HFF arranges $191 million financing for six apartment communities in Texas, Alabama and Colorado

Advenir at The Meadows, a 320-unit property
 located at 5101 North A Street in Midland, TX

DENVER, CO, May 20, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $190.873 million for six apartment communities comprising 1,843 units in Texas, Alabama and Colorado.

Stephen L. Vecchitto

The HFF team worked on behalf of the borrower, Advenir, Inc., to secure the seven-year, fixed-rate loans in six separate transactions through Freddie Mac. 

Two of the transactions were acquisition financing and the remaining four transactions were refinances from floating- to fixed-rate loans. 

Advenir at Stone Park, a 480-unit property
 at 6160 East Sam Houston Parkway North
 in Houston, TX

The refinances were in line with the borrower’s strategy to mitigate interest rates amid the volatile interest-rate environment. 

The fixed-rate conversions took the ongoing LIBOR adjustment risk off the table and ultimately provided the borrower with a reduction in the all-in rate for each property with additional interest-only amortization. 

All the loans will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.

Cortney Cole

“At Advenir, we continually review our portfolio to increase value through interest-rate mitigation,” said Stephen L. Vecchitto, managing director and principal of Advenir, Inc. 

 “HFF has been a valuable partner in assisting us with our interest-rate mitigation strategy as well as structuring new financing on our acquisitions.”

Josh Simon

The properties in the portfolio are: Advenir at Mayfield, a 300-unit property located at 3200 Bromley Place in the West Texas community of Midland; Advenir at The Meadows, a 320-unit property located at 5101 N. A Street in Midland; Advenir at Stone Park, a 480-unit property located at 6160 E. Sam Houston Parkway North in Houston;

 Advenir at Wynstone, a 258-unit property located at 6464 E. Sam Houston Parkway North in Houston; Advenir at Station 121, a 255-unit property located at 2000 2^nd Ave South in Birmingham; and Advenir at Bear Valley, a 230-unit property located at 3550 S. Kendall Street in Denver, Colorado.  The properties averaged 94.8 percent occupied overall.

Chip Sykes

The HFF team representing the borrower included senior managing director Eric Tupler and managing directors Josh Simon, Cortney Cole, Chip Sykes and director Matthew Putterman.

About Advenir, Inc.

Founded in 1996, Advenir, LLC is a Real Estate Investment Company headquartered in Aventura, Florida (Miami-Dade).  Advenir acquires and operates multi-family rental communities throughout the United States, on behalf of high-net-worth and institutional investors. 

Matthew Putterman

 Since inception, Advenir has owned and operated more than 23,000 apartment units valued at just under $3.7 billion.  The company’s current portfolio is in excess of 13,241 apartment units valued at more than $2.3 billion. 

 In addition to Advenir, LLC, Advenir has a Property Management Company with 325 employees and regional offices in Florida, Texas, Colorado and Louisiana; and a Construction Management Company focused on multifamily development and rehabilitation.

CONTACTS:

ERIC TUPLER

HFF Senior Managing Director

(303) 515-8000

etupler@hfflp.com

JOSH SIMON

HFF Managing Director

(303) 515-8000

jsimon@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Barton Malow’s Florida Office Moves to New Location in Downtown Orlando’s Milk District

Dave Price

Orlando, FL – Barton Malow Company, one of North America’s leading contracting firms, has relocated its Florida office to 14,000 square foot of newly renovated space in downtown Orlando’s Milk District. 

The move accommodates the office’s exponential growth while providing its 252 employees with a highly collaborative and flexible work environment with amenities that reflect the latest approaches in workspace design.

Barton Malow is a 100 percent employee-owned firm headquartered in Southfield, Mich. It entered the Florida market in 1976, originally with an office in Sarasota.

In the early 2000s, and with less than 10 employees, Barton Malow reestablished its Florida operations in downtown Orlando where it sublet a 1,000 SF house. After upgrading to 8,000 SF at the firm’s most recent Millenia Lakes location, it became clear the firm would quickly outgrow that as well.

