Levin Johnston Directs Two Multifamily Transactions Totaling $23.4 Million in California's High-Demand East Bay Market

Terra Castro Valley, a 37-unit multifamily community
at 2275 Grove Way in Castro Valley, CA

BAY AREA, CA, Aug. 20, 2019  – 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 sale of two multifamily communities in California’s East Bay submarket for a total transaction volume of $23.4 million.

The properties include a 37-unit apartment/townhome community in Castro Valley, California, and a 16-unit apartment community in Palo Alto, California.

“These transactions demonstrate the ongoing appeal of the East Bay, a submarket that consistently garners strong multifamily investor interest and activity,” says Adam Levin, Executive Managing Director of Levin Johnston. “We continue to see record transaction volume in this region, and we expect this trend to continue for the remainder of 2019 and into 2020.”

Adam Levin

Levin Johnston’s recent transactions include:

Terra Castro Valley

Levin Johnston of Marcus & Millichap arranged the sale of Terra Castro Valley, a 37-unit multifamily community at 2275 Grove Way in Castro Valley, California, for $12.9 million to an institutional buyer. The seller, an institutional investor, was also represented by Levin Johnston.

“With robust demand in this market, properties like Terra Castro Valley are highly sought after by investors,” says Robert Johnston, Senior Managing Director of Levin Johnston.

 “We were able to match the seller, who had made interior and exterior improvements in order to increase the property’s value upon sale, with the buyer, who recognized the long-term potential in this renovated East Bay asset, satisfying both parties’ investment objectives.”

Terra Castro Valley offers renters close proximity to the nation’s top tech employers, including Tesla, Google, Oracle, Facebook, Visa, Sony, and many others.

 The asset is also located less than one mile from Castro Valley Marketplace, a three-level gourmet lifestyle center set to open in Fall 2019. The center will feature a butcher, bakery, patisserie, natural grocery store, full-service restaurant, wine bar, cooking school, apothecary, and event space.

Hawthorne Apartments, a 16-unit multifamily community
at 325-327 Hawthorne Avenue in Palo Alto, CA 

Originally constructed in 1964, Terra Castro Valley is a pet-friendly property featuring 31 two-bedroom townhomes and six one-bedroom apartments, as well as a resort-style pool, on-site laundry, assigned parking, and secured gated entry.

The apartments offer private patios, while the townhomes feature enclosed yards.

Hawthorne Apartments

            Levin Johnston also directed the sale of Hawthorne Apartments, a 16-unit multifamily community at 325-327 Hawthorne Avenue in Palo Alto, California, for $10.5 million. Adam Levin represented the seller, an institutional investor, and the buyer, a private investor.

Robert Johnston

           “Hawthorne Apartments represented a rare opportunity to acquire a turnkey asset in a trophy location within this high barrier-to-entry market,” says Levin. “The sale price reflects the strong appeal of well-positioned multifamily communities within one of the Bay Area’s most desired cities.”

            Hawthorne Apartments is located in the Downtown North neighborhood of Palo Alto – an exceptionally affluent pocket where 53% of the population holds a master’s degree or higher.

The property is within one mile of Stanford University and within minutes of Santa Clara University and Menlo College.

 It is also in close proximity to transportation corridors and tech employers including Google, Adobe, Apple, Yahoo, Facebook, and Tesla, among others.

            Built in 1956 and renovated in 2018, Hawthorne Apartments offers one-bedroom units with private parking garages or assigned parking spaces, on-site laundry, and a bike rack.

Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region. For more information about the firm’s $100 million in available properties, visit www.levinjohnston.com.

 Levin Johnston Group is part of Marcus & Millichap’s Palo Alto office

Contacts:

Lisa James / Jenn Quader 

Brower Group

(949) 438-6262

ljames@brower-group.com

 levinjohnston.com.

Canada's Western Wealth Capital continues rapid U.S. market expansion in Texas with two multi-family acquisitions totaling 939 units in Dallas and Houston

Janet LePage

North Vancouver, Canada  – Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of two multi-family residential communities in Dallas and Houston, Texas. The acquisition further increases the company’s U.S. rental portfolio.

The properties include:

1. Las Colinas Heights Apartment Homes, 3701 North O’Connor Road, Irving, TX 75062
2. Central Park Apartment Homes, 3230 South Gessner Road, Houston, TX 77063

WWC and its investor partners purchased the 939 multi-family apartment units on August 15. The acquisition is WWC’s 5^th in Dallas and 7^th in Houston. 

