Ohio Auctioneer is Youngest to Win International Auctioneer Champion Competition

                                   

            

MILLERSBURG, OH,  /PRNewswire/ -- Real Estate Showcase (www.reshowcase.com) is pleased to announce that Joseph Mast (top right photo), CAI, recently won the title of International Auctioneer Champion (IAC) during a competition at the 62nd International Auctioneers Conference and Show in Orlando, Fla.

Eighty-three of the world's top male and female bid-calling auctioneers competed and were judged on their presentation, chant, voice timbre, body language, interview answers and other performance elements of effective auctioneering. Since the competition was created in 1988, IAC champions have been considered by industry professionals to be the best bid-calling auctioneers in the world.

"It was truly an honor and a privilege to compete with such talented and professional auctioneers," said Mast. "Auctioneering is one of history's oldest professions and full of tradition. I've had opportunities to travel the world calling bids and look forward to representing the auction industry over the coming year."

A graduate of Missouri Auction School, Mast started his career selling personal property, then expanded to auto auctions. At 24, he branched out and acquired his real estate license and joined Real Estate Showcase in 2004. In 2008, he purchased the company and has expanded it to more than 50 agents in four offices (Ashland, Millersburg, Wooster and Loudonville).

In 2008, he joined the elite Barrett-Jackson automobile auction team as its youngest member, and in 2010 joined Fasig-Tipton, America's oldest thoroughbred auction firm selling multi-million dollar horses.

He serves as the lead auctioneer for the Akron Auto Auction, a contract auctioneer for Yoder & Frey, selling industrial and heavy equipment, as well as an agent/auctioneer for Williams & Williams, a real estate auction company.

 Mast is a member of the National Auctioneers Association, Ohio Auctioneers Association and the National Association of Realtors. Mast graduated from the Certified Auctioneers Institute (CAI) in 2009.

Along with the women's division champion, Camille Booker (lower right photo), Mast will serve as a spokesperson and ambassador for the quarter-trillion dollar auction industry. At 31, he is the youngest competitor to ever claim the title of IAC Champion. He lives in Millersburg, Ohio, with Marie, his wife, and their three children.

Real Estate Showcase specializes in the auction marketing and sale of real estate of all types, residential, commercial, farms and land.

For more information, call (330) 763-4411 or visit www.reshowcase.com.

Real Estate Coalition Urges Debt Negotiators to Drop Carried Interest Tax Hike that Would Stifle Job Creation

WASHINGTON, DC--The undersigned real estate organizations (bottom paragraph)  urge Congress to reject an increase in taxes on partnership carried interest that would encumber job creation and halt economic recovery.

In an attempt to help close the budget deficit, lawmakers are considering treating carried interest as ordinary income (taxed at up to 35 percent) rather than as capital gain (subject to a top rate of 15 percent).

Such an increase could derail a real estate recovery by disproportionately impacting small to medium sized real estate partnerships that rely on carried interest to make up for the substantial risks and liabilities associated with long-term real estate ownership and development.

The proposed tax increase on carried interest would overturn more than 60 years of partnership tax law and would significantly curtail commercial real estate activities. Nearly half of all investment partnerships in America are real estate partnerships, which are key drivers of job creation and economic development in communities across the country. 

When Congress considered raising the tax rate on carried interest last summer, both the U.S. Conference of Mayors and the National Association of Counties passed resolutions urging Congress to maintain the current law as it relates to real estate partnerships because of its negative impact on state and local taxes.

An increase in the carried interest tax rate will result in:

Fewer jobs. The tax increase will threaten millions of jobs that are made possible by real estate development projects.

Fewer economic development projects. Projects with brownfields, mixed-use or affordable and workforce housing components will be the hardest hit because developers use carried interest as the return for shouldering the tremendous risks and liabilities associated with these types of real estate projects, including environmental concerns, operational shortfalls, construction delays and loan guarantees.

Fewer small investors. At a time of global deleveraging, proposals to more than double the tax rate on carried interest would encourage more debt vs. equity—for those even able to obtain loans from institutions. Small investors—key job creators—typically do not possess the capital to leverage and will likely not enter into commercial real estate development.

