Foreclosure Processing and Sales Timelines Hit Record Highs in Third Quarter

  

IRVINE, CA. – Oct. 13, 2011 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for the third quarter of 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 610,337 properties in the third quarter, an increase of less than 1 percent from the previous quarter and a decrease of 34 percent from the third quarter of 2010.

The report shows one in every 213 U.S. housing units with a foreclosure filing during the quarter.

Foreclosure filings were reported on 214,855 U.S. properties in September, a 6 percent decrease from August and a 38 percent decrease from September 2010. 

September marked the 12th straight month where foreclosure activity decreased on a year-over-year basis.

“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork,” said James Saccacio (top right photo), chief executive officer of RealtyTrac.

“While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.

“Third quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010,” Saccacio continued.

“This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures.”

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

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Emerson International Marketing 45,000-SF, Three Story Building at Eagle Creek in Southeast Orlando

  

 ALTAMONTE SPRINGS, FL --- Emerson International is marketing a three story, 45,000 square foot building at Eagle Creek Golf Community (top left photo) on Narcoossee Rd. in Southeast Orlando’s Lake Nona area.

Eric Emerson, vice president and general manager of Emerson International, said the firm is leasing a total of 200,000 square feet of office and retail space at Eagle Creek.

Emerson International Reports Two New Office Lease Agreements at Major Plaza in Southwest Orlando

 ALTAMONTE SPRINGS, FL. --- Emerson International reports it has closed on two new long term lease agreements at Major Plaza I, (middle right photo) located on Kirkman Rd. in Southwest Orlando.

Eric Emerson, vice president and general manager of Emerson International, said Commercial Portfolio Director Kenneth Koch negotiated both lease agreements.

Meyers & Eichelberger, P.L. leased 1,861 square feet.

Abreau Tour, Inc. leased 1,508 square feet.

 For media information, contact:

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

Kenneth Koch, Commercial Portfolio Director, Emerson International, Inc., 407-834-9560 kkoch@emerson-us.com

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

Celebration Golf Management Promotes Susan Wilkinson and Andy McGrotha at Golden Bear Club In Windermere, FL

ORLANDO, Fl --- Celebration Golf Management, LLC, recently promoted two top staff members at Golden Bear Club in Windermere.

Carlos Puerto, general manager at the Golden Bear Club, said Susan Wilkinson (top right photo) has been promoted to Membership Director and Andy McGrotha (lower left photo) to Food and Beverage Manager.

Puerto said Wilkinson joined Golden Bear Club in June 2010 and formerly was a membership accountant.  She has more than 20 years of experience in the golf and hospitality business throughout Europe and the Middle East.

Since May of 2010 McGrotha was one of the lead servers at the Golden Bear Club.  He has four years of hospitality industry experience and holds a Bachelor of Arts degree from the University of Central Florida.

For media information, contact:

Carlos Puerto, General Manager, The Golden Bear Club 407-876-5775 ext. 4671

Gene Garrote, President, Celebration Golf Management, 407-566-1045

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

Latino Hotel Association Establishes Procurement Committee to Boost Number of Latino Businesses in Hospitality Industry

                                  

HOUSTON, TX, Oct. 13, 2011—Officials of the Latino Hotel Association (LHA), the global  organization dedicated to expanding Latino ownership, leadership, and commerce in the hotel industry, today announced the organization has created a procurement committee tasked with increasing the number of Latino businesses providing services and materials to the hospitality industry.

 Fred Lona (top right photo), senior director of supply diversity and supply management, Hilton Worldwide, will chair the new group.

“The committee will develop a procurement platform to help Latino-owned companies work with the hospitality industry,” said Angela Gonzalez-Rowe (lower left photo), president and founder of LHA. 

“Among other responsibilities, the committee will develop a survey for LHA-supplier members to use to classify their businesses based on local, regional, national and international reach and capabilities.  Fred’s proven track record in supply diversity and management made him the ideal person to lead this important initiative.”

“Our committee will be responsible for developing educational forums, business resources and scheduling hospitality procurement events for LHA beginning in 2012,” said Lona.  “LHA offers Latinos a great opportunity to get involved with the hotel industry throughout the world.  I look forward to working with my fellow committee members to create more opportunities for Latino-owned businesses.”

 Additional information is available at the association’s website, http://www.latinohotelassociation.com/.

Contact:  Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293

jerry@dalygray.com

Berger Commercial Realty Corp. Announces Five New Lease Transactions

 FORT LAUDERDALE, FL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced new deals from brokers Judy Dolan (top right photo), Keith Graves (top left photo), St. George Guardabassi (lower right photo) and Greg Milopoulos.

 Dolan and Guardabassi represented East Port Center Joint Venture in the lease of a 7,050-square-foot, multi-tenant flex building located at 1881 State Road 84, in Fort Lauderdale, to Sea Vision.

