Refinancing is Name of Game in 2009, Says RECI

CHICAGO, IL, Jan. 2, 2009 - The Real Estate Capital Institute's Capital Scoreboard reports:

The last month of the year ended on a dramatic note as the Fed forced key short-term indices into record-low territory.

Meanwhile, the ongoing shortage of real estate capital dampens any meaningful mortgage rate reductions.

Important market highlights and trends for 2009 are as follows:

* Funds Resurfacing: Select life companies are cautiously returning-- one of the bright spots in an otherwise bleak market. These institutions are primarily targeting highly conservative opportunities and lower-leverage acquisitions.

* Refinancing Reigns: Since the market remains illiquid with sellers and buyers quite far apart on bid-ask sale negotiations, refinancing is the only option for generating significant loan volume.

For example, borrowers with five and ten-year loans due this year should expect to see rates at about identical levels to the marketplace on ten-year maturities as compared to 1999. Five-year maturities are about 150 basis points higher than in 2004.

* Absolute Rates: Due to benchmark rate volatility, most lenders avoid pricing mortgage rates over spreads and instead offer absolute rates.

* Volatile Indices: Overall mortgage rates drifted slightly upwards for shorter-term fixed-rate maturities (five years), as lenders demand a premium for locking into this highly desirable term. In contrast,longer-term benchmark rates dropped by about 20 to 50 basis points, while lenders react cautiously to any corresponding mortgage-rate drops.

* Steep Yield Curve: The treasury curve remains steep with short-term yields approaching zero, indicating an extreme desire for safety void of any principal repayment risk.

Shorter-term indices dramatically plunged by about 75 basis points or more, particularly LIBOR which dropped by nearly150 basis points.

* Dominant Players: The Agencies (FNMA and FreddieMac) overwhelmingly dominate the multifamily lending arena, which is the most active property-funding sector.

The Agencies offer below rates starting below 6%for shorter-term maturities and below 5% for floating-rate debt.

Lifeinsurance companies and banks dominate all other income-property sectors with rates relatively unchanged from the previous month -- hovering in the 6%-plus range for five-year term and 7% or more for longer-term loans.

According to Nat Zvislo, Research Director of the Real Estate Capital Institute, "2009 looks to be a year of refinancing and with limited acquisition activity."

Adding, "Distressed deals will be the norm for most new acquisitions and lenders will be overwhelmed with renegotiating overleveraged debt."

ABOUT US: The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields. The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.

Furthermore, call the Real Estate Capital RateLine at7RE-CAPITAL (773-227-4825) for hourly rate updates.

The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624

Contact: Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com

http://www.reci.com/

Houston and St. Louis Only Hotel Bright Spots in Dark December Week

HENDERSONVILLE, TN—Houston and St. Louis were the only gainers among the top 25 hotel markets in the Dec. 21-27 week, according to the most recent analysis by Smith Travel Research of Hendersonville, TN and STR Global of London.

Houston’s occupancy rose 1.2 percent to 35.9 percent, its ADR increased 10.2 percent to US $78.86 and its RevPAR jumped 11.6 percent to US $28.34.

(Cosmopolitan Resort & Casino, Las Vegas, top right photo)

“Houston’s performance is largely attributed to the influx of first responders, insurance agents and construction workers following Hurricane Ike’s landfall in September,” points out Jeff Higley, (middle right photo) director of communications and editorial director in STR’s Digital Media department.

(Sheraton Safari Lake Buena Vista, FL,

middle left photo)

St. Louis saw year-over-year ADR growth for the week (+0.1 percent).

“The week’s results likely were skewed somewhat by the day on which Christmas fell,” notes Higley.

This year, Christmas fell on a Thursday, while in 2007 it fell on a Tuesday.

The U.S. hotel industry experienced steep declines in three key performance measurements during the week of Dec. 21-27.

In year-over-year measurements, the industry’s occupancy fell 16.4 percent to end the week at 35.8 percent (42.8 percent during the comparable week in 2007).

