Passco Companies Acquires Class A 260-Unit Multifamily Asset in Southwest Florida for $53.5 Million

Colin Gillis

                Estero, FL -- Passco Companies has acquired Springs at Estero, an institutional grade, Class A, 260-unit multifamily community in Southwest Florida for $53.5 million. The brand new, stabilized property is in the submarket of Estero within the Fort Myers / Cape Coral MSA.

“The acquisition of Springs at Estero, which we plan to rebrand as Longitude 81o, is reflective of our ongoing strategy to acquire core assets with long-term growth potential in dynamic markets across the Southeast,” says Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies. 

“This is our fourth acquisition in Florida in the last 12 months. We continue to find exceptional investment opportunities throughout the state. We are especially excited to make our first acquisition in Southwest Florida, which is experiencing rapid economic expansion driven by explosive job and population growth.”

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

Lauren Burgos/ Lexi Astfalk

 Brower, Miller & Cole

 (949) 955-7940

 Lburgos@browermillercole.com

Gelt, Inc. Launches Happy Home Communities; Names Ellie Davis as Director of Acquisitions and Asset Management

Ellie Davis

 Los Angeles, CA – Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, is pleased to announce it has launched a new business venture, Happy Home Communities (HHC), within its growing group of entrepreneurial companies.

HHC will focus exclusively on the acquisition and management of mobile home and RV resorts throughout the Western United States. Effective immediately, HHC will be led by Ellie Davis, an expert in this specialized sector, who will serve as the company’s director of acquisitions and asset management.

In his new role with HHC, Davis will oversee the acquisition of manufactured home communities as well as the management of day-to-day operations of the company at the resort level. He will also work to foster and build relationships with brokers, lenders and residents.

“We are more than excited about the launch of HHC, and are thrilled that Ellie has come on board to spearhead this new endeavor,” said Keith Wasserman, partner and co-founder of Gelt. “Ellie shares in our vision of responsibly and thoughtfully acquiring properties in this somewhat under the radar sector, as well as fostering thriving communities for those who live in them.”

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

Darcie Giacchetto

Giacchetto Communications

949.278.6224

Stepp Commercial Completes $2.65 Million Sale of 13-Unit Apartment Property in Downtown Long Beach, CA

Robert Stepp

Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a 13-unit apartment property in Downtown Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Santa Barbara-based 336 E 8th LLC, as well as the buyer, a private investor from Signal Hill. The property closed at a 4.3 percent cap rate and a price per unit of nearly $204,000.

Built in 1983, the two-story property is located at 336 E. 8th Street. The unit mix includes nine one-bedroom units, three two-bedroom units, and one three-bedroom unit. The property features large unit sizes as well as garage parking. 

“This property offered the buyer an upside in rents once the units are upgraded, as well as an ideal location in the Downtown Long Beach area which has been seeing a significant amount of growth and gentrification in recent years,” said Toveg.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit www.steppcommercial.com

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

Darcie Giacchetto

Giacchetto Communications

949.278.6224

Real Estate Financial Veteran Chris Ross Joins Feldman Equities

Christopher Ross

TAMPA, FL --  Feldman Equities announced industry veteran Christopher Ross has joined its team to help lead the expansion of its commercial real estate portfolio.

Chris joins Feldman Equities as a Senior Analyst and will prospect all new acquisitions.  Chris will lead due diligence and perform financial analysis for development projects, including the company’s upcoming mixed-use Riverwalk development.

Prior to joining Feldman Equities, Chris spent ten years with MetLife’s Real Estate Investments office in Tampa working in its property acquisition and asset management group. 

Most recently he served as Director of Acquisitions for Cantor Fund Management. With an eye towards an ever-expanding real estate portfolio, this is Feldman Equities’ fifth hire in recent months.

The company most recently acquired Tampa’s Park Tower, a 36-story, 475,000 square foot office building which will undergo a substantial renovation this year. Park Tower rounds out a 1.3 million square foot office building portfolio owned and under development by joint venture partners Feldman Equities and Tower Realty Partners. 

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

tyoungman@assetmarketingonline.com

www.feldmanequities.com/about

Hold-Thyssen Negotiates Long Term Leases at Two Commercial Centers – In Palm Harbor, FL and Dade City, FL

Therese Taylor

CLEARWATER, Fla. --- Hold-Thyssen Inc., a full service real estate firm, recently negotiated two long term leases at commercial centers in the Tampa Bay area for office and retail space.

Hold-Thyssen’s Clearwater office represented the landlord for the Harbor Park Office Center located at 33920 US Hwy 19 North in Palm Harbor, in an expansion lease for 1,851 rentable square feet.  There was very limited space available within the office building at the time, but the landlord and Hold-Thyssen team were able to meet the professional needs of the tenant, Gulf Coast Advisors, one of the area’s leading independent financial advisors.

At Morningside Plaza, 12624 U.S. Hwy 301 in Dade City, Hold-Thyssen’s Leasing Agent Therese Taylor represented the landlord in a five-year lease renewal with Lee’s Hair Salon who occupies 900 square feet at the retail center.

Hold-Thyssen headquartered in Winter Park with offices in Clearwater, provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

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

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