Less tax income at the state and local level. Higher effective tax rates will cause real estate owners to hold on to existing holdings, significantly undermining redevelopment of underutilized properties and curtail new real estate development, reducing transaction-related taxes at every level.

Real Estate Coalition: 

American Hotel & Lodging Association, American Resort Development Association, American Seniors Housing Association, Building Owners and Managers Association (BOMA) International, CCIM Institute, CRE Finance Council, Institute of Real Estate Management, International Council of Shopping Centers, Mortgage Bankers Association, NAIOP – The Commercial Real Estate Development Association, National Apartment Association, National Leased Housing Association, National Multi Housing Council and The Real Estate Roundtable.

Contact:

Lindsay Tiffany

Manager of Media Relations

BOMA International

(202) 326-6365

ltiffany@boma.org

Lanham & Associates' Growth Defies Real Estate Trend -- Exceeds Expectations

                                                

OAKLAND PARK, FL, July 22, 2011 /PRNewswire/ -- Lanham & Associates has added five sales associates and an associate broker in its first six months, according to Gary B. Lanham (top right photo), President and founder.

 "My business plan targeted five agents by year end, and we exceeded that goal in the first six months," says Lanham, who launched his business in January 2011.

Lanham's company brand, Real Estate Recovery, expresses his confidence in continuing growth, and the business has expanded services beyond the residential market, to offer commercial and investment properties as well.

Associate Broker Jeff Yunis (top left photo) heads up the new focus on commercial and investment real estate. He brings nearly 40 years of real estate experience in residential and commercial sales and leasing.

Licensed to practiced law in New York and Florida, Jeff has completed hundreds of real estate transactions including planning, development, marketing, leasing and sales of residential, commercial and government projects. 

Sales Associate Spencer Jennings (middle right photo) moved to South Florida after a 20-year career in real estate in the Atlanta, Georgia area, where he repeatedly earned Million Dollar Club and Multi-million Dollar Club Status.

 Jennings enjoys what he calls the "matchmaker" role of the real estate agent — connecting sellers with buyers. He continues to believe that even with today's slower, more realistic percentages, homeownership remains a key factor in the accumulation of financial assets.

Sales Associate Richard Rogowski (middle left photo) spent more than two decades with Fortune 500 retail and technology companies. His tech savvy background and expertise in internet sales enable him to create a customized, comprehensive plan for selling a listed property.

Sales Associate Bennett Goldworth (lower right photo) has worked in the real estate business for nearly two decades, primarily in the New York City area, where his family has been in real estate as investors and builders for two generations.

He has bought, renovated and sold his own properties, and he has managed his own firm. But sales have always been his preference. "I believe real estate can be likened to a love affair," says Goldworth, whose goal is always to successfully match people to properties.

Sales Associate Luther Gray (bottom left photo) retired after 31 years of teaching in the Miami-Dade County Public School System. He has been an avid real estate investor since the 1970s and brings a wealth of investment analysis and real estate knowledge to the Real Estate Recovery team.  While sales may be a new course for this former teacher, he promises to be a quick study.

Sales Associate John Hech resumes his Florida real estate career following the sale of a hotel liquidation business he founded. He honed his sales skills in the promotion and launch of several restaurant projects. John is a member of the Army National Guard where he specializes in food services.

"As you can see, we have a very deep bench," says Lanham. "The breadth of experience and wealth of knowledge enables us to offer a full service, one-stop shop for the real estate needs in this community."

More information about the company, broker and sales associates can be found at www.lanhamassociates.com.

Contact

Gary Boyd Lanham

Lanham & Associates, Inc.

Real Estate Recovery

3242 NE 12 Avenue

Oakland Park, FL 33334

954-530-8198

Email: gary@lanhamassociates.com

On the Move: Market Pick-up and Larger Incentives Entice Candidates to Look for New Opportunities - Hays Quarterly Report

 Tokyo, July 22, 2011 - (JCN Newswire) - Completed bonus payments, larger incentives and a pick up in the market have contributed to a larger number of candidates now entering the jobs market in Japan in the third quarter of 2011, says recruiting experts Hays.