Average daily rate dropped 9.5 percent to finish the week at US$92.49 (US$102.22 in 2007). Revenue per available room for the week decreased 24.3 percent to finish at US$33.13 (US$43.78 in 2007).

Performances within the seven chain-scale segments were off across the board:

• Luxury segment: Occupancy -24.4 percent to 40.5 percent; ADR -14.5 percent to US$310.83; and RevPAR -35.4 percent to US$125.98.

• Upper Upscale segment: Occupancy -19.6 percent to 34.6 percent; ADR -11.6 percent to US$128.53; and RevPAR -28.9 percent to US$44.47.

• Upscale segment: Occupancy -15.0 percent to 34.9 percent; ADR -8.0 percent to US$95.46; and RevPAR -21.7 percent to US$33.27.

• Midscale with Food-and-Beverage segment: Occupancy -17.7 percent to 31.5 percent; ADR -4.1 percent to US $77.64; and RevPAR -21.1 percent to US $24.42.

• Midscale without Food-and-Beverage segment: Occupancy -16.0 percent to 34.6 percent; ADR -3.7 percent to US $78.07; and RevPAR -19.1 percent to US $27.00.

(New Orleans Marriott Hotel, bottom left photo)

• Economy segment: Occupancy -11.2 percent to 36.8 percent; ADR -3.3 percent to US $50.72; and RevPAR -14.1 percent to US $18.65.

• Independents segment: Occupancy -17.2 percent to 38.0 percent; ADR -10.0 percent to US $95.60; and RevPAR -25.5 percent to US $36.31.

“Many of the top 25 markets experienced difficult weeks,” says Higley:

• Three of the markets experienced occupancy rate drops of more than 20 percent: Phoenix, Arizona, -27.5 percent; San Diego, California, -24.4 percent; and Chicago, Illinois, -20.3 percent.

• Five of the markets watched ADR drops of more than 15 percent: Oahu Island, Hawaii, -17.3 percent; Miami-Hialeah, Florida, -17.0 percent; Phoenix, -16.0 percent; New York, New York, -15.3 percent; and Orlando, Florida, -15.2 percent.

• Three of the Top 25 Markets watched as RevPAR declined more than 30 percent for the week: Phoenix, -39.1 percent; San Diego, -33.5 percent; and Miami-Hialeah, -31.7 percent.

Media contact: Jeff Higley, Director of Communications/Editorial Director, Digital Media, jeff@smithtravelresearch.com, +1 (615) 824-8664 ext. 3318

T. Reed Hudson Named Director of Marcus & Millichap Retail Group in Fort Worth, TX

FORT WORTH, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named T. Reed Hudson (top right photo) a director of the firm’s National Retail Group in Fort Worth, according to Bernard Haddigan, managing director of the firm’s National Retail Group.

Hudson joined Marcus & Millichap in 2004. During his career at Marcus & Millichap, Hudson has closed more than 50 transactions, which were valued at more than $150 million.


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

Marcus & Millichap Sells $54.4M Apartment Community in Vallejo, CA

VALLEJO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Blue Rock Village, (top right photo) a 560-unit multi-family community in Vallejo.

The sales price of $54.4 million represented $97,143 per unit.

Stanford Jones, (bottom left photo) an executive vice president and senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Palo Alto, and Phil Saglimbeni and Sal Saglimbeni, both senior directors of the firm’s NMHG in Palo Alto, represented the seller, a publicly traded REIT.

Marcus & Millichap also represented the buyer, a San Francisco-based private ownership group.

“While capital markets turmoil has rendered it very difficult for most institutional buyers to successfully acquire assets, well-capitalized private groups will continue to be well positioned given the current environment,” says Jones. “The broker’s ability to source uniquely motivated buyers is paramount to the success of any disposition effort.”

“Even in a challenging market, this transaction is evidence that properly marketed, quality assets will attract strong buyers,” adds Phil Saglimbeni.

Located at 1900-2000 Ascot Parkway, the 448,256-square foot apartment community is situated near the Blue Rock Springs Golf Course and National Park, Six Flags Marine World, historic Mare Island and Old Town Benicia, and world-famous Napa Valley, which is just 11 miles away.

