HFF closes $45.5 million sale of seniors housing community in Melbourne, FL

Sonata at Melbourne Seniors Housing Commuinity, Melbourne FL 

Ryan Maconachy

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $45.5 million sale of Sonata at Melbourne, a Class A, trophy seniors housing community located in Melbourne, Florida.

HFF marketed the property on behalf of the seller.  Kayne Anderson Real Estate Advisors purchased the asset free and clear of existing debt.

Sonata at Melbourne is situated on 12.24 acres at 3260 North Harbor City Boulevard overlooking the Intracoastal Waterway on Florida’s east coast.

  Completed in 2012, the Central Florida property is 97 percent leased and encompasses 47 independent living, 54 assisted living and 34 memory care units totaling 135 beds.

 The community features a full-service concierge, heated swimming pool, fitness and wellness center, outdoor terraces and cabanas, movie theater, pub with interactive gaming system, library, internet café, arts and crafts studio, dining room with flexible dining options, beauty and barbershop, scheduled transportation and a full-time lifestyle director on staff.

 Additional memory care amenities include scheduled group activities and outings, a licensed 24-hour nurse, music therapy, fitness and sensory programs, circular walking paths and integrated safety technologies.

The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

http://www.kaynecapital.com/strategies/real-estate-private-equity.

Bascom group acquires North Austin. TX Apartment community

De'On Collins

Irvine, CA – The Bascom Group, LLC acquired a multifamily asset with over 300 units located in the growing North Austin city of Round Rock. The property offers residents great access to North Austin’s major employment corridors.

Debt financing was arranged by De’On Collins, John Brownlee and Charles Halladay of HFF.  Sean Sorrell with HFF represented the seller in the transaction.

The property consists of 19 residential buildings and one stand-alone leasing center spread across 17 acres. 

The unit mix is comprised of 51% one bedroom units, 40% two bedroom units, and 9% three bedroom units. 

Community amenities include a clubhouse, fitness center, swimming pool, BBQs, picnic areas and a pet park.

With the growth of the Austin MSA, North Austin continues to expand as “STEM” businesses look for space, affordability, and quality of life outside the urban core. This northern expansion and limited supply will continue to strengthen multifamily fundamentals in North Austin.

John Brownlee

James D’Argenio, Principal for Bascom, comments, “We acquired a well-built, well located asset benefitting from a great school system and a stable resident base. Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments.”

Tony Ferrell, Director of Portfolio Operations for the Texas region adds, “North Austin and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. 

"The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”

privately held executive suite company in the US.

If you would like further information, please call James D’Argenio at 949-955-0888 Ext. 19 or e-mail at jdargenio@bascomgroup.com

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

http://www.bascomgroup.com

  

HFF closes $11.1 million sale of multi-housing development site in Los Angeles’ Fairfax Village District

Blake Rogers

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $11.1 million sale of SixThirtyNine, a 0.46-acre development site slated for a multi-housing community in Los Angeles’ Fairfax Village District.

HFF marketed the property on behalf of the seller, Ness Holdings, Inc.  The asset was purchased free and clear of existing debt by Micropolitan.

SixThirtyNine is located at 639-645 North Fairfax Avenue in the highly-desirable Fairfax Village District, which is just south of Melrose Avenue, adjacent to West Hollywood, immediately north of The Grove lifestyle center and a few blocks from several of Los Angeles’ most sought-after restaurants. 

The site has a Walk Score® of 93 and is slated for a market-rate multi-housing development.  Once completed, SixThirtyNine will offer panoramic views of Los Angeles, including downtown, the Hollywood sign, Griffith Observatory and the Hollywood Hills. 

The HFF investment sales team representing the seller was led by director Blake A. Rogers.

 “The site went through a competitive bidding process with several highly-qualified developers, both local and national, vying for the project,” Rogers said.  “Ultimately, Micropolitan was awarded the deal given their track record, pricing and timing to close.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.micropolitanco.com.

www.nessholdings.com.

Real Estate Capital Institute Reports First Quarter Commercial Real Estate Sales Down

Jeanne Peck

Chicago, IL - The Fed's decision to maintain rates

during the mid-March meeting illustrates that global economic issues

outpaced any fears of domestic inflation, as mortgage markets and bond

investors are adding yield premiums in anticipation of further hikes later

in the year.  During the month benchmark five and ten-year treasuries

modestly dropped by just over ten basis points.