In our latest Hays Quarterly Report, for the July-September quarter, we found that candidate levels have increased again as people start to feel the economy is stable enough for a move. Candidates are also looking for more job security and are moving out of the temporary roles that sustained them during the recession into more permanent employment.

"There was a decrease in candidate levels following the earthquake as employers reassessed the damage and its effect on companies," says Christine Wright, (top right photo) Managing Director of Hays Japan.

 "We also lost a number of foreign workers who left Japan after the earthquake and replacements have been required to fill these vacated roles in the last and upcoming quarter. This has resulted in plenty of opportunities for local candidates.

"As positions are filled, particularly at the executive level, this in turn has created the need for other companies to find replacements and so we are seeing high demand for senior managers. Employers are opting to find the skills locally in Japan and are willing to offer higher salaries and more benefits to attract candidates with the right skills sets.

"We are also seeing a rise in the demand for insurance professionals and as a result Hays Japan launched an insurance specialism last quarter. We've particularly seen demand rise for Adjusters to assess claims, while telephone operators are needed to take calls from policy holders."

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

Claire Martin at +81 (0)3 3560 1529

Ryan Hill Realty Agent Gets Awarded by Naperville City Council for Community Work

Naperville, IL, July 22, 2011 --(PR.com)-- On Tuesday, July 19, 2011, Ryan Hill Realty agent Rose McMahon (top right photo) was presented with an award by Naperville City Council for her support, community service and volunteer work for the non-profit organization, Naperville Responds for Our Veterans.

The award was presented by Mayor Pradel, representatives of the City Council and the Main Street Organization of Realtors.

Ms. McMahon was selected from 10,500 members at Main Street for giving back to community. She was presented with a plaque inscribed with her name and the organization, Naperville Responds for Our Veterans. In addition, Main Street Organization of Realtors donated $1000 in Ms. McMahon's name to the organization.

Teresa Ryan (lower left photo) Realtor and Owner of Ryan Hill Realty said: "Rose McMahon is a wonderful individual who deserves this recognition. We're proud to have her on our team."

Witnessing the event live were board members from NRFOV and agents from Ryan Hill Realty.

Ryan Hill Realty, a privately-owned residential and commercial brokerage firm, opened its main office in downtown Naperville in 2002. The company’s mission is to “deliver the ‘American Dream’ by serving clients and community with passion and excellence.”

Contact Information

Ryan Hill Realty

Teresa Ryan

(630) 276-7032

marketing@ryanhillrealty.com

www.ryanhillrealty.com

http://www.facebook.com/RyanHillRealty

Metro Chicago Real Estate Market Looks Ahead to Stronger Home Sales as June Delivers Best Results of 2011

Chicago, IL, July 22, 2011 --(PR.com)-- June home sales in the metropolitan Chicago real estate market displayed a distinctly split personality, according to an analysis of sales data by RE/MAX.

Sales figures for June registered notable gains in transaction volume and both median and average prices when compared to May and all earlier months this year. At the same time, June results lagged well behind the same month last year when the end of the federal homebuyer tax credit helped generate the largest number of home sales recorded during a single month since the summer of 2007.

The seven-county metro Chicago area saw June home sales rise 12.9 percent from the prior month total to 7,456 units. The median sales price increased 6.5 percent to $181,035, and the average sales price rose 7.9 percent to $258,057. Each of those figures was also the highest recorded for any month in 2011.

Sales of detached homes were especially strong, rising 16 percent from the May total to 4,909 units in the metro area. Attached sales rose 7 percent to 2,547 units.

Another positive sign for the market was that the percentage of sales represented by distressed homes (foreclosures and short sales) was 36 percent in June, down from 41 percent in May after peaking at 51.5 percent in February. The RE/MAX analysis is based on transaction information from Midwest Real Estate Data, LLC.

Nonetheless, June sales results still trailed the comparable figures posted a year earlier. Total home sales were 18.6 percent lower, the median price declined 13 percent and the average price fell 5.7 percent.

 RE/MAX reports that the June figures for last year were something of an anomaly reflecting a surge of sales as buyers tried to complete transactions that qualified for the federal tax credit.

