Berkadia Completes $13.85 Million Sale of Mississippi Multifamily Property

 

David Oakley

 BIRMINGHAM, AL and BATON ROUGE, LA – Berkadia recently completed the $13.85 million sale of the Oceanaire Apartments  located on Lemoyne Blvd. in Biloxi, Miss. Managing Director David Oakley in the Birmingham office and Managing Director Gregg Cordaro in the Baton Rouge office negotiated the transaction.

The seller was Encore MF Oceanaire Apartments, LLC, and the buyer was Pillar Income Asset Management, Inc., both based in Dallas.

“With occupancies in the mid-90th percentile, the current Biloxi apartment market offers excellent potential for rental growth,” said Cordaro. “At the higher end of the spectrum with 97 percent of the property leased, as well as its attractive location near the casinos, this investment provided double-digit cash-on-cash returns.”

Built in 2009, the multifamily property includes one-, two-, and three-bedroom floor plans. The 196-units are equipped with walk-in closets, island kitchens with a breakfast bar and a private balcony. Community residents also have access to amenities such as a resort-style swimming pool with fountains, a picnic and grilling area, a clubhouse and secured on-site parking.

Oceanaire is located at 16016 Lemoyne Blvd. which offers convenient access to Interstates 100 and 10, as well as Highway 609. Residents can enjoy the Gulf of Mexico’s nearby attractions, including Big Lake, Gulf Island National Seashore and Gulf Marine State Park all within 10 miles. Keesler Air Force Base serves as one of the top employers in the area, located just eight miles from the property.

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

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

www.berkadia.com

Berkadia Closes $13.1 Million Sale of Deer Meadow Apartments in Jacksonville, FL

Deer Meadow Apartments, 8859 Old Kings Road South, Jacksonville, FL

Cole Whitaker

JACKSONVILLE, FL – Berkadia recently completed the sale of Deer Meadow, an affordable housing property located in Jacksonville.   Managing Director Cole Whitaker of the Orlando office, Associate Director Greg Rainey of the Jacksonville office and Senior Director Jason Stanton of the Tampa office handled negotiations for the $13.1 million sale.

The seller was Deer Meadow Associates, Ltd., of Rockville, Maryland, and the buyer was Aspen Square Management, Inc. of Springfield, Massachusetts.

Built in 2000, the 200-unit property includes one-, two- and three-bedroom floor plans equipped with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, a clubhouse and a swimming and wading pool.

Deer Meadow is located at 8859 Old Kings Rd. S., just one mile from Interstate 95 and within 12 miles of downtown Jacksonville. Top employers in the area include Jacksonville Naval Air Station, St. Vincent’s Medical Center Southside and Florida Blue, Florida’s Blue Cross and Blue Shield company.

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

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

www.berkadia.com

HFF closes $23.9 million sale of Class A office property in Fort Lauderdale, FL

Park Center, 6363 NW 6th Way, Cypress Creek Submarket, Fort Lauderdale, FL

 

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.9 million sale of Park Center, a five-story 119,224-square-foot, Class A office property in the Cypress Creek submarket of Fort Lauderdale, Florida.

HFF marketed the property on behalf of the seller, RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners, out of Fort Lauderdale, and Realty Financial Partners, out of Boston, and procured the buyer, Gladstone Commercial Corporation.  The asset was sold on a free and clear basis.

Park Center is located at 6363 NW 6th Way just west of Interstate 95 in the Cypress Creek submarket.  

The property is 100 percent leased to Citrix Systems, a Fortune 1000 and S&P 500 company that provides a complete and integrated portfolio of Workspace-as-a-Service, application delivery, virtualization, mobility, network delivery and file sharing solutions that enables companies to ensure critical systems are securely available to users via the cloud or on premise and across any device or platform.

The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, associate director Jorge Portela and director Ike Ojala. 

HFF’s office investment sales team has closed more than 1.7 million square feet of office space in the Miami/Fort Lauderdale market in 2016.  Notable transactions include Aventura Corporate Center, Miami Tower and Datran Center, among others.