Early signs of "price discovery" influence investor behavior and

expectations as first quarter sales activity for commercial real estate fell

well below 2015 records levels.  Investors are taking a breather from

bidding wars as debt availability tightens due to conduit pricing

volatility.  Meanwhile banks adjust loan exposures slightly downward

pressured by new regulations initiated this year.  Yet investor demand for

high-quality assets continues unabated by foreign investors seeking safe

haven, even as domestic investors retreat.

As spring begins, the conduit markets are showing some signs of improvement

with Triple-A traches of debt selectively trade over 30 basis points lower

than earlier this year.  Mortgage bond investors prefer the improved

collateral offered in the most recent issuances, as conduit lenders become

more selective with choosing loan opportunities.  Also, fewer loan pools

have hit the markets in recent months, creating limited supply of offerings.

Other noteworthy trends within the debt markets include:

*    Despite a Treasury rally with declining rates, lenders are

establishing benchmark floor rates for various types of properties. (e.g.,

3.75% to 4%).

*    As CMBS players thread cautiously and widen spreads, agencies, banks

and life insurance companies are experiencing backlogs with loan requests;

the trend is shifting towards a "lenders market" versus "borrowers market."

*    Mortgage rates at very favorable levels especially for lower

leverage debt, despite tightening underwriting requirements.

*    Current banking and conduit regulations along with changes in public

market that pricing further constrained mortgage capital formation. Expect

more nonregulated private capital sources to fill the void, but at pricing

premiums, generally 5% or higher for longer term fixed-rate debt.

*    Pricing volatility for CMBS debt creates widening of at least 75 to

200 basis points or higher than similar bank and life insurance company

debt. Full transparency is the hallmark for working with conduit loans for

helping to manage pricing expectations in the midst of uncertainty.

The Real Estate Capital Institute's(r) director, Jeanne Peck, claims "Spring

brings more clarity to the capital markets, as both debt and equity

investors tread carefully." 

She adds, "Tertiary markets and more challenging properties will witness wider pricing, a healthy phenomenon, as the markets return to more 'rational' underwriting levels."

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com

MG Properties Group Sells 736-Unit Terracina Apartment Community in Ontario, CA for $142 Million in the Largest Single Property Multifamily sale in Inland Empire History

Mark Gleiberman

Ontario, CA – MG Properties Group, a private San Diego-based real estate investor and operator, and affiliates of Rockwood Capital, LLC, have announced the $142 million dollar sale of Terracina, a multifamily property located in Ontario, CA. The sale is the largest ever of a single multifamily property in the Inland Empire.

The 736-unit garden style apartment community was built in 1988 and features a resort-style pool, spa, lounge, and fitness center.  

The property is located in south Ontario, CA between the Ontario International Airport and the burgeoning Eastvale community with convenient access to the I-15 and Highway 60 freeways, providing residents with a range of nearby retail amenities as well as accessibility to major job corridors throughout the Inland Empire and eastern Los Angeles County.

MG Properties Group acquired the property in January 2013 in a joint venture with an affiliate of Rockwood Capital.  The sellers were represented by Kevin Green and Greg Harris from The Harris Group at Institutional Property Advisors. 

According to Mark Gleiberman, MG Properties Group Founder and Chief Executive Officer, “Terracina was a great investment for our partnership with Rockwood Capital. It is a well-located property that still offers excellent potential for the buyer.”

 

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

Katie Kea or Lexi Astfalk

  (949) 955-7940

  kkea@browermillercole.com

HFF expands hotel team with addition of Tony Malk as managing director in its Los Angeles office

 

Tony Malk

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced Tony Malk has joined its Los Angeles office as a managing director focused on institutional hospitality investment sales in the western United States.  He will be a member of HFF’s national hotel practice led by senior managing director Daniel Peek.

Mr. Malk joins HFF from Eastdil Secured where he was a director in their hospitality practice for the past 16 years.  