This year’s June sales numbers suggest that the gradual recovery of the housing market is continuing. The strength of that recovery will be easier to gauge in a month. At that point, July sales results can be compared to those for July 2010 when the tax credit was much less of a stimulative factor although it still played a limited role.

The metro Chicago market did show substantial variation when June sales are looked at on a county-by-county basis. Kendall County posted a 10.2 percent increase in home sales when compared to June of last year, the best result of any of the seven counties. Only minor declines in total sales occurred in two other counties: 1 percent in Kane and 4.2 percent in Will. In contrast, sales in Cook County were down 24.6 percent on the same basis. Sales also fell 11.3 percent in DuPage, 13.7 percent in McHenry and 20.4 percent in Lake. In the City of Chicago sales were off 29 percent.

 Home sales activity in June showed other interesting differences from the pattern seen a year earlier. Homes selling for less than $200,000 represented 54 percent of June sales, compared to 48 percent in June of last year.

 At the same time, homes priced at $700,000 or more accounted for 5.6 percent of all sales, up from 5.1 percent last June. Increased activity at both ends of the market meant that homes priced from $200,000 to $699,999 accounted for 41 percent of June sales, compared to 47 percent a year ago.

RE/MAX has been the leader in the northern Illinois real estate market since 1989. The RE/MAX Northern Illinois network consists of 2,300 sales associates and 110 individually owned and operated RE/MAX offices that provide a full range of brokerage services throughout the northern one-third of Illinois. Its www.illinoisproperty.com and www.remax.com websites are leaders in consumer visits among real estate franchise brands.

 Its mobile search, m.illinoisproperty.com, allows users to conduct real estate searches on any mobile device with Internet access. The northern Illinois network is part of RE/MAX LLC, a global real estate organization with 90,000 sales associates in 84 nations.

Contact Information

RE/MAX Northern Illinois

Laura Ortoleva

847 428 4200

lortoleva@remax.net

www.illinoisproperty.com

Terrace Capital Spearheads $7.2MM Refinance for Multifamily Property in Atlanta, GA

New York, NY, July 22, 2011 --(PR.com)-- The proceeds of this $7.2 million loan were used by the borrower for the repayment of a private bridge loan, originally utilized for the purchase and renovation of the complex.

According to John Dragone, the senior banker and team leader on this deal at Terrace Capital, “MSC Investment is a seasoned development company with access to a wide range of financial institutions throughout the country.

“ When their local banker’s stopped funding permanent loans on properties with limited operating history, due to the stagnant economic climate and substantial vacancy rates in the Atlanta MSA, MSC turned to Terrace because of its ability to navigate the non-recourse, credit markets and provide innovative solutions for low cost, permanent financing during the worst credit crunch since the Great Depression.”

The 5-year non-recourse loan, with a 5.21% interest rate fixed for 5 years and amortized over 30 years, closed within 7 days of investment committee approval.

Multiple challenges existed in structuring the deal, which included a limited, stabilized occupancy history of 3 months, a market vacancy rate of approximately 17% and a limited equity position of 10% in the project.

Terrace is now currently exploring providing equity for MSC to acquire additional multifamily complexes between 100 & 400 units in the Atlanta MSA, via the Landmark Opportunity Fund, real estate hedge fund managed by Terrace Capital.

Terrace Capital is a direct lender and asset manager of private funds which provide debt or equity capital for commercial real estate transactions. The Firm is a leader in providing conventional mortgages and bridge loans solutions for wide range of real estate transactions.

For more information about Terrace Capital and the services it provides, go to www.terracecapital.com.

Contact:

John Dragone, Managing Director, Terrace Capital, 212-671-1031

jdragone@terracecapital.com

www.terracecapital.com

HFF secures $5.85 million in financing for two California manufactured home communities

SAN DIEGO, CA – HFF announced today that it has secured $5.85 million in financing in two separate transactions for Sierra Vista Estates and Morada Manufactured Home Community in Visalia and Stockton, California.