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 appoints senior managing director Mark Katz as co-head of Denver office

Mark Katz

DENVER, CO –– HFF announced veteran HFF senior managing director Mark Katz has relocated from the firm’s Chicago office to the firm’s Denver office, where he will co-head the office with senior managing director Eric Tupler.  Additionally, Mr. Katz will lead the investment sales platform for the Denver office.

Mr. Katz has more than 19 years of experience in commercial real estate and has worked in HFF’s Chicago office since 2012 as a member of their office investment sales team.  

During his tenure with the firm, he has successfully transacted more than $5.5 billion in commercial real estate investment sales.  Mr. Katz holds a Bachelor of Arts degree from the University of Kansas.   

“HFF is excited to have a seasoned veteran such as Mark join forces with our Denver office to help sustain and guide our growth in Denver and the greater Rocky Mountain region,” said Tupler.

 “Most recently, HFF was ranked by the Denver Business Journal as the top financial intermediary and the number three investment sales broker for 2015.  Our goal as a firm is to capture additional market share and Mark will be instrumental in this process as we look to hire and promote associates to augment our institutional and middle market office, retail, industrial and multi-housing teams.”

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

Continental Funding Group Arranges $7 Million in Acquisition Financing for Value-Add Office Building in Downtown San Diego, CA

Downtown Office Building, San Diego, CA

SAN DIEGO, CA – Commercial real estate investment banking firm Continental Funding Group has successfully secured $7 million in bridge financing for a 25,000 square-foot value-add office building located in the financial district of downtown San Diego.

The financing for the acquisition and renovation of this property was arranged by Continental Funding Group Director Eugene Rutenberg.

The three-year interest – only loan was sized to 100 percent of the purchase price, with a loan-to-cost leverage ratio of 75 percent.

Eugene Rutenberg

“Downtown San Diego’s office market is in the midst of a resurgence,” says Rutenberg. “Fueled by tremendous growth in the tech and financial service industries, the central business district is truly the corporate epicenter and financial capital of San Diego, with the largest concentration of high-rise office buildings and jobs in the county.

“Based on the enormous job growth and innovation in this district, demand for quality office space is on the rise, placing upward pressure on lease rates in this submarket.”

According to a recent CoStar report, downtown San Diego’s office market commanded average rental rates of $29.15 per square foot in Q2, with value-add Class B and C product seeing the most positive net absorption, indicating strong tenant demand for office space.

“This property will hit north of $34 per square foot after the sponsor’s business plan is complete, indicating that while Class A office continues to demonstrate steady rent growth, the real opportunity is in value-add product,” explains Rutenberg, who notes that many investors are targeting Class B office assets and repositioning them to drive higher yields.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lastfalk@browermillercole.com

www.contifunding.com.

29th Street Capital Acquires Fifth Metro Denver Property

The Wesley Towers Southeast Denver, CO

Jay Neal

Denver, CO – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Wesley Apartments, a 105-unit multifamily community in Denver, Colorado.

29SC plans to invest $1 million to significantly renovate the interiors and enhance the exterior. This represents 29SC’s fifth acquisition in the Denver market.

“The acquisition of The Wesley Apartments provides another excellent opportunity to expand 29th Street Capital’s portfolio in the Denver market,” said Jay Neal, 29SC’s Vice President of Acquisitions for Colorado. “We look forward to bringing an improved living experience to the residents and creating value for our investors.”

29SC plans to invest approximately $1 million ($10,000 per unit) in capital improvements to renovate all the apartments and enhance the exterior.

Interior upgrades will include new appliances, cabinets and countertops, paint and flooring, upgraded bathrooms and high quality fixtures.

Asbury Plaza Apartments, Denver, CO

Budgeted capital improvements for the exterior will include high-efficiency window replacements, balcony renovations and landscape upgrades. 29SC expects to unlock expense savings by sharing some operational costs with nearby Asbury Plaza, which 29SC acquired last year.

Upon completion of the capital plan, The Wesley’s attractive apartments are expected to compete more effectively with surrounding properties in the well-located Southeast Denver submarket.

  

The acquisition closed Friday, Sept. 16, 2016. The sale price was not disclosed.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

 Website: www.TerriThornton.com