Central Park Apartment Homes, 3230 South Gessner Road, Houston, TX 

WWC has acquired 65 multi-family properties in the U.S., with most purchases completed in the last three years. WWC is Phoenix’s second largest multi-family owner-operator by both number of buildings and units.

Built in 1980 and1976, most apartment units still retain original interior features, providing substantial value-add opportunities such as interior upgrades and in-suite washer/dryer installations. 

In addition, rents are disparate among like-units and well below the immediate competitive set average.

Las Colinas Heights Apartment Homes, 3701 North O’Connor Road, Irving, TX 

WWC has identified Dallas and Houston as meeting all of the attributes of its business strategy. WWC believes Dallas and Houston’s job and population growth are driving both vacancy rates and rental prices in an environment with a large inventory of undervalued and under-performing multi-family properties.

“Houston and Dallas currently rank in the top five cities for both job and population growth in the U.S. and we believe now is the perfect time to invest and create value in these markets,” says WWC CEO Janet LePage.

WWC has developed a proven, reliable system for investing in multi-family properties in key real estate markets across the U.S. WWC offers Investment Partners the opportunity to invest in cash-flowing properties with substantial value-add opportunities. 

Since inception, WWC has successfully completed over $1.8 billion in real estate transactions.

Clint Duncan 

To date, WWC has acquired 65 multi-family rental buildings, representing a total purchase price value of $1.3 billion and more than 13,900 units. 

Our current portfolio, net of divestments, includes 46 multi-family unit rental buildings (more than 11,000 units).

The acquisition was brokered by Newmark Knight Frank (NKF) and Clint Duncan and Matt Phillips with CBRE’s Multifamily Team in Houston, Texas.

About Western Wealth Capital

Matt Phillips

We have a singular focus: create wealth through well-selected real estate investment.

 We acquire underperforming multi-family rental properties and increase net operating income and valuation through an approach that has been successfully applied across our entire portfolio. 

Our vision is to build wealth for our investment partners with industry-leading returns.

CONTACT:

Alison Walsh, PR Account Supervisor

The Ferraro Group Phoenix

120 N. 44^th St. #310

Phoenix, AZ 85034

www.TheFerraroGroup.com

c. 602.741.0866

www.westernwealthcapital.com

JLL closes sale of super-regional retail center in Fultondale, AL

Promenade Fultondale, a 208,568-SF super-regional retail center, 3345 Lowery Parkway, Fultondale, AL

Jim Hamilton

ATLANTA, GA – JLL announced it has closed the sale of Promenade Fultondale, a 208,568-square-foot super-regional retail center in the Birmingham community of Fultondale, Alabama.

JLL marketed and sold the asset to LBX Investments.

Promenade Fultondale is located five miles north of downtown Birmingham in the largest retail node north of the city and has an extended trade area that extends more than 30 miles to the north. 

Additionally, it is the only shopping center within a three-mile radius that houses national big-box tenants. 

Completed in 2008, Promenade Fultondale is 96% leased to a variety of tenants, including anchors Ross Dress for Less, Five Below, JCPenney, Books-A-Million and Shoe Dept., and is shadow anchored by Target and Ashley Furniture HomeStore. 

Michael Allison

It is situated on 21.6 acres at 3345 Lowery Parkway and is immediately off Interstate 65, the dominant interstate that passes through Birmingham and exposes the center to approximately 90,000 vehicles a day.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Directors Mike Allison and Brad Buchanan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Brad Buchanan

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contacts: 

Jim Hamilton, JLL Senior Managing Director

Alabama License No:  97341

Phone: +1 404 832 8460

Email: Jim.Hamilton@am.jll.com

 Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852-3420

Email: Kimberly.Steele@am.jll.com

U.S. newsroom.

jll.com.

The Castell Project Releases Second Annual Women Speakers in Hospitality (WSH) List

Patty Berg

ATLANTA, GA,  Aug. 20, 2019—Officials of Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry released its second annual “WSH List,” a list of prominent female hoteliers and hospitality real estate executives ready with the background required to be dynamic speakers at the industry’s numerous events.

 
 List referrals are made complimentary to all conference organizers seeking to add diversity to their lineups of highly qualified and sought-after presenters.

“Less than one in six speakers at hotel investment conferences are women,” said Peggy Berg, president, Castell Project, Inc.  “This is out of balance when 21 percent of attendees, 52 percent of employees and 67 percent of the industry’s talent pipeline are women."

"Future-oriented leaders recognize the importance of leadership diversity to profit and talent acquisition in this highly-competitive market. Showcasing executive women on the podium is an actionable way for both conference organizers and firms to champion this critical industry need.”

Speaking provides recognition and opportunities to rising executives.  The Castell Project works towards a gender-inclusive balance of speakers that reflects both conference attendees and the industry.

               

The WSH list was distilled from lists of executives in the industry.  Women who wish to be added to the list may submit their name, contact information and speaking experience/background to pberg@castellproject.org.   

                For additional information, please visit www.CastellProject.org.

CONTACT:

           

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

Hold-Thyssen Closes on Retail Leases in Sanford, FL and Winter Park, FL with a Travelers Service and an Outdoor Kitchens Vendor

  

2235 West Fairbanks Avenue, Winter Park, FL

SANFORD, FL and WINTER PARK, FL --- Hold-Thyssen, Inc., a full service commercial property firm based in Winter Park, recently negotiated two new multi-year retail leases – one with an outdoor kitchens firm expanding from Daytona Beach and another firm that specializes in travelers services.    

Hold-Thyssen Leasing Associate Alex Rowlinson brokered both transactions on behalf of the landlords. 

At 2235 W. Fairbanks Ave. in Winter Park, Soleic Outdoor Kitchens of Daytona Beach leased 1,326 square feet of retail/showroom space for four years. 

Alex Rowlinson

Colmex, Inc. a firm specializing in passports and exchanging foreign currency renewed a lease of 1,500 square feet for three years at Sanford Shopping Center, 2921 S. Orlando Drive .

Hold-Thyssen, Inc. 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 that 100 commercial properties throughout the United States.

CONTACTS:

           

Anthony Fisher

 Vice President

 Hold-Thyssen Inc.

 407-691-0505

 afisher@HoldThyssen.com

Robert P. Hold, Principal,

Hold-Thyssen, Inc.,

407-691-0505,

 bhold@HoldThyssen.com

Beth Payan,

Larry Vershel Communications Inc.

407-644-4142

 beth@larryvershel.com.

Avanath Acquires Three Affordable Housing Properties Totaling 317 Units in Chicago and Maryland for $55 Million

   

John Williams

 Chicago, IL and Edgewater, MD — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased three affordable housing communities with a combined total of 317 units in Chicago and Maryland.

The assets were acquired for a total of $55.05 million.

These acquisitions bring the company’s total holdings in Chicago to 1,063 units and its total holdings in the Washington DC metro area to 1,169 units, according to John Williams, President and CIO at Avanath Capital Management.

“We have been extremely active this year, rapidly expanding our AUM throughout many major markets across the nation,” says Williams.

“We target markets where there is tremendous pent-up economic growth, exceptionally strong job and population growth, and an increasing need for affordable housing. Both Chicago and the DC metro area meet these qualifications.”

Ben Finley

Williams explains that affordability is a major concern in many markets across America as home prices and rents continue to rise while wages remain stagnant.

“Our investment strategy is founded on preserving affordability for residents in some of the nation’s most cost burdened areas while simultaneously creating value for our investors,” he says.

“Through our proven asset management strategy, we will make capital improvements to these newly acquired properties that will enhance value for investors and keep rents low for residents.”

Avanath’s asset management strategy includes value engineering renovations, incorporating sustainable features, and improving operational efficiencies through its integrated property management and the firm’s niche focus on affordable housing.

Avanath purchased the following properties:

156-Unit Scotland Yard Apartments in Chicago

Avanath Capital Management has acquired Scotland Yard Apartments for $28.3 million.

Scotland Yard Apartments, a 156-unit transit-oriented, apartment community at  4215-4261 Broadway Street, Chicago, IL

 Located at 4215-4261 Broadway Street in the Buena Park residential neighborhood in the Belmont-Montrose-Uptown District of Downtown Chicago’s Northside, the development is a 156-unit transit-oriented, apartment community consisting of 18 studios, 125 one-bedrooms, and 13 two-bedrooms.

Built in two phases in 1915 and 1917, the property was completely renovated by the seller in 1982.

“Chicago’s northside is a very popular and affluent neighborhood that is known for its vintage condo buildings, tree-lined streets, and location near Lincoln Park, Wrigleyville and the Uptown Entertainment District,” says Ben Finley, National Head of Acquisitions at Avanath.

 “This was a rare opportunity to acquire a well-located asset in a neighborhood with an increasing need for affordability.”

59-Unit Renaissance North Apartments in Chicago

Avanath Capital Management also purchased Renaissance North, a 59-unit, mixed-income affordable housing community at 551 West. North Avenue in Chicago, for $15.45 million. The transaction represents Avanath’s first public-housing deal.

Renaissance North, a 59-unit, mixed-income affordable housing community at 551 West North Avenue, Chicago

            Constructed in 2003, the property features one-, two-, and three-bedroom units in addition to first floor retail space. One of the first developments built in conjunction with the Chicago Housing Authority, Renaissance North offers both market-rate and affordable units.

            “The apartment community is located between two neighborhoods with Lincoln Park to the north and Old Town to the south,” says Finley.

 “Both of these regions are experiencing meaning growth, which will continue to benefit the property.”

According to Finley, this acquisition is also a testament to the importance of public-private partnerships in preserving affordability in the region.

102-Unit Victoria Park at Edgewater in Maryland

Avanath has also acquired Victoria Park at Edgewater, a 102-unit affordable senior housing community at 87 Stewart Drive in Edgewater, Maryland for $11.3 million.

Victoria Park at Edgewater, a 102-unit affordable senior housing community at 87 Stewart Drive in Edgewater, MD

            Located in the sought-after Annapolis submarket, the apartment community is the only senior affordable community in the region, according to Finley.

            “The asset’s location in close proximity to major metros including Washington D.C. and Baltimore and the limited supply of affordable housing in the area will continue to drive long-term demand for the property,” explains Finley.

“In fact, the property is currently 100-percent occupied with a waiting list of more than 200 individuals.”

            The area’s current rising demand is proving out the firm’s investment strategy, Finley notes, adding that Avanath previously identified this region as an emerging market and currently owns six other properties throughout the D.C. metro region.

            

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

www.avanath.com.

Michelle Kidd Joins Crossman & Company as Director of Client Services

Michelle Kidd

ORLANDO, FL -- Crossman & Company, one of the Southeast’s premier commercial property management, retail leasing, and investment sales firms has strengthened its client services with the addition of Michelle Kidd who recently joined the firm as Director of Client Services.

Kidd was raised in Marietta, Ga. and in 1997 moved to Orlando where she began her career with the Inland Group of Companies.  She joined The Shopping Center Group in 2007 and rose to a partner overseeing a team of property managers located in the Southeast.

Kidd will work out of Crossman & Company’s Orlando office

                                                  John Zielinski

“My experience is in third party, retail property management, primarily grocery anchored assets," Kidd said. "I feel a responsibility to make our team stronger through hands on training and support.

 "My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.”

Experienced at supervising all aspects of property management for power centers, grocery-anchored shopping destinations, strip centers and free-standing buildings, Kidd will generate and maintain Crossman & Company’s strong relationships with landlords and owners.

John Crossman

“Michelle brings a wealth of experience and knowledge to our team. We look forward to her contributions to enhancing the collaboration and synergy our property management clients receive from Crossman & Company,” said Crossman & Company  President John Zielinski, CCIM.

Kidd is an active member of the Orlando Building Owners and Managers Association (BOMA) and serves on its Legislative Committee. She is currently seeking the Real Property Administrator (RPA) designation from BOMA. Michelle is also an active member of CREW serving on the Special Events Committee.

Crossman & Company has experience in retail and office leasing, property management and investment sales of grocery anchored centers, shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties.

Serving Florida , Georgia , Alabama , Tennessee , South Carolina , Mississippi , North  Carolina , and Virginia, Crossman & Company has offices in Orlando , Tampa , Miami , Boca Raton , FL. Charlotte, N.C. and Atlanta , Ga.

The firm represents more than 400 shopping centers in the Southeast with over 28 million square feet under leasing and/or management.

CONTACTS:

Andrea Paredes

 Marketing Coordinator

 Crossman & Company

 aparedes@crossmanco.com 

or (407) 423-5400.

John Crossman, CEO, 

Crossman & Company

 jcrossman@crossmanco.com 

(407) 423-5400 or (407) 581-6218

Beth Payan
 Larry Vershel Communications Inc. 
407-644-4142
 beth@larryvershel.com.

 

Lincoln Common Announces Newest Retail Tenants: Dearborn Denim & Apparel, Blowout Junkie, Pharmaca and Verve Wine

Rendering of Lincoln Common, Chicago, IL

CHICAGO, IL – Lincoln Common, the new crossroads of Lincoln Park,  announced its newest tenants: Dearborn Denim & Apparel, Blowout Junkie, Pharmaca andVerve Wine, coming soon to the community. 