Commuting options include the ferry or bus to San Francisco and easy access to Interstates 80, 780, 680 and California Highways 29 and 37.

Blue Rock Village features a mix of one- and two-bedroom units. Interior amenities include private balcony or patio, functional kitchen layouts, generous walk-in closets and covered parking.

Community amenities include swimming pools and spa, a well-equipped fitness center, picnic areas and gated community living.

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

Starwood Opens 3 Le Meridien-Brand Hotels in China and Thailand

SINGAPORE---Continuing its multi-million-dollar Asia Pacific development surge, Starwood Hotels & Resorts has opened three Le Meridien-brand hotels, totaling 782 rooms, in China and Thailand.

They are the 275-room Le Meridien Shimei Bay Beach Resort & Spa (top right photo) in Wanning City on China’s Hainan Island; the 159-room Le Meridien Chiang Rai Resort (middle left photo) near the Chiang Rai International Airport in Thailand; and the 348-room Le Meridien Chiang Mai (bottom right photo) in the center of Downtown Chiang Mai, Thailand’s dynamic northern capital.

The opening of the three Le Méridien properties highlights the growing development of the brand in Asia Pacific. Le Méridien currently operates 23 hotels in the region, including Le Royal Méridien Shanghai and Le Méridien Cyberport, Hong Kong.

“Le Méridien is proud to broaden its reach in Asia Pacific with the addition of these three stunning properties, where guests can enjoy a unique experience that combines contemporary European refinement with distinct Asian influences curated by Le Meridien’s Cultural Curator and a range of established and emerging innovators, part of LM100,” says Eva Ziegler, (middle right photo) Global Brand Leader, Le Méridien Hotels & Resorts and W Hotels Worldwide.

“A favorite among progressive, curious, open minded and forward-thinking international travelers, Le Méridien facilitates guest discovery of a new perspective of the arts, architecture, design, and cuisine at each of its destinations around the world.

“Hainan Island in China and Chiang Mai and Chiang Rai in northern Thailand will certainly provide fertile ground for this voyage of discovery.”

Miguel Ko, (bottom left photo) President of Starwood Hotels & Resorts, Asia Pacific, says “Chiang Mai and Chiang Rai are both well known for their stunning landscape and rich cultural offerings while Shimei Bay is an unspoiled getaway for travelers to Hainan Island, with spectacular views of the South China Sea, and surrounded by lush forest and rustic Li minority village.

“These locations are a great fit with Le Méridien brand, which is committed to providing guests with an interactive and culturally enriching experience.”

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Marcus & Millichap Capital Corp. Arranges $3.4M Loan for Van Nuys, CA Medical Plaza

VAN NUYS, CA, Dec. 31, 2008 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.4 million fixed-rate loan for the acquisition of Haynes Medical Plaza, an office and medical center located at 14550 Haynes Street in Van Nuys.

Sharone Sabar, an associate director in the firm’s Encino office, arranged the financing package for Haynes Medical Plaza.

“The borrower attempted to secure financing with two other lenders and was not successful,” says Sabar. “MMCC was able to secure an extremely high-leverage, owner-occupied Small Business Administration loan.”

“In addition, the property’s income did not support the loan amount requested,” adds Sabar. “MMCC was able to convince the lender that the borrower’s overall cash flow, including his business and other investments, supported the loan amount the borrower needed to close the transaction.”

Financing for this transaction was provided by the Small Business Administration at a 6.39 percent fixed rate. Terms of the loan are for 10 years with a 10-year amortization schedule. Loan-to-value was 88 percent.

“MMCC added value to the transaction by securing high-leverage financing with a low, long-term fixed-interest rate, and by closing the transaction before the deadline,” notes Sabar.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Cushman & Wakefield negotiates sale of Palm Lake Apts. in Tampa, FL for $6.7M

TAMPA, FL, Dec,31, 2008 – Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Ft. Lauderdale and Miami, announces the sale of Palm Lake (top right photo) for $6,700,000.

