Saturday, August 26, 2017

Happy Home Communities Acquires 439-Space Mobile Home Park Portfolio in Central and Northeast Pennsylvania for $13 Million

Ellie Davis

Los Angeles, CA - Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a mobile home park portfolio in central and northeast Pennsylvania.

HHC acquired the three-property 439-space portfolio from Horizon Land Company for $13 million.

"HHC liked this portfolio because it is a stabilized and cash-flowing investment that will produce strong returns for our investors. It also offers value-add opportunities by managing the operating budget more efficiently, and bringing in affordable manufactured homes to fill approximately 48 empty lots," said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities.

 "Over the next 36 months we are planning to improve the communities by upgrading common areas as well as adding amenities including playgrounds to each of the properties."

For more information on this news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

Cohen Commercial Realty Signs New Asian Market to 9,000 SF Lease in Greenacres, FL

Bryan S. Cohen
Greenacres, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of New Asian Market to lease a 9,000-square-foot space at The Market Place, located at 7330 Lake Worth Road, Greenacres Florida. Cohen Commercial represented the landlord in all transactions.

Stretch Zone Takes 800 SF at Mirasol Walk in Palm Beach Gardens, FL

Palm Beach Gardens, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Stretch Zone to lease an 800-square-foot space at Mirasol Walk, located at 6251 PGA Boulevard in Palm Beach Gardens, Florida.

PSQ Jewelry Leases 685 SF at Loggerhead Plaza in Juno Beach, FL

Juno Beach, FL — Bryan S. Cohen, Thomas Whittelsey, and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of PSQ Jewelry, Inc. to lease a 685-square-foot space at Loggerhead Plaza located at 14255 US Highway 1 in Juno Beach, Florida.

For more information on this news release, please contact:

Jamie Crocker

The Habitat Company Announces New Affordable Housing Group

Matt Fiascone
CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced it is streamlining its affordable housing business line operations under a single umbrella called the Habitat Affordable Group. 

The new Habitat Affordable Group strategically brings together the firm’s public housing and affordable housing management divisions with its community development operations to more effectively serve and grow its affordable portfolio. 

“Since our first affordable housing development 46 years ago, The Habitat Company has always been forward-thinking in our commitment to create and preserve affordable housing opportunities,” said Matt Fiascone, president of The Habitat Company.

“Establishing the Habitat Affordable Group is about more than a new name; Habitat is consistently seeking to identify best practices when it comes to our affordable housing investments, and blending the operational and development functions of this core business will help achieve greater efficiencies.”

For more information on this news release, please contact:

Kim Manning, (312) 267-4527
Robin Plous, (312) 267-4523

Passco Companies Acquires Prime Multifamily Community in Supply-Constrained Key West, FL for $101.5 Million

Ocean Walk Apartments, Monroe County, Key West, FL

KEY WEST, FL – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Ocean Walk Apartments, a 297-unit multifamily community in the Monroe County of Key West, Florida for $101.5 million, the largest single-asset transaction in the firm’s history. 

Colin Gillis
This is an extremely rare find as this property is one of only three professionally-managed multifamily communities in Key West, representing nearly half of the multifamily supply on the entire island, according to Passco’s Vice President of Acquisitions for the Southeast, Colin Gillis.

            “Key West is without a doubt one of the highest barriers to entry markets in the entire country with relatively no remaining development sites, extremely limited competition and a highly-mandated growth ordinance,” adds Gillis.

Gillis explains that there are only two other competing apartment communities on the island, both of which have demonstrated consistently above-average occupancy rates and explosive year-over-year rent growth.

Located on the Atlantic side of the island, Ocean Walk is located in close proximity to the beach, a diverse variety of restaurants, retail, entertainment hubs in downtown and the Key West International Airport. 

The property features a variety of amenities, including a clubhouse, swimming pool with an expansive sundeck, tennis courts, and basketball court, among others.

“This is an asset that will continue to perform over time and one that we plan to hold long-term,” explains Gillis. “Our strategic approach is to continue a series of capital improvements to upgrade the property, further positioning it for long-term growth.”

During prior ownership, the seller extensively upgraded the majority of the unit interiors with granite countertops, stainless steel appliances, and new cabinetry and flooring, in addition to completing considerable exterior improvements.  Passco plans to renovate and update the remaining 10% of the 297 units that were not updated during prior ownership.

Hampton Beebe
Gillis notes that Passco has been extremely active in the Florida market, acquiring more than eight properties in Florida in the last two years.

In addition, Passco has also remained extremely active in multiple markets across the U.S. and currently has acquired four additional properties thus far in 2017, totaling more than $350 million, with several more that are planned to close over the next few months. 

“Ocean Walk, along with the additional assets in our acquisition pipeline, is putting us on track to reach our $1 billion goal in commercial real estate assets this year,” says Gillis. “We recently surpassed $2 billion in assets under management, and we plan to continue this momentum, growing our portfolio with high-quality, well-located assets across the country.”

Hampton Beebe, Executive Managing Director at ARA Newmark, the broker involved in the deal adds, “Ocean Walk is truly a one-of-a-kind asset that will continue to benefit from the market’s demand drivers. The Key West market has experienced strong population gains, record rent growth, and is greatly under supplied. This, coupled with the recent renovations completed at the property, provides exceptional value potential for Passco.”

The apartment community is located at 3900 South Roosevelt Boulevard in Key West, Florida. Hampton Beebe with ARA Newmark represented the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer, Passco Companies.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick.

For more information on this news release, please contact:

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

HFF announces $21.5 Million financing of Class A multi-housing community in Franklin Lakes, NJ

Franklin Lakes, Bergen County, NJ
Jim Cadranell
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.5 million financing of Mill Pond at Franklin Lakes, a 100-unit, Class A multi-housing community in Franklin Lakes, Bergen County, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate refinancing through New York Life Insurance Company. 

Mill Pond at Franklin Lakes is located at 1100 Sterling Drive just off Old Mill Road convenient to Route 208, Interstate 287, Route 17 and Route 80.  In addition, the property is approximately 22 miles northwest of the George Washington Bridge offering access into Manhattan.

 The property has 10 residential buildings comprising a variety of one- and two-bedroom units ranging from 816 to 1,317 square feet.  Community amenities include an outdoor heated pool with patio, clubhouse and fitness center.  Units feature private entrances, granite countertops, designer cabinetry, soaking tubs, hardwood floors, lofts, balconies and one-car garages.  The property is 100 percent leased.

Jon Mikula
The HFF debt placement team representing the borrower included senior managing directors Jim Cadranell and Jon Mikula.

“The Mill Pond refinancing was a win-win for both lender and borrower” Cadranell said.  “New York Life Insurance Company was able to retain a good loan in its portfolio and the borrower obtained a significantly lower interest rate.  It was HFF’s pleasure to facilitate the transaction.”

Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.

For more information on this news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |