Sunday, October 11, 2020

Hold-Thyssen Negotiates Multi-Year Lease with Premier Sotheby's International Realty at Phillips Place in Orlando, FL

Darby Hold

Orlando, FL and Winter Park, FL -- Hold-Thyssen, Inc., a full service commercial real estate services firm headquartered in Winter Park, FL, negotiated a multi-year lease agreement with Premier Sotheby’s International Realty.     

  The global luxury real estate firm that recently expanded its presence in the area leased a 1,000 square foot suite at 7575 Dr. Phillips Blvd. in Orlando, FL.

   Darby Hold, Senior Director for Hold-Thyssen, Inc. brokered the transactions for the landlord,  Financial Way Realty, Inc.  

 

Phillips Place, 7575 Drive Phillips Boulevard, Orlando, FL

At the same time, Hold negotiated a lease agreement with EGR Concepts, Inc. for 1,120 square feet at Phillips Place . The firm, formerly known as Latitude Promotions, provides business services to small to medium-sized businesses.

 Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place office building. which is currently 95 percent leased.

 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 Real Estate Services, 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 Lvershelco@aol.com.

 

Next Wave Investors Sells 96-Unit Multifamily Community for $17 Million in Phoenix, AZ

La Estrella Vista Apartments is a 96-unit multifamily community in the Far West submarket of Phoenix, AZ

 Phoenix, AZ – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has sold La Estrella Vista Apartments, a 96-unit multifamily community in the Far West submarket of Phoenix, Arizona.

The asset was purchased by a private California-based investor for $16.750 million.

Next Wave acquired the property in May 2019 for $13.175 million, increasing its operating income by more than 25% within less than 18 months of ownership through enacting a strategic value-add program, according to Jordan Fisher, Principal at Next Wave.

Jordan Fisher

“As a prominent multifamily owner with deep experience and connections in the Arizona market, we were able to identify and secure a strong growth opportunity with the purchase of this asset last year,” says Fisher.

“We quickly implemented our investment strategy, which included interior and exterior renovations and security enhancements, in order to improve quality of life for residents and maximize returns for our investors.”

David Sloan, Principal at Next Wave, adds that the Phoenix multifamily asset class has remained resilient during the pandemic.

 “Collections have far outperformed our expectations as a whole throughout this unprecedented time, especially for Class B and C assets in high-growth markets, like the ones we’ve been active within for several years,” he says.

According to Sloan, Next Wave’s target markets, including Phoenix, Arizona; Tucson, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah; are currently experiencing extremely high investor demand and limited inventory.

David Sloan
Phoenix in particular has seen pricing rise substantially compared to pricing prior to the pandemic, due to the dramatic drop in interest rates, and the nation-leading population growth, which is driven in part by many people relocating from California, strong employment, and its relative affordability compared to many other major Western markets.

“Despite the unexpected turn this year took, we were able to complete our business plan and exceed projections at this property," says Sloan.  

 "We determined that now was the perfect time to sell La Estrella Vista to capitalize on strong investor demand and provide the buyer with an upgraded, cash-flowing asset.”

He notes that Next Wave anticipates adding to its portfolio in the coming months as the firm continues to evaluate opportunities.

La Estrella Vista Apartments, which was built in two phases in 2008 and 2014, is separately parceled as fourplexes and includes all three-bedroom units.

Alon Shnitzer

The property is located in close proximity to many major transportation corridors such as Interstate 10, Loop 101 Highway 60, and Loop 202, providing residents with easy access to the entire Phoenix Valley.

The community is also situated near several diverse employers and numerous retail, dining, and entertainment options.

Alon Shnitzer of ABI Multifamily represented Next Wave Investors, LLC as the seller in this transaction.


Contacts:

Elisabeth Manville / Jenn Quader

Brower Group

(949) 438 6262

emanville@brower-group.com 

 www.nextwaveinvestors.com.

 

Central Florida Real Estate Developer Jerome Henin Wastes No Time When Making Deals


Jerome Henin

APOPKA, FL – 
As the owner of numerous real estate development and sales companies, Jerome Henin, who heads Winter Park-based Henin Group, is accustomed to making things happen quickly, but one particular transaction last month surprised even him.

After viewing a 28-acre parcel on Votaw Road near the Wekiva Reserve in Apopka, Henin made an offer on a Friday, signed a contract on Tuesday and closed the deal the following Friday.

The one-week purchase was possible, he says, because he is an independent developer.

“The advantage of landowners selling to independent developers versus selling to the nationals can be huge,” Henin said. “The large national homebuilders just can’t do this without going through their corporate process. They’ll keep land under contract usually no less than 90 days – sometimes more – while they analyze and get extensions.”

The biggest difference, according to Henin, is that independents such as Henin Group have cash readily available to move forward quickly.  

Gary Beverly

That Sept. 1st Apopka purchase was the beginning of what he said is planned as a 95-lot, single-family subdivision worth an estimated $40 million at buildout.

Still in its infancy the community has yet to be named, but Henin said it will be designed by Gary Beverly with CDS Engineering of Maitland and will offer three- and four-bedroom homes on 50- by 120-foot lots.

In addition to Henin Homes building in the new community, Henin said he is considering more than half a dozen offers from other interested homebuilders.

“It will take a year or more to complete the various studies and then we’ll start developing,” he said.

In the meantime, it will be business as usual, which includes shopping for the next one-week purchase.

 

Aerial of Springview Woods showing Riviera Bella in the distance across Lake Konomac

DEBARY, FL–  Springview Woods – part of a 64-acre development that opened in 2018 – is expected to sell out nearly 1½ years sooner than originally projected.  Two of the development’s four phases sold out last year and the 20+ sites remaining should be sold out by next spring.

“D.R. Horton sales there have been brisk,” said Henin. “In 2020 we sold 55 sites in Springview and we still have an additional 14 sites scheduled to close in October,” he said

Sales in the Riviera Bella development off Fort Florida Road along the St. Johns River are going extremely well too, according to Henin. “We are about two years ahead of projected sell-out.”  Thus far in 2020 there have been 51 lots sold there.  

 

St. Johns River, Florida

In Riviera Bella’s Phase 8 with 140 lots, D.R. Horton has only 20 sites remaining.  Sales are going so well that Henin has accelerated the start of site development for Phase 9 with another 153 lots.  

Also, in Riviera Bella’s western section, M/I Homes has seven remaining estate lots slated to close in October – the last of that homebuilder’s total of 252 sites purchased in Riviera Bella.

  Henin Group still owns an inventory of estate lots for future use in the western section and there is only one remaining lot with direct access to the St. John’s River .

This time last year the 240-acre development was predicted be sold out in 2024.   “We now predict to be sold out of everything in Riviera Bella by 2022,” said Henin. 

Contacts:

Jerome Henin, Founder/CEO The Henin Group, 407-644-8595 or Jerome@henin-co.com.

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com