“Barton Malow has prospered over the past 12 years along with the Central Florida economy, increasing our staff size by 2,300 percent and far outgrowing our existing leased space,” said Senior Vice President Dave Price, who oversees Barton Malow’s southeast operations.

 “As an employee owned firm, we wanted to invest in a new space that would foster a greater connection to the company and to the community while giving our employees a meaningful place to work and be proud of.”

The firm moved from the former Barnie’s Coffee & Tea headquarters building at 340 North Primrose Drive.

Contact: 

Ritu Sandhu

(407) 352-8880

ritu.sandhu@bartonmalow.com

Levin Johnston Directs $25.5 Million Sale of 38-Unit Townhouse-Style Apartment Community in San Mateo, CA

38-Unit Pacific Gardens Apartments
25 McAker Court, San Mateo, CA

SAN MATEO, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the $25.5 million sale of Pacific Gardens, a 38-unit townhouse-style apartment community, situated in the highly-desirable city of San Mateo, California.

Adam Levin

 Levin Johnston represented both the buyer and the seller in the transaction.

This transaction represented a rare opportunity to acquire a trophy asset in one of the strongest and most robust rental markets in the country, according to Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston.

“San Mateo’s strong market fundamentals are largely driven by the region’s rapid employment growth, which is quickly outpacing new housing deliveries throughout the area,” explains Levin. 

 “In fact, over the last three years, nearly 100,000 news jobs were added to the San Mateo and Santa Clara counties, yet those markets only saw nearly 14,000 new apartments units in that same period. This is driving down vacancy rates and placing upwards pressure on rents.”

Robert Johnston

Constructed in 1993, Pacific Gardens is located within the center of this growth and is surrounded by a growing number of major employers including some of the nation’s top tech giants, which makes it an attractive asset to investors.

“Oracle, Sony, Visa, and GoPro are all located within five miles of the property with Facebook just over 11 miles from the community,” says Levin. 

“These major employers, coupled with the ongoing migration of tech companies and startups to the region will drive long-term resident demand to the property.”

The apartment community is also located near several public transportation hubs that provide direct access to the Bay Area’s top destinations, as well as a variety of retail, dining and entertainment options.

“San Mateo’s thriving downtown, which is a cultural and entertainment epicenter for the Peninsula, is within walking distance from the property and boasts more than 150 restaurants/bars and nearly 100 shops,” says Johnston.

“Additionally, less than a mile from the property, a 12.5-acre parcel of the Hillsdale Shopping Center is being redeveloped into an entertainment destination equipped with an open-air dining terrace with several new restaurants and an 870-seat Cinepolis luxury theater.”

According to Johnston, these features add to the appeal of the property as today’s renters continue to demand more walkable communities that contribute to that 18-hour live/work/play lifestyle.

Pacific Gardens is located at 25 McAker Court in San Mateo, California. Community amenities include large two-story townhouse units with two-bedroom and two-and-a-half bathrooms as well as in-unit washers and dryers, private patios, in-unit fireplace, underground parking and individual storage.

  

Contacts:

Alex Caswell / Jenn Quader 

Brower Group

(949) 438-6262

acaswell@brower-group.com

levinjohnston.com. 

Roy Rogers Ranch in Apple Valley, CA Listed at $3.7 Million

                                      Photo credit: Mike Dew of Tourfactory

                                                       Source: murrayrealestate.com

Roy Rogers, Dale Evans and Trigger
who lived to be 33 years old

APPLE VALLEY, CA -- According  to TopTenRealEstateDeals.com, Cowboy film history is now for sale at Roy Rogers and Dale Evans Double R Bar ranch in Apple Valley, California off the original Route 66, west of Las Vegas.

Priced at $3.7 million, it is listed by Kari Janikowski of Murray Real Estate, Riverside, California.

Roy Rogers Ranch, Apple Valley, CA

Though a number of cowboy stars came before the Cincinnati-born Rogers, he got his start in films after moving to California to escape Depression-era poverty and playing a bit part in a Gene Autry movie.

