Marcus & Millichap Sells $10.2M Multifamily Complex in Orlando, FL

ORLANDO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Riverfront Apartments, (top left photo) a 356-unit, 335,892-square foot former Section 42 Low-Income Housing Tax Credit (LIHTC) property in Orlando.

 The sales price of $10,279,000 represents $28,874 per unit and $31 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the buyer and the seller in the transaction. The Tax Credit Group is led by Robert L. Sheppard, (middle right photo) a senior vice president investments, along with Armand W. Tiberio (middle left photo) and Spencer H. Hurst, (bottom right photo)  vice presidents investments.

Providing representation from Orlando were investment specialists Patrick Skinner and Kevin Yaryan. In Fort Lauderdale, Evan P. Kristol, a senior vice president investments, and Still Hunter III, a first vice president investments, provided representation.

“We collaborated as a team to access thousands of investors nationwide and ultimately generated more than 30 offers on the property,” says Skinner. “The area around the University of Central Florida (UCF) has proven to be somewhat resilient to the recession and the new owner will benefit from the ability to move rents to market.”

Located on 17.8 acres at 9201 Nelson Park Circle, the property is close to UCF.

Riverfront Apartments was constructed in 1998 and features 32 one-bedroom/one-bath, 140 two-bedroom/two-bath and 184 three-bedroom/two-bath apartment homes. Community amenities include an on-site leasing office, clubhouse, swimming pool, children’s playground, fitness center and basketball area.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Hampton Inn Sells for $10M in Altamonte Springs, FL

ALTAMONTE SPRINGS, Fla., Sept. 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 210-room Hampton Inn (top left photo) in Altamonte Springs, a suburb of Orlando. The sales price of $10 million represents $47,619 per room.

Douglas Dial, a senior associate in the firm’s Orlando office, and Jonathan Ruprai, a hospitality investment specialist in the Denver office, represented the seller, a Georgia-based private investor. Jaimin Patel, a senior associate in the firm’s Tampa office, represented the buyer, an investment group based in Tennessee.

The property is located approximately 15 minutes from downtown Orlando at 151 North Douglas Ave., directly off Interstate 4, a major thoroughfare and primary roadway connecting Orlando to Interstate 95 on the state’s Atlantic Coast and Tampa. The property is a short distance north of State Route 436, a key artery in the Orlando metropolitan area. Approximately 103,000 vehicles per day travel through the intersection of Interstate 4 and State Route 436.

The Hampton Inn was built in 1993 on 4.55 acres and was renovated in 2006. The current franchise agreement will remain in place until December 2013.

Contact:  Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichaps Promotes 3 to Regional Manager Posts

DAN COLACHICCO IS NEW REGIONAL MANAGER OF ORLANDO OFFICE

ORLANDO, FL-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Dan Colachicco (top right photo) regional manager of the firm’s Orlando office, according to Harvey E. Green, (bottom left photo) president and chief executive officer.

“Dan’s extensive commercial real estate brokerage skills and sales management expertise make him an invaluable resource to our agents and clients throughout Central Florida,” says Green.

Colachicco joined the Orlando office of Marcus & Millichap in 2004 as an office, industrial and retail investment specialist. He achieved associate status and earned a sales recognition award in 2007. Most recently, Colachicco was the sales manager in the Orlando office.

Prior to joining the firm, Colachicco owned and operated a commercial brokerage and development firm in Longwood, Fla. He also was the national site selector for a global executive suite company. As site selector, he expanded the company’s office portfolio from nine to 41 locations.

J. MICHAEL WATSON NAMED REGIONAL MANAGER IN AUSTIN

AUSTIN, TX--Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named J. Michael Watson (middle left photo) regional manager of the firm’s Austin office, according to Harvey E. Green, president and chief executive officer.

“Michael has been serving as the regional manager of the San Antonio office since May 2008 and he will now manage both offices,” comments Green. “His extensive management experience and his highly successful track record as an investment specialist make him an invaluable resource to our clients and agents in Austin, San Antonio and throughout Texas.”

