America (NYSE: SAP).

SAP is currently located in the Scottsdale Galleria, but will relocate to the first building at The Grand at Papago Park Center as it is completed in January 2017. SAP will occupy the top floor.

The first building totals four stories and 213,056 square feet. It is part of the larger The Grand at Papago Park Center, a major urban mixed-use project by master developer Papago Park Center, Inc.

At build-out, the development will total 60 acres and 3.2 million square feet of mixed-use office, multifamily, hotel, retail and restaurant space surrounding a substantial central water feature. 

It will also provide approximately one-half mile of freeway frontage to the Loop 202/Red Mountain Freeway between Priest Road and Center Parkway.

LPC, with Goldman Sachs, are developing the Phase I office component, which will include 1.8 million square feet of Class A office space in seven buildings. Construction on three parking garages will coincide with the buildings’ development.

“Signing a major tenant like SAP prior to start of construction proves what we already knew – that this is a premier project on a tremendously well-located site,” said Lincoln Property Company’s Executive Vice President David Krumwiede.

“Tenants are still showing a very clear demand for innovative, Class A office product in environments like Tempe. The Grand was designed with this unique mix in mind, and it’s ready to capture the next wave of requirements.”
  
For a complete copy of the company’s news release, please contact:

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

29th Street Capital Sells 400-unit Property in Iowa City


Rose Oaks Apartments, Iowa City, IA

IOWA CITY, IA  – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has sold Rose Oaks Apartments, a 400-unit apartment complex in Iowa City, Iowa. 29SC acquired the property in February of 2014 after purchasing the existing liens and procuring title to the property through foreclosure. The disposition occurred in March.

Rose Oaks is approximately three miles from the University of Iowa, and is situated just off Highway 6, a main thoroughfare. By executing a capital improvement plan, increasing occupancy, and eventually disposing of the property well above the projected sales price, 29th Street Capital successfully created significant value for its investors.

Stan Beraznik
“We are very pleased with the value created at Rose Oaks, it was a great outcome for investors and our company,” said Dan Howard, 29SC’s Vice President of Midwest Acquisitions.  “I am also excited to get back to work finding opportunities closer to our Chicago portfolio that fit well with our value-add strategy.”

29th Street Capital has acquired nine multifamily assets over the past 12 months in markets including Houston, Texas; Denver, Colorado; Durham, North Carolina; Hayward, California; and Phoenix, Arizona. 

The firm will continue to pursue value-add deals, which fall below the institutional radar, with the goal of offering investors above-market returns.

Formed in 2009, 29SC has acquired over 7,400 units across its nine offices in the United States, with the current portfolio consisting of over 6,000 units. Equity investments are typically of the order of $2 to $10 million, and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about the firm at www.29thstreetcapital.com.
  
For investment inquiries, contact:
Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

Seller of Hinesville, Ga. Tattersall Village Apartments, Donates $12,500 to Red Mountain Grace



From left:   Aaron Amick with BF/EBSCO Hinesville LuAnne Ross of JMG Realty, Leslie Yielding with BF/EBSCO, Jason Carroll of Red Mountain Grace, David Oakley and David Etchison with Berkadia


David Etchison
BIRMINGHAM, AL  --- Berkadia recently negotiated the sale of Tattersall Village, a 222-unit, upscale apartment community located in the city of Hinesville, Georgia, one hour southwest of Savannah.

David Oakley and David Etchison with the Alabama Office, Mark Boyce with the Carolinas Office, and Paul Vetter and Andrew Mays with the Georgia Office of Berkadia Real Estate Advisors, LLC represented the seller, BF/EBSCO Hinesville, LLC. The purchaser was Pillar Income Asset Management, Inc.

As part of their collaboration with Berkadia Real Estate Advisors, BF/EBSCO Hinesville LLC made a donation to Red Mountain Grace upon the sale of Tattersall Village.

 Red Mountain Grace is a Birmingham, Alabama based not-for-profit dedicated to helping out-of-town caregivers and patients that are receiving extended medical treatment in the area. 

Berkadia and BF/EBSCO Hinesville, LLC appreciate the opportunity to help the 27 families that will benefit from this contribution. 

David Oakley
Red Mountain Grace is a faith-based organization founded in 2013 and is available for families of patients, regardless of age and reason for hospitalization.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.



 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