The purchaser was Blackhawk Realty Advisors.

Executive Director Byron Moger (top left photo) and Director Luis Elorza (middle right photo) negotiated the sale on behalf of the owners, AIMCO.

Palm Lake, located at 13401 North 50th St. in Tampa, Florida was built in 1972. It is a 153,700 square foot, 150-unit apartment community that offers a mix of 1, 2 and 4 bedrooms. Palm Lake features a swimming pool with sundeck, two-story clubhouse and a business center.

“Palm Lake’s location on Fletcher Avenue, just across the street from the north-east corner of the main USF campus, gives residents excellent access to USF, the University Mall and several major medical centers. The property has outstanding value-add potential,” said Luis Elorza of Cushman & Wakefield, Inc.

To view our current multifamily listings, please visit http://www.apartments.cushwake.com/ or contact:
CUSHMAN & WAKEFIELD CONTACT: Byron Moger, Executive Director, Cushman & Wakefield, Inc., 813.204.5316 byron.moger@cushwake.com

Cogdell Spencer Inc. Declares Quarterly Dividend and Outlines 2009 Business Strategy

CHARLOTTE, N.C., Dec. 29 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc.'s (NYSE:CSA) Board of Directors has declared a quarterly dividend of $0.225 per common share payable on January 30, 2009 to stockholders of record on January 14, 2009.

The dividend covers the fourth quarter of 2008.Cogdell Spencer also announced that its Board has approved a business plan for 2009 that focuses on cost reductions and the preservation of capital for productive deployment while allowing the Company to pursue its integrated delivery strategy despite client-related project delays resulting from the current financial crisis.

As part of this plan, Cogdell Spencer will implement a cost saving plan which, when combined with a reduction in force, will generate approximately $17 million in annual savings.

The plan includes elimination of all executive incentive compensation for the 2009 fiscal year, unless budgeted benchmarks are substantially exceeded.

The Erdman subsidiary will implement a reduction in force in order to right-size the organization for contracted 2009 revenues. The staff reduction will be made effective January 6-9, 2009.

Approximately 115 jobs will be eliminated.

Reduce its dividend from an annual equivalent of $1.40 per share and unit ($0.35 per share and unit per quarter) to an annual equivalent of $0.90 per share and unit ($0.225 per share and unit per quarter).Commenting on these steps, CEO Frank Spencer (top right photo) said,

"We believe these actions will meaningfully enhance our operating and financial flexibility, better position us to serve our clients and provide us with added capital to meet our on-going financial obligations. It is never easy to eliminate jobs, but we have enough visibility on our design/build pipeline to adjust in advance."

For a complete copy of the company's news release, please contact:

Media: Dana Crothers, Marketing Director, +1-704-940-2904, dcrothers@cogdellspencer.com

or

General Inquiries: Frank C. Spencer,President and Chief Executive Officer , +1-704-940-2926, fspencer@cogdellspencer.com

or

Financial Inquiries: Charles M. Handy,Chief Financial Officer, +1-704-940-2914, chandy@cogdellspencer.com

Web site: http://www.cogdellspencer.com/

Dawn McReynolds Wins CoreNet Global Honor

TAMPA, FL, Dec. 31, 2008– Dawn McReynolds, Global Practice Leader for Cushman & Wakefield in Tampa, Florida, has been recognized for completing the professional development series for the CoreNet Global Master of Corporate Real Estate® (MCR) Designation.

The CoreNet Global MCR program is a professional development program, which provides essential skills that focus on urgent and critical business issues and communicates competence and successful experience as a corporate real estate expert.

“Graduates of the rigorous MCR program have earned respect and admiration as experts in the disciplines of corporate real estate,” said Dr. Prentice Knight, (top right photo) CEO of CoreNet Global. “The MCR designation communicates professional competence and a high level of industry knowledge to management and colleagues.”

CoreNet Global members manage US $1.2 trillion in worldwide corporate assets consisting of owned and leased office, industrial and other space. With 7,000 members representing large corporations around the world, CoreNet Global (www.corenetglobal.org) operates in five global regions: Asia, Australia, EMEA, Latin America and North America.