Kari Janikowski

Roy quickly became a matinee idol in the 1930s surpassing all the rest in popularity. He and Dale were everywhere - on radio, film and The Roy Rogers Show on television, which always closed with the song, Happy Trails (Happy trails to you . . until we meet again) written by Dale.

Gabby Hayes

They appeared with Trigger, Buttermilk and Bullet along with various sidekicks Pat Brady, Andy Devine, “Gabby” Hayes and Smiley Burnette.

Smiley Burnette

They made over 100 films and had both radio and television programs at the top of the ratings in the 1940s and ‘50s. In Roy and Dale’s later years, the family created a museum on the ranch which housed the couple’s film memorabilia including full-sized replicas of Trigger, Buttermilk and Bullet.

Pat Brady

Instead of taxidermy, the hides of the animals had been stretched over plastic forms for realism. As told by their son, the tourist favorite was Trigger, who had died at age 33.

Gene Autry

Dale and Roy would come out and sign autographs and talk with visitors. After their deaths, the museum was moved to Branson, Missouri and the ranch was sold.

Dale Evans and her Buttermilk

The Rogers ranch today has all of the couple’s original buildings and horse race track, but in addition the current owner has added a complete Western town, campground, saloon, a blacksmith shop and other structures.

It is being used as a wedding venue and a film set, and could be utilized as an equestrian center generating multiple sources of income. Roy’s red barn contains his original workshop, a kitchen, restrooms and a bridal room.

Grounds include 17 horse stalls and a vineyard planted by Rogers in the 1960s. There are three residences, including the 1,900-square-foot main house, a 1,400-square-foot guest house and a 1,300-square-foot bunkhouse. Combined, they offer six bedrooms and six baths.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

ShowingTime Launches Service with Right at Home Realty; Opens Office in Canada to Support More Than 50,000 Agents

Michael Lane

CHICAGO, IL —— ShowingTime, the residential real estate industry’s leading showing management and market stats technology provider, announced it opened its first office in Canada to support the rapid growth of its Canadian customer base.

More than 50,000 agents across Canada now use ShowingTime products and services, including over 4,950 agents at Right at Home Realty Inc. (RAH), Canada's largest independently owned and operated real estate brokerage.

RAH’s 10 offices went live April 10 with the 24/7/365 ShowingTime Appointment Center and its Live Connect offering in support of RAH’s goal to provide leading technologies to its agents.

John Lusink

“The demand from our growing client base throughout Canada has never been greater, and our new office will help us support our product lines to meet that demand,” said ShowingTime President Michael Lane.

 “We’re pleased to work with partners like Right at Home Realty, ORTIS, the Ottawa Real Estate Board, the Ontario Collective and others to offer showing management and market stats solutions to their agents and sellers.”

Parliament Hill, Ottawa, Ontario, Canada

Right at Home President John Lusink said the company selected ShowingTime for its focus on technology and all-in-one approach to handling showing management and agent/client communications.

Right at Home announced last month that it acquired Your Choice Realty, which opens two new markets – Ottawa and Barrie – and adds up to 450 salespeople and brokers to the company’s roster.

“We were using multiple vendors to help us schedule showings, deliver messages and communicate with our agent teams across our 10 offices in Ontario until we partnered with ShowingTime,” he said.

Beachside, Barrie, Ontario, Canada

“ShowingTime appointment specialists are available 24/7/365 to serve our agents and their sellers, which aligns perfectly with our focus on being the leading agent-centric brokerage in Canada.”

ShowingTime’s Canadian expansion has included the introduction of ShowingTime Live Connect, a feature of the ShowingTime Appointment Center and ShowingTime Front Desk that provides live call answering 24/7/365 with real-time messages delivered via text, push notification or email.

CONTACTS:

Brian Sorenson

 ShowingTime

 312-568-8000 x128

Bsorenson@showingtime.com.