The new storefronts join the quickly growing roster of Lincoln Common retailers, including the 33,000-square-foot Equinox Lincoln Common anchor, Velvet Taco, Philz Coffee, Athletico, Compass, Play2Day, and Kohler Waters Spa.

Dearborn Denim & Apparel is anticipated to open a 668-square-foot storefront at 2342 North Lincoln Avenue in the fall of 2019. The apparel manufacturer aims to give its customers access to high quality and ethically made pairs of jeans, as well as other clothing, at a fair price.

Robert McMillan

“Lincoln Common is the ideal location for us to open our newest Chicago brick-and-mortar location,” said Robert McMillan, owner of Dearborn Denim & Apparel.

 “We feel that Lincoln Common, between its residents and serving as a hub for enticing shopping, dining and entertainment opportunities, will attract socially conscious consumers, working parents and young professionals who like supporting local businesses and American-made products. 

"Having seen great success in Chicago’s Hyde Park and Andersonville neighborhoods, we cannot wait to serve the Lincoln Park community and provide the most comfortable jeans and enjoyable in-store experience that we can.”

Nicole Karkalis and sisters Dora and Tina
(Photo via Oren Amzaleg)

Slated to open in October 2019, Blowout Junkie will reside in a 652-square-foot space at 2340 North Lincoln Avenue. The luxury blowout and style bar was founded by three sisters, Nicole, Dora and Tina, who have a deep love for the beauty industry and a great blowout. 

With successful businesses in River North and West Loop, the storefront at Lincoln Common will be the third location in the city, making Blowout Junkie the largest blowout and style bar retailer in Chicago. 

The boutique will offer the latest styles and trends in blowouts and dry styles in a relaxed, elevated and professional environment, plus Make-Up Junkie, with full-service make-up offerings and a luxury lash line.

The Blowout Junkie's Karkalis Sisters

“We are so excited to open our third Chicago location in Lincoln Park,” said Nicole Karkalis, co-founder of Blowout Junkie. 

“My sisters and I have all lived in Chicago for more than 15 years, so when we first learned about Lincoln Common opening, we immediately were interested in having Blowout Junkie become part of one of Chicago’s finest neighborhoods in a space that balances established residential and retail landscapes. 

"Lincoln Park community members and guests of all ages are welcome to stop in and be pampered by some of the best-trained stylists in the city and leave feeling like a million bucks, whether heading to a special event or night on the town or looking to sport their best accessory in style every day.”

With an anticipated opening date of late fall 2019, the integrative pharmacy Pharmaca will occupy a 2,139-square-foot storefront at 2311 North Lincoln Avenue. 

Richard Willis

“We’re looking forward to being in this innovative center that is sure to become a hub of the Lincoln Park community,” says Richard Willis, CEO of Pharmaca.

 “What we have to offer—from organic vitamins and supplements to cutting-edge natural beauty to our full-service pharmacy—is a perfect complement to other retailers in Lincoln Common, and we think it will resonate well with customers here. 

"We’re excited to show off our fresh perspective on natural health and wellness and to introduce our staff of expert practitioners to everyone in Lincoln Park.”

Verve Wine, a New York-based retail shop founded by an expert wine merchant and master sommelier, is set to open a 4,000-square-foot retail space and wine bar in Spring 2020 at 2349 North Lincoln Avenue, directly next to the North Tower of The Apartments at Lincoln Common. 

“Our new shop at Lincoln Common will be the first Verve Wine in Chicago and our first location to have a retail store and wine bar in the same space,” said Dustin Wilson, Verve Wine co-founder and master sommelier.

 “This will allow guests to interact with wine in a variety of ways as we will offer a stacked schedule of classes, tastings and meet and greets with sommeliers each week. We know that Lincoln Park residents have an affinity for good wine, and are interested in learning, so we look forward to educating the community and providing the best wines possible.”

 Dustin Wilson

A SOM-designed steel trellis rises above the central plaza of Lincoln Common, just steps from the entrances to The Apartments at Lincoln Common.

For more information about Lincoln Common, please visit www.lincolncommon.com. 

For retail leasing inquiries, please visit www.lincolncommon.com/leasing or contact Giovanna Ventola at (312) 784-2764.

Contacts:

Megan Gasper/Annie Gustafson

megan@heronagency.com

agustafson@heronagency.com

773.969.5200

www.heronagency.com

www.dearborndenim.us or follow Dearborn Denim onFacebook and Instagram

www.blowoutjunkie.com or follow Blowout Junkie on Facebook and Instagram.

www.pharmaca.com.

www.vervewine.com.