CONTACT: Ryan Mitchell, Imre Communications, 1 410 821 8220; mobile 1 240 298 8472; ryanm@imrecommunications.com

Grubb & Ellis' Bob Bach Predicts Market Turnaround by End of 2009

SANTA ANA, CA--Some year-end thoughts and comments from Bob Bach, (top right photo) Senior Vice President, Chief Economist, Grubb & Ellis Co.

With the recession about to enter its 13th month, commercial real estate looks set to suffer through a cycle of rising vacancy rates, softening rental rates and increasing loan defaults, which has prompted industry trade groups to ask the federal government for help in refinancing debt.

The news is not all bad, however; an economic turnaround could begin by the end of 2009.

Barely detectable interest rates, low energy prices and various rescue packages that have already exceeded $1 trillion will help to reliquify the credit markets and jump-start the economy.
Capital temporarily parked in U.S. Treasuries and other short-term investments will be redeployed into stocks, bonds and real estate when confidence returns.

Due to the integration of global capital markets, that process, once it begins, could proceed fairly quickly, helping to reverse the rapid deterioration that occurred in September.

Despite the pain that is yet to come, the seeds of a recovery are being planted. Grubb & Ellis wishes you a prosperous and successful 2009.

For further information or to speak with Bob Bach, please contact Janice McDill at 312.698.6707.

Home Price Declines Worsen As We Enter the Fourth Quarter of 2008

NEW YORK,NY, Dec. 30, 2008 – Data through October 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10% versus October 2007.

The chart below depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices. Following the lead of the 14 metro areas described above, the 10-City and 20-City Composites set new records, with annual declines of 19.1% and 18.0%, respectively.

1 Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.

“The bear market continues with home prices back to their March 2004 levels,” says David M. Blitzer, (middle right photo) Chairman of the Index Committee at Standard & Poor’s.

“Both composite Indices and 14 of the 20 metro areas are reporting new record rates of decline. As of October 2008, the 10-City Composite is down 25.0% from its mid-2006 peak, and the 20-City Composite is down 23.4%.

In October, we also saw three new markets enter the ‘double-digit’ club. Atlanta, Seattle and Portland are reporting annual rates of decline of 10.5%, 10.2% and 10.1%, respectively.

While not yet experiencing as severe a contraction as in the Sunbelt, it seems the Pacific Northwest and Mid-Atlantic South is not immune to the overall demise in the housing market.”

Three of the metro areas have given back, on average, more than 30% of the value of homes since October of last year.

Phoenix remains the weakest market, reporting an annual decline of 32.7%, followed by Las Vegas, down 31.7%, and San Francisco down 31.0%. Miami, Los Angeles, and San Diego were close behind with annual declines of 29.0%, 27.9% and 26.7%, respectively.

Monthly data also do not show much improvement in the national housing market. All 20 metro areas, and the two composites, posted their second consecutive monthly decline. In addition, six of the MSAs had their largest monthly decline on record – Atlanta, Charlotte, Detroit, Minneapolis, Tampa and Washington.

Most of the positive monthly data recorded in the spring and summer months, merely reflects seasonal patterns in home prices, as opposed to a turnaround in the downward spiral in national home prices.

Dallas and Charlotte faired the best in October in terms Dallas and Charlotte faired the best in October in terms of relative year-over-year returns. Still in negative territory, their declines remained in low single digits of -3.0% and -4.4%, respectively.

It should be noted, however, that both of these values are worse than those reported in the September data. In addition, Charlotte also reported its second consecutive largest monthly decline on record, down 1.8%. Cleveland and Denver were the only markets that showed any improvement in its year-over-year returns compared to last month’s report.

The table below summarizes the results for October 2008.

The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 21 years of history for these data series is available, and can be accessed in full by going to http://www.homeprice.standardandpoors.com/

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided.

Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States.

The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices.

The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices.