Working on behalf of Sierra Vista Estates, LLC, HFF arranged a $4.78 million, 10-year Fannie Mae fixed-rate loan for Sierra Vista Estates. Proceeds will provide cash-out and replace maturing debt.

HFF represented the Bell Family Trust in the $1.07 million post-close financing for Morada MHC. The 15-year fixed-rate loan was secured through a northern California bank and is covering acquisition costs.

Sierra Vista Estates is located at 2301 South Divisadero Street, east of Visalia Mall close to State Highway 198 in Visalia. The 13.47-acre all-age community has 125 home sites and is 93.6 percent occupied. Community amenities include a clubhouse with recreation room, billiards room, kitchen area and laundry room, plus a swimming pool and 11 RV storage spaces.

Morada Manufactured Home Community has 44 home sites and is 95 percent occupied. The 4.82-acre all-age community is located at 9454 North Highway 99, about 7.5 miles northeast of downtown Stockton.

The HFF team representing the borrowers was led by associate director Zach Koucos (lower left photo).

Contacts:
Zachary E. Loucos, HFF Associate Director, (858) 812-2351, zkoucos@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com

Cushman & Wakefield negotiates sale of two apartment complexes for over $53 million

 TAMPA, FL – July 21, 2011 – Cushman & Wakefield’s Florida Apartment Brokerage Services, with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Sabal Palm at Carrollwood (top left map) for $39 million and Beneva Place (lower right photo) for $14.9 million. 

The purchaser of Sabal Palm at Carrollwood was CAPREIT and the purchaser of Beneva Place was Insula Properties, LLC.

Executive Director Byron Moger and Director Luis Elorza were the only brokers involved in the transactions.

Sabal Palm at Carrollwood, built in 1995, is located at 3602 Carrollwood Place Circle in Tampa, and is a 432-unit Class A apartment community within central Carrollwood.

Totaling 419,040 square feet, it offers a mix of 1, 2 and 3 bedrooms. The property features desirable floor plans, three-story design, vaulted ceilings, garages, a fitness center, a swimming pool and business center. A beautiful lake at the center of the property provides many of the units with fantastic water views.

Beneva Place, built in 1986, is located at 3451 Queens Street in Sarasota, and is a 192-unit apartment community within a desirable residential neighborhood just three miles from the white, sandy beaches of Siesta Key. Totaling 169,360 square feet, it offers a mix of 1and 2 bedrooms. The property features lush landscaping with mature trees, a beautiful outdoor pool and a large lake. 

 “Both properties have extraordinary infill locations and steady operating histories.  The apartment rental markets in Carrollwood and Sarasota are strong.  The lack of new inventory and continued strong demand will lead to higher market occupancy rates and rents.  Apartments investors today have a highly positive outlook on Florida’s economy and the multifamily market,” said Mr. Elorza.

Contact:

Cara Chodash

Manager, Media Relations

Cushman & Wakefield

Ft. Lauderdale: (954) 377-0508

Miami: (305) 533-2865

Cell: (917) 957-5606

Email: cara.chodash@cushwake.com

www.cushmanwakefield.com

HFF closes $25.45 million sale of northwest Florida regional grocery-anchored retail center

MIAMI, FL – HFF announced today that it has closed the sale of Santa Rosa Commons (top left photo), a regional grocery-anchored retail center in Pace (Pensacola), Florida.

HFF marketed the offering on behalf of the seller, Mpirical Development.  The property was sold without existing debt and purchased by Cole Real Estate Investments for $25.45 million.

Completed in 2008, Santa Rosa Commons has 124,414 square feet of retail space, which is anchored by Publix Supermarkets, TJ Maxx and PetSmart.

 The sale also included three leased outparcels to Regions Bank, Chili’s and AT&T.  The property is shadow anchored by Target, which is not included in the collateral.  Located in Pace at 4739 Highway US 90 (State Route 10), Santa Rosa Commons is about 10 miles northeast of downtown Pensacola.

The HFF team representing the seller included managing director Brad Peterson (middle right photo) and director Coler Yoakam (lower left photo).  Thomas Falatko, vice president of acquisitions, represented Cole.

According to HFF, Santa Rosa Commons is located on US-90, the most heavily traveled commercial corridor thru Santa Rosa County and a location in which retailers have been clamoring for positioning.

 In addition to Target, which shadow-anchors the property, Home Depot is immediately adjacent to Santa Rosa Commons, and Wal-Mart SuperCenter and Lowes Home Improvement are just down the road, creating a very vibrant retail trade area. 

 Further, Santa Rosa Commons had the ideal category-leading national tenant line-up, which features Publix Supermarkets, TJ Maxx and PetSmart.  Due to the strength of the trade area and tenant lineup, it was no surprise numerous offers were received on the property.

Based in Pensacola, Mpirical Development is a commercial real estate development company focused on creating quality developments that complement their surrounding communities.

Contacts: 

Brad Peterson, HFF Managing Director, (405) 286-5224, bpeterson@hfflp.com 

 Coler Yoakam, HFF Director, (214) 265-0880, cyoakam@hfflp.com  

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

HFF hires William Stadler as senior managing director; bolstering the firm’s expanding hotel group

                   

DALLAS, TX – HFF announced today that it has hired William Stadler as a senior managing director in the firm’s hotel group in its Dallas office. 

Mr. Stadler will focus on institutional grade hotel and resort transactions throughout North America and the Caribbean. 

He has a diverse background spanning more than 30 years in the lodging industry and has worked for a number of high-profile firms during his career, including U.S. lodging companies Marriott and Promus Corporation; real estate syndicators VMS Realty and Montgomery Realty Investors; and FelCor Lodging Trust, a publicly-traded lodging REIT. 

“We are excited to welcome Bill as an integral part of our hotel team, which has grown significantly within the last year.  Since June of 2010, HFF has added hotel professionals in San Francisco, New York and Tampa, expanding our geographic reach and allowing us to better serve our hotel clients nationwide,” said Dan Peek (top right photo), senior managing director and hotel practice leader at HFF.

Contacts:

Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001 dpeek@hfflp.com                                                                  

Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880 alevy@hfflp.com  

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

Fitch: Is CMBS 2.0 a Sign of Healthy Growth or Cause for Concern?

NEW YORK, NY--Amid  mounting  concern  that  U.S.  CMBS underwriting standards are on the decline,  Fitch  Ratings  believes  that  there is quite a way to go before standards approach levels seen in 2007, viewed by many as the most volatile vintage for CMBS.

Some  market participants fear that we will shortly see loans comparable to

the  worst of the loans made between 2006 and 2008. While Fitch agrees that

underwriting  standards  have declined in recent months, it should be noted

that that deterioration thus far has been off of its very high standards.

‘It  was  only a matter of time before CMBS underwriting standards began to

decline  from  such an unusually high level,’ said Huxley Somerville (top right photo), Group

Managing Director and head of U.S. CMBS for Fitch.

Fitch  anticipated a drop in underwriting standards in its ratings, already

raising  credit enhancement levels for new CMBS to ensure ample credit risk

protection.

 ‘If  CMBS credit metrics begin to drop more precipitously, Fitch will raise credit enhancement levels accordingly,’ said Somerville.

Fitch  discusses this trend in greater detail in its latest U.S. Structured Finance  Snapshot,  which  is  available  at  www.fitchratings.com  under

‘Latest Research’.

Contact:

Huxley Somerville, Head of U.S. CMBS

Group Managing Director

+1-212-908-0381

Fitch, Inc., One State Street Plaza, New York, NY 10004,

Media Relations: Sandro Scenga +1-212-908-0278, New York;

sandro.scenga@fitchratings.com

Additional information is available at www.fitchratings.com

Business Publication Names National Entrepreneur Center move to Orlando Fashion Square 'Best Headquarters Campus Relocation'

  

ORLANDO, FL. – A business trade publication has named the National Entrepreneur Center’s recent move to 21,000 square foot facilities at Orlando Fashion Square on East Colonial Drive near downtown Orlando as the Central Florida region’s “Best Headquarters Campus Relocation”.

 John Crossman, president of Crossman & Company in Orlando, which represents Orlando Fashion Square owners Pennsylvania Real Estate Investment Trust and negotiated the new long term lease with the National Entrepreneur Center (NEC) said the recognition is well-earned.

