Marcus & Millichap Handles $5.65 Million Sale of The Pines Apartment Homes in Tallahassee, FL

Megan D. Johnson

TALLAHASSEE, 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 Pines Apartment Homes, a 96-unit apartment community located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,650,000.

Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, and Megan D. Johnson, associate in the firm’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller.

 The buyer was secured and represented by Matthew Luchs, associate, and Joshua Luchs, vice president investments, both in Marcus & Millichap’s Encino office. 

“The sale of The Pines Apartment Homes was a prime example of the exposure that exclusive representation with Marcus & Millichap can generate,” says Donaldson.

“Through a targeted national marketing campaign, 12 offers were procured from buyers spanning all regions of the country. Attracted to the proven value-add potential of the property that we outlined, the ultimate buyer was a New York based investment group represented by the Luchs Team in our Encino, California office.”

Michael Donaldson

“This multi-office collaboration and ability to source out-of-state private capital is the epitome of Marcus & Millichap’s marketing platform and the result of the culture of sharing of the 1,600 agents in 80 office across the U.S. and Canada,” adds Meoli.

The Pines Apartment Homes is located at 3801 Mission Trace Boulevard in northwest Tallahassee, Florida. Built in 1989, the 96-unit property consists of 13 buildings on approximately 4.9 acres.

The Pines boasts highly desirable floor plans that is comprised of 40, two-bedroom/two-bathroom units at 1,110 rentable square feet and 56, three-bedroom/two-bathroom units at 1,150 rentable square feet.

The property has undergone numerous capital improvements including all new roofs, siding replacement, new gutters, drains, signage, exterior lighting and landscaping between 2012 and 2016.

The Pines Apartment Homes is located in a quiet residential community, within a short commute to downtown, Tallahassee Community College and the newly renovated mall, The Centre of Tallahassee.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

www.MarcusMillichap.com

Berger Commercial Realty Brokers $7.2 Million Purchase of Boca Maritime Building in Boca Raton, FL

Michael Feuerman

FORT LAUDERDALE, FL - Berger Commercial Realty Palm Beach County Managing Director Michael Feuerman recently facilitated the $7.2 million purchase of the Boca Maritime Building from Boca Maritime, Inc. With the purchase, the buyer retained Berger Commercial Realty to manage and lease the property.

 "The buyer saw this property as an ideal owner-user and investment opportunity," Feuerman said. "With a mix of medical and professional tenants already in place, the buyer will occupy a portion of the building while Berger Commercial Realty leases the remaining space."

The property was originally built by Boca Maritime to serve as its headquarters. With the transaction, Boca Maritime will continue to occupy space on the first floor of the building.

Located at 3020 N. Military Trail in Boca Raton, the 31,609-square-foot Boca Maritime Building is a two-story, class-A office building situated on a 2.05-acre lot just west of I-95 between Glades Road and Yamato Road. 

The building features impact glass, surface and covered parking, round-the-clock access and signage fronting Military Trail. 

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com

www.bergercommercial.com

Berger Commercial Realty Facilitates $3.05 Million Sale of Bank of America Building in Fort Lauderdale, FL

Bank of  America Building, 3600 North Federal Highway, Fort Lauderdale, FL

 

John Forman

FORT LAUDERDALE, FL - Berger Commercial Realty Sales Associate John Forman and Senior Vice President Keith Graves recently represented First States Investors 5200 in the $3.05 million sale of the Bank of America Building to LSN Property Group, LLC. The transaction closed on December 1.

 Located at 3600 N. Federal Highway in Fort Lauderdale, the Bank of America Building is an 18,826-square-foot, three-story office building situated on 85,465 square-feet of land between Oakland Park Boulevard and Commercial Boulevard along the U.S. 1 corridor.

The first floor of the building houses Bank of America. The second and third floors, which total 11,686 square-feet, are available for lease. Located less than two miles from the ocean, the building features onsite banking with an ATM and drive-thru, ample parking and frontage on U.S. 1.