The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market

CONTACTS:

David Blitzer Chairman of the Index Committee Standard & Poor’s 212 438 3907
david_blitzer@standardandpoors.com

David Guarino Communications Standard & Poor’s 1 212 438 1471
dave_guarino@standardandpoors.com

Great Wolf Provides Update on Mason Mortgage Loan

MADISON, WI, Dec. 29, 2008—Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, today announced the company is still in discussions with its lenders regarding an extension of the December 30, 2008 maturity date on the company’s $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

Until those discussions conclude in a definitive decision of whether the loan’s maturity date will be extended, the company expects to continue to operate the property normally. The company also advised that it will provide a further update on the status of the discussions regarding an extension of the maturity date as circumstances warrant.

Contacts:

Alex Lombardo, Investors, (703) 573-9317

Steve Shattuck, Media, (608) 661-4731

Cambridge Processes 22 Loan Origination Requests in November totaling $347.3M

CHICAGO, IL--The general slowdown in the number of loan origination requests processed by Cambridge Realty Capital Companies continued into November, but dollar volume for requests reviewed by the company were up appreciably, Chairman Jeffrey A. Davis (top right photo) reports.

Davis said the company processed 22 loan origination requests totaling $347.3 million in November. This compares with 24 requests totaling $294.9 million for the same month last year.

Over the past 12 months, Cambridge has processed 341 loans totaling $4.9 billion. In contrast, the company received 366 loan requests totaling $4.5 billion for the same 12-month period in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests received, but believes its useful to track this information as an indication of market directions.

“There doesn’t appear to be a lot of evidence that borrowers are losing heart despite the severity of the current credit crunch,” he said.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611 E-Mail: ew@cambridgecap.com

Avalon Park Group and Swiss Investor Acquire 70-Acre Tract in Austin, TX for Residential Community Development

ORLANDO, Fla. --- Avalon Park Group, which is developing Avalon Park in east Orlando, has joined forces with Zurich investor Dr. Richard Kunz to acquire a 70 acre site located near I-35 in north Austin, Texas near Dell Computers’ corporate headquarters facility in Round Rock.

Beat Kähli, (top right photo) who heads Avalon Park Group, said the joint venture plans to develop a residential community on the site that will feature 200 three and four bedroom homes.

For more information about this release, contact:

Beat Kahli, Founder/Owner, Avalon Park Group, 407-658-6565

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

Witten and Nolletti of Marcus & Millichap Sell $10.6M Apartment Complex in Waterbury, CT

WATERBURY, CT, Dec. 29, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 156-unit River’s Edge Apartment Homes (top right photo) in Waterbury.

The sales price of $10.6 million represents approximately $68,000 per unit.

Steve Witten (top left photo) and Victor Nolletti (middle right photo), both vice president investments and senior directors in the New Haven office of Marcus & Millichap’s National Multi Housing Group, represented the buyer, River Owner LLC, and the seller, ERP Operating Limited Partnership.

Financing was provided by Fannie Mae through PNC ARCS, a Fannie Mae DUS lender.

“River’s Edge is a superior-quality property located in one of New England’s strongest multi-family growth markets,” says Witten. “River’s Edge is a Class A asset located along the Interstate 84/State Route 8 corridor, where there are limited, newer luxury rental opportunities.

“Multi-family remains the preferred investment property type for institutional and private investors in the current economic climate,” adds Witten. “Apartment properties provide investors with stable, solid returns, particularly in New England’s supply-constrained markets.”

Developed in 1974, River’s Edge Apartment Homes at 35 Sharon Road is an exceptionally well maintained, Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.

The 134,904 square-foot gated apartment community includes six studios measuring 400 square feet, 67 one-bedroom flats encompassing between 560 square feet and 680 square feet and 83 two-bedroom flats of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.

Each unit includes a private deck or patio, wall-to-wall carpeting, ceramic and vinyl tiles, updated kitchens with ranges and refrigerators.

River’s Edge provides residents with a comfortable lifestyle, easy access to local community services, supermarkets and malls, including the Danbury Fair Mall, West Farms Mall and Brass Mill Mall.

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