Eagle Meadows Complex in Delaware Commands $23.2 Million in Open Bid

DOVER, DE– Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap uniquely qualified to serve the needs of institutional and major private investors, has arranged the sale of Eagle Meadows (top left photo), a 298-unit multifamily complex in Dover.

 The sales price for the 352,202-square foot asset was $23,180,000, or $77,785 per unit. IPA is a subsidiary of Marcus & Millichap Real Estate Investment Services.

Victor Nolletti and Steve Witten, senior directors of IPA; Michael Early, a vice president investments with Marcus & Millichap; and Mark Thomson, an associate vice president investments with Marcus & Millichap, represented the seller, Hunt Companies, Inc., based in El Paso, Texas.

 Nolletti, Early and Witten represented the buyer, New York-based Morgan Eagle Meadows LLC.

“The new ownership has acquired a well-maintained, extremely competitive asset that promises stabilized returns over the long term,” says Nolletti.

 “Also, the new owner will benefit from the extremely low turnover rate at this property, which offers renters a single-family lifestyle with very spacious accommodations. A low-density community,

“Eagle Meadows is located near a diverse mix of private-sector and public employees, making it an even more attractive investment,” continues Nolletti.

“Further boosting its value, Hunt invested more than $4 million in renovations, including new HVAC panels, roofs, electrical panels and interior renovations to more than one-third of the units, making this an excellent value-added play,” says Witten. “In addition, Eagle Meadows contains a rare mix of two- and four-bedroom dwellings – a sought-after combination in any urban market.”

Located at 4666 Carolina Ave., Eagle Meadows is comprised of 149 detached duplexes situated on 76 acres in Dover. With a mix of 178 two-bedroom units and 120 four-bedroom units, the apartment homes have oversized closets, fully amenitized kitchens, washer/dryer hookups and ceiling fans. Eagle Meadows also offers residents the largest-sized units on the market in Dover, ranging between 898 square feet and 1,468 square feet.

 Community amenities include a fitness center, walking trails, five playgrounds, a lighted basketball court and a fenced dog park.

 “The sale of Eagle Meadows represents Hunt’s overall business strategy to recycle capital and deploy it to strategic pursuits in our core markets, thereby strengthening our footprint in the multifamily housing market segment,” said Ryan Luxon (middle left photo), executive vice president-finance and dispositions for Hunt.

The city of Dover draws tenant demand from its 13 major employers, including Platex, Bay Health, Kraft Foods, Proctor & Gamble,  Sunroc and the Dover Air Force Base, which employs 6,400 military personnel.

Institutional Property Advisors Contact: Stacey Corso, PublicRelations Manager, (925) 953-1716                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Hunt Hunt Companies, Inc. Contact, Brenda Christman, SVP Corporate Communications, (915) 222-1669      

Two Southwest Florida Multifamily Properties Sold by IPA for $31 Million

TAMPA, FL,  June 22, 2011 – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of two South Florida multifamily communities, the 276-unit Sienna Bay Apartments (top left photo) in St. Petersburg, and the 243-unit Monterrey Apartments (lower left photo) in Venice.

IPA is a division of Marcus & Millichap Real Estate Investment Services.

 The 261,100-square foot Sienna Bay Apartments traded for $19,515,000, or $70,707 per unit and $75 per square foot. The 184,791-square foot Monterrey Apartments commanded $11,550,000, or $47,531 per unit and $63 per square foot.

 Jamie B. May, an IPA senior director in Tampa, represented all of the parties in both transactions. DT Group Development Inc. sold Sienna Bay Apartments to Harbor Group International LLC, while Fairfield Residential Co. LLC sold the Monterrey Apartments complex to Beachwold Residential LLC.

“The opportunity to buy large, high-quality, full-service properties in a market where tenant demand for such assets remains strong continues to attract investors,” says May. “Sienna Bay Apartments is well positioned to outperform the market due to extensive recent renovations and its excellent location.

“Monterrey Apartments enjoys very limited competition and is one of only four apartment properties in the Venice market,” continues May. “With no new developments planned, Monterrey is poised to enjoy a long period of strong performance.”

Located on 18.8 acres at 10601 4th St. North in St. Petersburg, Sienna Bay Apartments was completed in two phases in 1974 and 1985. The property includes 29 two-story residential buildings with floor plans averaging 946 square feet. Sienna Bay Apartments’ community amenities include two swimming pools, tennis courts, a fitness center with cardio-theater and a business center with an Internet café.

Completed in 1987 and located at 1001 Center Road in Venice, Monterrey Apartments is a garden-style apartment community with a brick façade and wood architectural accents.

Only minutes from Interstate 75, Gulf Coast beaches, shopping, dining and recreation, the property is tucked away in a secluded, 25.23-acre setting. Monterrey Apartments has two swimming pools, a Jacuzzi, fitness center, lake views and an on-site leasing and management office.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716