"Due to the building's premier location and opportunity to re-let the second and third floors, LSN Property Group saw the building as a solid investment opportunity," Graves said. "LSN plans to lease the available space, which offers proximity to Fort Lauderdale's central business district, an affluent residential base in Coral Ridge, and numerous restaurants and national retailers along the U.S. 1 corridor."

The property was sold by First States Investors 5200 as part of a portfolio distribution in multiple U.S. markets. LSN Property Group was represented by Ascendant Real Estate Group in the transaction.

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

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Jane Grant, ext. 224, jgrant@piersongrant.com 

Gelt, Inc. Names Former Major League Baseball Player Josh Satin as Asset and Acquisitions Coordinator

Josh Satin

Los Angeles, CA – Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, is pleased to announce it has named Josh Satin as Asset and Acquisitions Coordinator.

Satin, an avid real estate investor and recently retired Major League Baseball player, will be responsible for investor relations and working with Gelt’s team to identify and acquire apartment properties.

Satin, 31, joins an entrepreneurial group of young and successful professionals that has acquired more 5,600 apartment units valued at more than $800 million since the firm was founded in 2008 by partners and cousins Keith Wasserman, 32, and Damian Langere, 36. Gelt is on target to reach $1 billion of investment activity by mid-2017.

“Gelt has been successful because we started small, identified a strategic business platform that works for us, and we have subsequently grown exponentially from there. This growth has been built on a culture of creativity and teamwork,” said Wasserman.

 “Josh is driven, competitive, and passionate about this business. He is an ideal fit with our company’s culture and we are honored he has chosen to join us.”

Keith Wasserman

In June 2016 Satin ended his nine-year professional baseball career due to an injury. Satin played first base, second base, and third base with the New York Mets, Cincinnati Reds, and San Diego Padres organizations. He was a first-team college All-American at the University of California, Berkeley.

“I was fortunate to have a family that brought me up with the understanding that real estate is a strong, tangible investment and have been an investor in apartment properties for the past five years. I truly believe in this industry and know this is the career I am meant to pursue,” Satin noted.

Satin added: “Over the years I came to the realization that many of my peers weren’t confident with their investment decisions, so a big part of my position will be to help educate people on the rewards and risks for this type of investment.

" I see real estate investment as a path to wealth creation and preservation that is sustainable for the long-term.”

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

Darcie Giacchetto

949.278.6224

Arbor Appoints Brian Jones Regional Managing Director in Cleveland, OH Office

Brian Jones

UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has announced the appointment of Brian Jones as Regional Managing Director in Arbor’s Cleveland, OH, office

Mr. Jones will be responsible for originating Arbor seniors housing and healthcare loans using the firm’s leading Fannie Mae, Freddie Mac, FHA and Bridge financing products. He will report directly to John Caulfield, Arbor’s Chief Operating Officer.

Mr. Jones has over 20 years of experience in the seniors housing, healthcare and affordable housing sectors. His expertise includes structuring acquisition, rehabilitation and new construction transactions with bridge loan, agency loan and equity executions.

“Offering Fannie Mae, Freddie Mac, FHA and bridge finance options, Arbor is uniquely positioned in the seniors housing and healthcare market as a one-stop finance shop. Leveraging Brian’s long-standing experience in the sector, our clients will benefit even further from our expertise and nationwide capabilities,” Caulfield said.

John Caulfield

Prior to joining Arbor, he was a Vice President with a national lender where he was responsible for financing seniors housing and healthcare transactions. 

Earlier in his career, Mr. Jones held a senior level position with an affordable housing developer, where he was in charge of acquiring and developing affordable seniors and multifamily housing.  He started his career in public accounting, serving clients in the real estate and seniors housing sectors.

Mr. Jones earned a Bachelor of Science degree in Accounting from the University of Dayton.

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

Christopher Ostrowski

costrowski@arbor.com