Marcus & Millichap Brplers $1.5 Million Sale of Miami International Airpot Apartments in Virginia Gardens, FL

Jorge Ruiz

VIRGINIA GARDENS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the $1.5 million sale of Miami International Airport Apartments, an 11-unit, 43,560-square-foot lot located in Virginia Gardens, FL.

Jorge Ruiz, senior associate in Marcus & Millichap’s Miami office, had the exclusive listing. Associate Alejandro Gonzalez, Vice President Investments Felipe Echarte, and Senior Vice President Investments Evan Kristol in Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer. 

Occupying 5979 NW 37 Street in Virginia Gardens, FL, the asset is strategically positioned next to one of Miami’s largest employers, Miami International Airport.

“The purchaser will benefit from Virginia Gardens’ low vacancy market, located just east of Doral’s exploding submarket in Miami Dade,” says Ruiz. The property contains a mix of efficiency units, one-bedroom units and a two-bedroom unit, with allowance of up to 30 units.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Marcus & Millichap Arranges $5 Million Sale of The Place at Davis Island Apartments in Tampa, FL

Casey Babb

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 Place at Davis Island, a 40-unit apartment community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The leasehold interest sold for $5,000,000.

Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office, and Tyler Leeson, first vice president investments in the firm’s Newport Beach office, acted in a transaction broker capacity and put the deal together on an off-market basis.

 The buyer, a California-based private investor, was secured and represented by Babb and Leeson. The seller, a Tampa-based partnership, was represented internally.

The Place at Davis Island is a 40-unit vintage, garden-style community located on beautiful Davis Island at 401 Danube Avenue in Tampa, Florida. The property consists of 40 one-bedroom/one-bathroom units with 700 rentable square feet of which 25 percent have been rehabbed with modern kitchens, new flooring, fixtures and stacked washer/dryers.

Tyler Leeson

“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970’s and through internal collaboration we were able to connect a California 1031 exchange buyer with a great opportunity in Tampa,” says Babb.

 “The seller owned the leasehold interest for nearly 20 years and plans to trade into a larger asset. The buyer was in a 1031 exchange and plans to rehab the remaining units and increase the rents to market.”

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Hanley Investment Group Lists Rare Five-Acre Fee-Simple Ground Lease on South Lake Avenue in Pasadena, CA For Sale

Carlos Lopez

PASADENA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm is marketing for sale a rare fee-simple ground-lease opportunity on South Lake Avenue in Pasadena, Calif.

The offering, which is currently unpriced, is for the fee-simple land underlying The Shops on Lake Avenue retail and parking and is shadow-anchored by Macy’s.  

According to Hanley Investment Group Senior Vice President Carlos Lopez, the property’s listing agent, the offering consists of two parcels totaling 5.32 acres with a total of 131,153 square feet of building at 345 & 401 South Lake Avenue.

Approximately 61 years remain on the lease term (which includes two 10-year options and increases every five years); 100 percent of the improvements revert to the landowner upon expiration of the ground lease.

“This is a once in a lifetime opportunity for an investor to purchase over five acres of land along South Lake Avenue in the heart of the premier shopping district in Pasadena,” said Lopez. “A long-term, triple-net ground lease is one of the most secure forms of real estate investment. ”

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

Anne Monaghan

 MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.hanleyinvestment.com.

HFF closes sale and secures financing for 315-unit apartment community in suburban Atlanta, GA

The Estates at Vining Station, Vinings, GA

                                                                      (Photo by Pat Kelly with Sky-Shots Aerial Photography Inc.)

 

Megan Thompson

 ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and secured financing for Estates at Vinings Station, a 315-unit, garden-style multi-housing community in the northwest Atlanta suburb of Vinings.

HFF marketed the property on behalf of the seller, Invesco Real Estate.  The asset was purchased free and clear of existing debt by a joint venture between PCCP, LLC and Carroll Organization. 

Additionally, HFF assisted the new owner in securing the seven-year, 70 percent LTV, floating-rate acquisition financing through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Estates at Vinings Station is situated on 15.29 acres at 4695 North Church Lane SE along South Atlanta Road with direct access to Interstate 285. 

Jason Nettles

The property is proximate to the flourishing Cumberland Galleria office submarket and has direct access to the trendy West Midtown district via South Atlanta Road.

 SunTrust Park, which will serve as the new home to the Atlanta Braves, is being constructed a short distance from the property with an expected delivery date of April 2017. 

Approximately 59 percent of the residences underwent renovation beginning in 2013 to the present with upgrades including: black/stainless steel appliances, quartz countertops, tile backsplash, espresso cabinets, vinyl plank flooring in the kitchens and baths, new carpet in living areas, new light fixtures and brushed nickel finishes.  

Estates at Vinings Station has one-, two-, and three-bedroom units averaging 1,091 square feet each and offers 25 townhome units with attached garages.

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.

HFF’s debt placement team was led by senior managing director Ed Coco and director Chip Sykes.

Ed Coco

“Estates at Vinings Station represents one of the last garden-style properties to likely ever be built in the Vinings area with current trends leaning toward higher-density, structured-parking assets, which now represent nearly all of the new supply in this burgeoning submarket,” said Nettles.

 “Invesco realized their investment objectives, and we believe the buyer’s business plan is well conceived for future asset appreciation.”

 “Carroll Organization continues to acquire and manage a portfolio of high-quality assets in Atlanta and across the South,” said Coco.  “It was our pleasure to assist with financing for their acquisition of Estates at Vinings Station in a transaction that provided loan terms and structure that will help them achieve their business plan.”

 

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 | hfflp.com

ohennessey@hfflp.com

www.pccpllc.com.

HFF closes $31.1 million sale of garden-style apartment community in Claymont, DE

The Edge at Greentree Apartments,  Claymont, DE

Mark Thomson

PHILADELPHIA, PA, Oct. 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $31.1 million sale of The Edge at Greentree, a 286-unit, garden-style apartment community in Claymont, Delaware, near the Delaware/Pennsylvania state line.

HFF marketed the property on behalf of The Galman Group.  A joint venture between two private, Northeast-based groups purchased the asset free and clear of existing debt.

The Edge at Greentree has 26 residential buildings encompassing one-, two- and three-bedroom units averaging 844 square feet.  Community amenities include a state-of-the-art fitness center and tech lounge. 

Centrally located off of Namaans Road, Interstates 95 and 495 and Pennsylvania Route 202, the property is accessible to all major retail and employment corridors in northern Delaware and Philadelphia. 

The 96-percent-leased property is less than 10 miles northeast of downtown Wilmington, Delaware, and approximately 23 miles southwest of Center City, Philadelphia.

Carl Fiebig

The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and associate director Carl Fiebig.

“The asset was previously marketed by another broker, which meant that we could leave no stone unturned,” Thomson commented.  “We continue to educate out-of-town equity on the merits of investing in Delaware.”

Fiebig added, “This sale supports the notion of regional buyers being attracted to value-add product with strong fundamentals throughout the Philadelphia MSA.  We consistently raise the bar on the standard price per unit in many of our markets, including Delaware.”

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 | hfflp.com

ohennessey@hfflp.com