Watson joined the Austin office as a sales associate in 2003. He was named a director of the firm’s National Multi Housing Group (NMHG) in 2006 and was promoted to senior associate. Watson became a member of the firm’s prestigious Seven Figure Club in 2007. He is the recipient of one National Achievement Award and three Sales Achievement Awards.

In November of 2007, Watson joined the management team as sales manager of the Houston office. Prior to joining Marcus & Millichap, Watson served as a U.S. Marine Corps officer for over 13 years, both on active duty and reserves, and also worked as a finance controller at Advanced Micro Devices in Austin. He holds a bachelor’s degree in geology and an M.B.A. from Texas A & M University.

BRENT SMITH GETS REGIONAL MANAGER JOB IN HOUSTON

HOUSTON, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brent Smith (bottom right photo) regional manager of the firm’s Houston office, according to Harvey E. Green, president and chief executive officer.

“Brent’s extensive experience in sales management and his successful track record as an investment specialist make him an invaluable resource to our clients and agents in Houston, throughout Texas and the southwestern United States.”

Most recently, Smith was the sales manager of the Austin office. He joined Marcus & Millichap in 2003 as an investment specialist focusing on shopping centers in southern Texas.

During his first year as a broker, he generated marketing assignments in excess of $28 million and closed more than $17 million in transactions. Also in 2003, Smith opened the firm’s San Antonio office. In 2004, he achieved associate status and in 2005, he was promoted to sales manager of the Houston office.

Prior to joining the firm, Smith spent eight years in the marketing. He co-founded the Yehti Corp., a software company for which he helped raise more than $2 million in private startup capital. He also managed product marketing for Dell Computer Corp.’s $4.5 billion Dimension product line and served as an operations manager for United Parcel Service.

Smith received a bachelor’s degree in finance and an MBA from The University of Texas.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Orlando Multifamily Vacancy Creeps Higher but Long-Term Prospects Remain Healthy

ORLANDO, FL – Projected job losses in Orlando will contribute to an increase in vacancy and virtually flatten rent growth, but some positive trends will emerge throughout 2009, according to the 2009 National Apartment Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

“Investment activity is expected to remain slow in the early part of 2009,” says Bryn Merrey, regional manager of Marcus & Millichap’s Orlando office.

“Despite the effects of weakening economic growth, investors are optimistic about the area’s long-term prospects and more robust apartment fundamentals in the quarters ahead.”

Following are some of the most significant aspects of the Orlando Apartment Research Report:

· Led by reductions in the professional and business services and financial activities sectors, total employment in Orlando will fall by 10,600 workers this year, a 1 percent decrease. In 2008, employers cut 15,800 jobs.

· In 2009, developers are slated to complete 2,200 apartments, down from 2,700 units last year. Multi-family permit issuance is expected to decline from about 6,000 units in 2008 to 4,000 units this year as construction pipelines are adjusted.

· The average vacancy rate is projected to increase 120 basis points in 2009 to 10.7 percent. Last year, a rise in completions resulted in a 240 basis point vacancy spike.

· Asking rents are expected to advance 0.3 percent this year to $883 per month. Effective rents are forecast to drop 1.6 percent to $805 per month as owners offer greater concessions to attract renters.

· Due to the recent slowdown in transaction velocity, buyers may be able to negotiate favorable terms in the early part of 2009. This trend will be most evident in sales of fractured condo conversions across the metro area and in deals involving recently built properties with low occupancy, especially near major employers in southern Orange County.

Also included in the report is the firm’s annual National Apartment Index (NAI), a snapshot analysis that ranks 43 apartment markets based on a series of 12-month forward-looking supply and demand indicators.

Orlando moves down six places this year to No. 32. San Francisco retained the top position in this year’s NAI, supported by the strongest effective rent growth in the ranking.

San Diego climbed six places to No. 2, due to the lowest vacancy rate of the markets covered. Washington, D.C. moved up six places to No. 3. Los Angeles checked in at No. 4, and Seattle moved up three places to claim No. 5. Two Midwestern markets, Minneapolis-St. Paul and Milwaukee, posted the most significant upward moves in the index.

For a copy of Marcus & Millichap’s National Apartment Report and the complete NAI rankings, visit http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716