“The National Entrepreneur Center – formerly the Disney Entrepreneur Center – broke new ground with its retail mall location,” Crossman said.

 “It’s a convergence of two major trends in American business — a growing diversity in mall facilities and the move by business incubation and entrepreneur agencies to get closer to small business,” he said.

 Crossman said the new NEC’s headquarters is a showcase facility at Orlando Fashion Square that drives traffic to the downtown Orlando retail center.

For more information, contact:

Jerry Ross, National Entrepreneur Center, 407-420-4848 Jerry@NationalEC.org

Judy Trias, CMD Vice President, Retail Marketing Preit Services, 215 875 0122 triasj@preit.com

John Crossman, Crossman & Company 407-581-6218 jcrossman@crossmanco.com

Whitaker Leonhardt, Crossman & Company 407-581-6238 wleonhardt@crossmanco.com

Larry Vershel, Larry Vershel Communications 407-644-4142 or 461-3780 Lvershelco@aol.com  

$14.3 Million Buys 444 Units in Tampa Bay Area Short Sale

 LARGO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the lender-approved short sale of Chaparral Apartments (top left photo), a 444-unit 451,420-square foot multifamily property in Largo. The sales price of $14.3 million equates to $32,207 per unit and $32 per square foot.

Norman Eastwood (middle right photo), a senior vice president investments in Dallas, and Tal Frydman, a vice president investments in Fort Lauderdale, represented the seller, a Houston-based partnership and the buyer, a Massachusetts-based partnership.

“This property generated a great deal of interest,” says Frydman. “We conducted 34 property tours and received 27 offers from investors located throughout the United States and Canada.”

 “The strength of the rental market in Largo provides the buyer with an excellent opportunity to reverse the fortunes of this underperforming asset,” adds Frydman. “The average apartment occupancy rate in Largo is 92 percent and at closing, Chaparral Apartments was approximately 50 percent vacant and had approximately 15 down units.”

 The property is located at 601 East Rosery Road Northeast in Largo, the third-largest city in Pinellas County, Florida’s most densely populated county.

Built in 1971 on 23.5 acres, Chaparral Apartments offers residents a choice of one-, two- and three-bedroom floor plans ranging from 765 square feet to 1,375 square feet. Each unit has a fully equipped kitchen package, ceiling fans, walk-in closets and a patio or balcony. The two- and three-bedroom floor plans have full-size washer/dryer connections.

Community amenities at Chaparral Apartments include three swimming pools with sun decks, tennis courts, a workout room and exercise facility and a newly designed clubhouse. The property also has five laundry facilities, a boat storage area, 24-hour maintenance service and a car-washing and car-vacuuming area.

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

           

Marcus & Millichap Sells 344-Unit Complex in Milwaukee Suburb

GREENFIELD, WI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Briarwick Pool Apartments (top left photo), a 344-unit apartment complex in Greenfield, an affluent suburb Milwaukee. The terms of the sale were not disclosed.

 Matthew Whiteside, a vice president investments, in the firm’s Milwaukee office, represented the seller, Jack Styza. After a tremendous amount of activity with the listing, Whiteside ultimately represented the buyer, Blake Capital Corp. 

“Apartment deal flow in the Milwaukee area is growing as investors move off the sidelines to seek stabilized long-term cash flow opportunities.” says Whiteside.

 “Briarwick Pool Apartments is a meticulously maintained multifamily community in an excellent location that offers a tremendous combination of quiet residential living, excellent demographics, easy access to the metropolitan area and close proximity to local businesses.”

            The property is located at 9050 West Waterford Square South on the west side of Greenfield, just four minutes away from freeway access and less than 20 minutes from downtown Milwaukee. Wisconsin’s largest shopping mall, Southridge Mall, is seven minutes away.

 Built in 1972 on 17.8 acres, Briarwick Pool Apartments is composed of 13 buildings and a clubhouse. The unit mix is 128 one-bedroom units and 216 two-bedroom apartments. Amenities include private entrances, underground parking, in-unit washer and dryer connections and a heated pool.

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