Hendricks & Partners Negotiates Sale of Cedarbrook Apartments in Hoover, AL for $16,750,000

BIRMINGHAM, AL--- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Cedarbrook Apartments, a 320-unit apartment community located in Hoover, Ala. for $16.75 million.

David Oakley (lower right photo), senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, Cedarbrook Apartments, LLC, an Alabama limited liability company, based in Birmingham.

Cedarbrook, built in 1972 and renovated in 2010/2011, has a total of 329,980 square feet of rentable living space with one-, two- and three-bedroom apartments.

The buyer was Landmark at Deerfield Glen, LLC, based in Florida, and was represented by Tom Hinton of Hinton Properties.

 For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785,  doakley@hpapts.com. 

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.

Hal Warren elected Vice-Chairman of Orlando Historic Preservation Board

ORLANDO, FL - Hal Warren, (top right photo) a veteran commercial broker in Central Floridaand associate partner at Hendricks & Partners in Orlando, has been elected vice-chairman of the Orlando Historic Preservation Board.

Warren was appointed to the Orlando Historic Preservation Board in December 2007 by Orlando Mayor Buddy Dyer. (bottom left photo)

A graduate of Florida State University in Tallahassee, Warren earned his MBADegree from the University of Central Florida. He has more than 20 years of experience in commercial real estate, including positions as southeast acquisitions director for United Dominion Realty Trust, Inc. and senior director with Cushman & Wakefield's Apartment Brokerage Services

.Last year he joined Hendricks & Partners, the nation's largest private capital network of advisors and systems, as associate partner in the firm's southeast regional division headquartered in downtown Orlando.

"The Orlando Historic Preservation Board plays an important role in maintaining and protecting those elements of architecture and infrastructure that make Orlando a unique place with a vivid connection to its past,"Warren said.

For more information, please contact:

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881

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

Cole Whitaker of Hendricks & Partners predicts Orlando region on front end of upcoming rental apartment rebound

ORLANDO, FL - Rental apartment owners will be granting more concessions in the foreseeable future but conditions have positioned the Orlando region for a sharp turnaround once conditions improve, says one leading multi-family broker.

Cole Whitaker, (top right photo) who heads the Florida office of Hendricks & Partners, one of the nation’s leading service providers to the multi-family housing market, said the Orlando region was one of the top markets listed to rebound at the National Multi Housing Council’s annual meeting recently in Palm Springs, Calif.

“Orlando will be on the front end of the recovering markets in the U.S. once the recovery begins. The big question for everyone is when that will be,” Whitaker said.

The lack of new construction will help existing property owners in the long run, Whitaker said, and property sale transactions will continue as investors comb the region for choice properties.

But declining rent rolls, increasing CAP rates, tough new underwriting standards by both FREDDIE MAC and FANNIE MAE and the high cost of equity will make brokers’ jobs much more difficult.

“Unfortunately we will see some sellers and buyers continue to experience a gap between sales expectations and the cost of funds for apartment transactions,” Whitaker said.

“We foresee increased concessions to renters for the foreseeable future as competition for good tenants increases,” Whitaker said.

For more information, please contact:
Cole Whitaker, Partner, Hendricks & Partners, 407-256-9594
Larry Vershel, Larry Vershel Communications 407-644-4142

Lack of New Construction Bright Spot in Multifamily Market, says Hendricks & Partners' Cole Whitaker

ORLANDO, FL- The downturn in new construction in Central Florida has a bright spot---there are fewer rental apartment communities underway which ultimately should help a softening rental market.

That’s the word from Cole Whitaker, (top right photo) Florida partner at Hendricks & Partners, one of the nation’s largest private capital networks of advisors and systems.

“The rate of population growth has slowed and more people are rooming together or moving back home with their parents to save money. These factors along with the tough job market are creating increased concessions in the rental market, said Whitaker.”

“Construction of new multi-family properties has slowed due to the lack of construction financing coupled with more expensive equity available for multi-family investments.” he said. “This present day drop in new construction will help rental property owners in the long run.”

Hendricks & Partners currently offices in more than 40 U.S. cities, primarily in western states and plans to open 25 offices in the eastern seaboard region, including offices in Miami, Atlanta, Jacksonville and the Carolinas.

For more information, please contact:

Cole Whitaker, Partner, Hendricks & Partners, 407-256-9594
Larry Vershel, Larry Vershel Communications 407-644-4142

Hendricks & Partners reports exclusive sale listings valued at more than $180M

Company plans new offices in Atlanta and Miami

ORLANDO — Hendricks & Partners, which opened its southeast U.S. regional office in Orlando four months ago and ranks as the nation’s largest privately- owned, multi-family brokerage firm, reports it has posted exclusive property sale listings of apartment properties in Central Florida valued at more than $180 million since July.

Cole Whitaker, (top right photo) principal and managing partner of Hendricks & Partners in Orlando, said the five month growth surge isn’t over: the firm plans to open an office in Atlanta before April of next year and one in Miami before the fall.

Whitaker, who participated in multi-family property transactions valued at more than three billion dollars since 1983, said the new listings — all added into the 150 days since the firm opened in Orlando — are primarily “Value add” opportunities. “We are finally seeing sellers of apartment communities understand investors want cash flow and future upside,” said Whitaker.

“Most multi-family property firms these days are in attrition, said Whitaker. “We are in a growth mode.” Whitaker said the nation’s economic turmoil could generate substantial multi-family property sales.

“Institutional investor owners such as insurance companies and pension funds constitute a large share of the multi-family market in Florida,” said Whitaker.

The current economic cycle will motivate some institutional investors to sell off select properties in order to increase cash reserves, Whitaker explained.

(Sydney, Australia architect Harry Seilder's Horizon apartment building in Darlinghurst, bottom left photo)

For more information, contact:

Cole Whitaker, Principal/Managing Partner Hendricks & Partners 407-218-5688

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

Hendricks & Partners Appoints Hal Warren Associate Partner

ORLANDO, FL– Hendricks & Partners, the Phoenix-based real estate advisory group that specializes in multi-family properties, has appointed longtime Orlando broker Hal Warren (top right photo) associate partner in its recently opened Orlando office.

Cole Whitaker, who heads Hendricks & Partners southeast regional office in Orlando, said Warren has almost 20 years of experience in commercial real estate specializing in multi-family properties. Warren earned his B.S. Degree from Florida State University –– and a Master’s Degree from the University of Central Florida.

Warren served as the southeast acquisitions director for United Dominion Realty Trust, Inc. (UDR) and as senior director with Cushman & Wakefield’s Apartment Brokerage Service Group.
“I’m delighted Hal Warren has joined our team,” said Whitaker. “He is one of the most knowledgeable multi-family property specialists in Florida and he will play a key role in our expansion in the southeast region,” Whitaker added.

Hendricks & Partners recently opened offices in downtown Orlando at 201 South Orange Ave. Hendricks & Partners has 30 offices throughout the country and plans to open other offices in the southeast over the next two years including Miami, Tampa, Atlanta and Jacksonville.

Hendricks & Partners plans to open other offices in the eastern seaboard region between Miami and New York, Hendricks said. Offices in Miami, Tampa, Jacksonville, Atlanta and the Carolinas are expected to open over the next 36 months.

For more information, please contact:
Cole Whitaker, Hendricks & Partners 407-256-9594
Hal Warren, Associate Partner Hendricks & Partners 407-929-8786
Larry Vershel, Larry Vershel Communications 407-644-4142