Wednesday, January 31, 2018

The Keyes Company Acquires Rickenback Realty in Aventura, FL

From left:  Keyes Senior Vice President Steve Reibel, Rickenback Realty Founder Eric Rickenback, Keyes Vice President Tim Pappas and Keyes Aventura District Sales Manager Marco Zarfati

Aventura, FL. – The Keyes Company has announced the acquisition of the Aventura-based real estate firm Rickenback Realty, Inc. This marks the fifth brokerage acquired by Keyes and its Family of Companies in the last five months and the second in Aventura following the August 2017 acquisition of Shorewood Real Estate. 

Led by President and Managing Broker Eric Rickenback and Co-Founder Harriet Rickenback and operating for more than three decades, Rickenback Realty successfully lists for sale and rental homes and condominiums throughout South Florida. The firm has 25 agents and generated more than $25 million in transaction volume in 2017.

Rickenback is merging with the Keyes Aventura office located at 2822 NE 187 St. Keyes has separately announced the appointment of Marco Zarfati as new District Manager of the Aventura office. Zarfati has been with Keyes for 18 years.

Marco Zarfati
“The addition of Rickenback and the firm’s talented agents to our family is an exciting development,” said Keyes CEO Mike Pappas. “It is a fantastic strategic fit that further boosts our recent growth in Aventura. We continue to pursue the right expansion opportunities throughout South Florida, the Keys and the Treasure Coast.”

A longtime supporter of animal rescue initiatives, Eric and Harriet Rickenback started nonprofit organization Shih Tzu Rescue in 1995. The organization operates a three-acre kennel in Davie and has rescued, rehabbed and adopted more than 3,000 abused and abandoned dogs of various breeds.

Earlier this month, Keyes announced the acquisition of Boynton Beach-based real estate firm The Realty Pros, which has 43 agents who specialize in Palm Beach County residential properties.

Through these acquisitions, the agents involved are able to take advantage of the resources, technology, marketing, leadership and independent nature of Keyes as they promote their properties and enjoy increased sales and listing opportunities.

Independently-owned and operated since its founding in 1926, Keyes is extremely active in all segments of residential real estate. In 2017, Keyes generated more than $6 billion in real estate services across its Family of Companies.

The Keyes Family of Companies is the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States.

For more information, please contact:

Eric Kalis
Account Director, BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
Web | Facebook | LinkedIn | Twitter | Instagram

Levin Johnston Sells Santa Clara, CA Multifamily Community for Record Price of $456,250 Per Unit

Velocity at Lawrence Station Apartments, 3488 and 3508-3518 Agate Drive, Santa Clara, CA

            SANTA CLARA, CA – Levin Johnston, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the record-breaking price per unit sale of Velocity at Lawrence Station, which sold for $456,250 per unit, or a total of $25,550,000, on behalf of the seller, Old Adobe Management Company.

Robert Johnston
            “This is the ultimate example of a successful full-cycle investment,” says Robert Johnston, Senior Vice President of Levin Johnston.

“The Levin Johnston team assisted Old Adobe Management Company in acquiring this 56-unit property in February of 2015 for $14,250,000.

After extensive strategic renovations, the property’s value increased exponentially, enabling us to achieve a per-unit sale price that is the highest in the history of Santa Clara for a community with more than 10 units, according to CoStar.”

            Large-scale renovations were performed on both the interior and exterior of the property, including new roofing, upgraded plumbing including copper risers and sewer lines, and brand new electrical wiring in every unit.

The property also features all-new, drought-resistant landscaping, as well as brand new carports and newly upgraded common areas with barbeques. In-unit amenities were substantially upgraded, including high-end, designer finishes such as quartz countertops and modern paint schemes, as well as new dishwashers and the addition of washers and dryers in every unit.

“This level of upgrades is nearly unheard of in today’s market, and speaks to the commitment and expertise of the seller,” states Adam Levin, Senior Managing Director of Levin Johnston. “By investing in the amenities that matter most to tenants, Old Adobe Management Company was able to enhance the value and lifespan of the property for future owners, while substantially increasing their return on investment.”

            The asset is located in the heart of Silicon Valley, which boasts high multifamily occupancy rates and strong employment fundamentals.

Adam Levin
“The Bay Area market is characterized by its outstanding employment rates, and Santa Clara’s fundamentals are on trend,” notes Levin. 

“Unemployment in Santa Clara recently dropped to 2.6%, fueling continued strong demand in the local multifamily sector. This tenant demand continues to drive increased investor interest, enabling us to achieve strong returns for our Client through this sale.”

            The property is located in walking distance to Lawrence Station Caltrain, which offers a short 10- to 20-minute commute to Mountain View, Palo Alto, Menlo Park and other nearby hubs for major employers such as LinkedIn, Intel, Facebook, Apple, Yahoo! and Google.

            Velocity at Lawrence Station was acquired by a private owner. The property is located at 3488 and 3508-3518 Agate Drive in Santa Clara, California.

Levin Johnston is one of the top multifamily brokerage teams in the U.S. specializing in wealth management through multifamily and commercial real estate investments.

With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services.

 Since its inception, Levin Johnston has directed more than $2 Billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston is part of Marcus & Millichap’s Palo Alto office.

For more information, please contact:

Jordan Kruk,  Account Coordinator
Jenn Quader ·
O 949 955 7940
Brower, Miller & Cole
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
Website · Facebook · Twitter · Instagram

NAI Realvest Closes Six New Leases in 60 Days at South Park Business Center in Orlando, FL

Tom R. Kelley II
ORLANDO, Fla. – NAI Realvest completed six new office-industrial leases from mid-November to mid-January for office and industrial space totaling 13,391 rentable square feet at Orlando’s South Park Business Center, 8600 Commodity Circle. 

Tom R. Kelley, II, CCIM, principal NAI Realvest, brokered the transactions on behalf of the Miami-based landlord South Park, LLC.   New tenants and the space leased include:

Digital CM a security firm that provides custom designed systems leased 3,531 square feet; Total Life America, LLC a health supplement provider leased 1,830 square feet; Madrona Concepts, a golfing products distributor based in Belleue, WA leased 1,830 square feet;

Brokeit Company, an electronics repair firm leased 2,094 square feet; Transfirst Media, Inc. a multimedia firm servicing the tourism industry leased 4,106 square feet; and

Sakur International Inc., a women’s fashion products company leased 1,830 square feet.

For more information, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142

Continental Partners Secures $38.1 Million in Financing for Four Multifamily Transactions in Los Angeles, CA

Zalmi Klyne

LOS ANGELES, CA– Commercial real estate investment banking firm Continental Partners has secured $38.1 million in financing for four transactions, encompassing 12 properties totaling 210 units, in Los Angeles, California. The financing for all four deals was arranged by Continental Partners Executive Vice President Zalmi Klyne.

“Multifamily remains one of the most in-demand product types,” says Klyne. “However, as the cycle matures, many lenders have become more conservative in their underwriting, especially in regions with high development pipelines. This is driving investors to emerging submarkets where oversupply in less of a concern.”

According to Klyne, multifamily investment activity in LA’s emerging submarkets continues to grow as residents and investors look for more cost-effective options in close range to urban centers.

“All of these properties are all located in growing LA submarkets where demand is continuing to outpace supply,” explains Klyne. “We were able to successfully arrange competitive financing for all four sponsors by leveraging our capital relationships, getting the lenders comfortable with the properties’ respective submarkets, and implementing creative solutions to finance these deals.”

For more information, please contact:

Elisabeth Manville · Account Executive 
O 949 955 7940 · C 949 584 4046
Brower, Miller & Cole
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660