His experience encompasses numerous sales, financing and recapitalization transactions for large hotel portfolios, mixed-use developments and a broad range of full and select service hotels.

 Mr. Malk began his career at Arthur Andersen’s real estate group.  He holds a bachelor’s degree from UCLA and a master of business administration degree in finance and entrepreneurship from the University of Chicago.    

“Adding Tony as an experienced hotel investment sales producer in Los Angeles furthers our goal of building out the full platform of services and property specializations in each location on the West Coast,”  said Kevin MacKenzie, senior managing director and co-head of HFF’s West Coast region.

Kevin MacKenzie

“The main focus is on building the brand one person at a time with best-in-class professionals who share the same guiding principles as our firm – client-focused, team-oriented, hard-working individuals who are leaders in their markets.  We are excited to add Tony to our growing office in LA and to our national hotel platform,”

“Since 2008, HFF has strategically grown its hotel practice with key hires in major markets around the U.S.  The addition of Tony to our rapidly growing West Coast team greatly enhances HFF’s ability to serve our local, national and international clients,” said Daniel C. Peek, senior managing director and head of HFF’s national hotel group.

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

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $44.8 million sale of Main & Redhill Business Center in Orange County, CA

Main & Redhill Business Center, Irvine, CA

 

Ryan Gallagher

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $44.8 million sale of Main & Redhill Business Center, a 15-building, low-rise office campus totaling 203,946 square feet in the Orange County city of Irvine, California.

HFF marketed the property on behalf of the seller, a global real estate investment management firm, and procured the buyer, Olen Properties Corporation. 

Main & Redhill Business Center is situated on 17 acres adjacent to the Interstate 405/State Route 55 Freeway interchange in Orange County’s airport area submarket. 

This location provides high visibility from the freeways; access to more than 5.5 million square feet of retail amenities in the surrounding area; close proximity to executive housing in the residential communities of Newport Beach, Newport Coast, Del Mar, Irvine and Laguna Beach; as well as easy access to John Wayne International Airport, one-half mile from the property. 

The 97-percent-leased business park has stable-in place cash flow supported by strong historical tenancy.

HFF’s investment sales team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate director Derreck Barker.

“The Main & Redhill offering presented an excellent opportunity to purchase a critical mass of land in Orange County’s premier Irvine Business Complex that has tremendous upside through lease renewals and tenant rollover,” said Gallagher.  “The property’s design and layout is easily modifiable to reposition the space to a unique and progressive creative office campus environment.”

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

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $70 million permanent loan for lifestyle center in Pittsburgh, PA

David Nackoul

PITTSBURGH, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $70 million permanent loan for McCandless Crossing, a 354,567-square-foot town center in the town of McCandless, a northern suburb of Pittsburgh, Pennsylvania. 

Working on behalf of the developer, AdVenture Development, and the borrower, a joint venture partnership between Adventure/Champion Partnership and AdVenture Phase IV, LP, HFF placed the 10-year, fixed-rate loan with Nationwide Life Insurance Company. 

The town center is part of a 130-acre mixed-use development that began construction in 2009 and was delivered in phases.  The property is anchored by Lowe’s Home Improvement, Dick’s Sporting Goods, HomeGoods, Trader Joe’s, CVS and Old Navy. 

Also part of the mixed-use development, but not included in the loan collateral, are LA Fitness, a 12-screen Cinemark, Home2 Suites by Hilton and a residential development, all of which were sold off by AdVenture/Champion Partners.

McCandless Crossing is located at the signalized intersection of McKnight Road and Duncan Avenue along a four-mile stretch of McKnight Road, the main commercial and commuter highway traversing the North Hills area of Pittsburgh and accommodating more than 50,000 vehicles per day.   McCandless Crossing offers easy access to Interstate 279 and is located in the heart of one of Pittsburgh’s most affluent suburbs. 

Nat Scarmazzi

The HFF debt placement team representing the owner was led by senior managing director David Nackoul and associate director Nat Scarmazzi.

“This financing culminates many years of hard work by AdVenture Development to bring a unique, best-in-class retail project to Pittsburgh,” Scarmazzi said.  “Nationwide Life Insurance Company was instrumental in developing a creative way to secure financing that met the borrower’s long-term vision for the property.

“ The HFF team is privileged to have the opportunity play a part in bringing such an exciting project to the Pittsburgh area.”

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

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.adventuredev.com.

The Eight-Unit Dos Santos Apartment Portfolio in Tampa, FL Sold for $950,000 in Deal Handled by Marcus & Millichap

  

 

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 The Dos Santos Portfolio, an eight-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $950,000.

Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and 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 limited liability company, was also secured and represented by the three brokers.

“The seller of the Dos Santos Portfolio had unsuccessfully put the property under contract with several buyers through several other agents prior to our team taking the assignment,” says Rupp. 

“Not only was our team able to successfully close in 30 days, but we were also able to achieve a price of $20,000 more per unit than the seller’s previous contract.”

Luis  Baez

“This property has almost unlimited upside potential for the buyer, who plans to completely renovated both the interior and exterior of the portfolio,” Rupp continues.

The Dos Santos Portfolio is a two-property portfolio located at 3104 West San Juan Street and 3402 West San Pedro in the Palma Ceia submarket of South Tampa, just south of Bay to Bay Boulevard and just west of Bayshore Boulevard. 

The portfolio consists of two, one-bedroom/one-bathroom apartments, two, one-bedroom/one-bathroom apartments with a den and four, two-bedroom/one-bathroom apartments. The apartments range in size from approximately 648 to 790 rentable square feet.

The average household income within a one-mile radius of the Dos Santos Portfolio is $112,687, which is more than double the national average. Palma Ceia is arguably one of the strongest rental submarkets in the entire Tampa Bay region. 

It is a haven for young professionals and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District, as well as shopping, dining and entertainment.

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

Richard D. Matricaria

First Vice President / Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Brokers $1.6 Million Sale of 32-Unit The Palms Apartments in St. Petersburg, FL

Joshua Teplitzky

ST. PETERSBURG, 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 The Palms Apartments, a 32-unit multifamily community located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.

Joshua Teplitzky, senior associate, Michael P. Regan, first vice president investments, and Francesco P. Carriera, 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 private investor, also was secured and represented by the three brokers. 

The Palms Apartments is centrally located in St. Petersburg at 2800 4th Street South within the South St. Petersburg submarket. 

The property consists of three, two-story buildings comprised of 24 one-bedroom/one-bathroom units with 625 rentable square feet, six, two-bedroom/one-bathroom units with 750 rentable square feet and two, three-bedroom/two-bathroom units with 1,170 rentable square feet. The Palms Apartments is located in Pinellas County, the most densely populated county in Florida, and is less than three miles east of U.S. Highway 19 and Interstate 275.

“This property represents one of the highest sales for mid-size multifamily in the south St. Petersburg submarket,” says Teplitzky. “The pricing we achieved on this asset equated to $50,000 per unit or approximately $73.26 per square foot for late 1960’s construction. The buyer saw this property as a great addition to their existing multifamily portfolio in the immediate market.”

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

Richard D. Matricaria

First Vice President / Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges $3 Million Sale of 42-Unit Villas at 44th Street in Deerfield Beach, FL

                          

Adam Duncan

DEERFIELD 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 Villas at 44th Street, a 42-unit apartment property located in Deerfield Beach, Fla. The asset sold for $3,000,000 equating to $71,429 per unit.

“Many owners who have been holding on to well-maintained assets are considering transactions as growth in prices for C-Class properties begins to level off and the prospect of high returns is still present,” says Adam Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“With the acquisition of this asset the buyer was able to add 42 units to their local portfolio and has the opportunity to increase the current cash flow by activating the laundry facilities and increasing rents.”

Duncan, along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company and the buyer, a private investor.

Villas of 44th Street is a 42-unit, garden-style multi-family community consisting of 13 buildings on 2.53-acres. The unit mix consists of 13 one-bedroom/one bathroom units and 29 two-bedroom/one-bathroom units.

The apartment community is located at 550 NE 44th Street in a residential neighborhood between South Dixie Highway and Interstate-95, just north of Sample Road. The property’s convenient location allows for easy access to the US-1 and surrounding area retailers.

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

Ryan Nee

Vice President / Regional Manager

Fort Lauderdale, FL

(954) 245-3400