Dolan and Milopoulos represented 4811 Lyons Tech Parkway, LLC in the lease of a 3,124-square-foot warehouse located at 4811 Lyons Tech Parkway, in Coconut Creek, to Emergency Vehicle Supply LLC.

Dolan and Milopoulos also represented Merrill Industrial Center, Inc. in the lease of a 4,071-square-foot warehouse, located at 3400 SW 26th Terrace, in Fort Lauderdale, to Clean Tech Products LLC.

Guardabassi and Graves represented Schaefer Industries, Inc. in the lease of an 11,463-square-foot warehouse, located at 3370 SW 13th Avenue in Fort Lauderdale, to Airline Operation Link, Inc.

Graves represented SPG Palm Crossing, LLC in the lease of a 5,200- square-foot, multi-tenant flex building, located at 3540 NW 56th St. in Fort Lauderdale, to Big Girls’ Bras Etc., Inc.

For more information, visit http://www.bergercommercial.com/.

 Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, msologuren@piersongrant.com

Court Orders Auction Of 119-Unit Rental Complex In Fort Lauderdale, FL

 

MIAMI, FL --A 119-unit rental complex in Greater Fort Lauderdale is scheduled to be auctioned off in November to repay a $23.2 million debt, according to a new report from CondoVultures.com.

TotalBank, a Miami-based institution with assets of $2.2 billion, obtained a “consent final judgment of foreclosure” for $19.8 million in principal plus $3.4 million in accrued interest against the owner of the King’s Row (top left photo) rental complex on Northwest 46th Avenue in the city of Lauderhill, according to Broward Circuit Court records.

The online auction for the 89,800-square-foot project located south of Oakland Park Boulevard between State Road 7 and Florida’s Turnpike is scheduled to start at 10 am on Nov. 8, according to Broward County Clerk of the Court records.

The King’s Row rental complex is one of four foreclosure cases with a final judgment amount of at least $14.8 million scheduled to be auctioned off in Broward County through Nov. 30, according to government records.

Developed in 1970, the King’s Row is comprised of a pair of two-story buildings with 63 units and 56 units located contiguously at 1620 and 1700 NW 46th Avenue, according to the Broward County Property Appraiser’s Office.

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.

Fitch: U.S. CMBS Losses Fell in 2010; Outlook for 2012 a Question Mark

NEW YORK, NY -- While special servicers made more tangible progress in stemming U.S. CMBS losses this past year, current economic uncertainty makes the outlook for next year more uncertain, according to Fitch Ratings in its latest annual U.S. CMBS loss study.

Nearly four times as many loans were resolved by special servicers in 2010, with 1,427. Additionally, the average loss severity declined to 53.4% compared to 57% in 2009.  'Special servicers have been increasingly successful selling properties and working with borrowers for discounted loan payoffs,' said Senior Director Britt Johnson.

However, current economic uncertainty makes it more difficult to predict 2012 numbers. 'If the current  economic volatility continues, special servicers may struggle to find borrowers capable of obtaining capital for distressed real estate,' said Johnson.

Drilling down into specific property types, loss severities fell for all major property types except retail. However, Fitch expects the cumulative loss severity in 2011 to continue eclipsing historical averages, which increased to its highest level ever at 42.9% in 2010.

Losses on retail and multifamily loans will remain volatile. Elsewhere, office losses will trend north of historical averages in spite of recent improvements in some regional markets. 'With leases set to expire in a weaker economy, office landlords will have to continue lowering rents and paying for tenant improvements and rent concessions,' said Managing Director Mary MacNeill.

Though performance among hotel properties has improved notably in recent months, they still hold the second highest amount of defaults. 'There are still many delinquent hotel loans to resolve, though dispositions will slow next year if the lending environment tightens,' said MacNeill.

Fitch's 'U.S. CMBS Loss Study: 2010' is available at 'www.fitchratings.com' under 'Latest Research' or by clicking on the above link.

Contact:

Britt Johnson

Senior Director

+1-312-368-3141

Fitch Inc., 70 W. Madison St., Chicago, IL 60602

Mary MacNeill

Managing Director

+1-212-908-0785

Media Relations: Sandro Scenga +1-212-908-0278, New York; sandro.scenga@fitchratings.com

Additional information is available at http://www.fitchratings.com/

NAI Realvest Negotiates New Office Lease at Wekiva Center in Apopka

 MAITLAND, Fla. --- NAI Realvest recently completed a new lease for 1,600 square feet of office space at Wekiva Center, 1706 E. Semoran Boulevard near the intersection of U.S. 441 in Apopka.

 Tom R. Kelley II, CCIM (top right photo), principal at NAI Realvest, brokered the transaction on behalf of the landlord, Wekiva Center Partnership based in Maitland.  The tenant is CNV Communications LLC, a professional digital integration company. 

NAI Realvest signs up the Nemours Foundation with more office space at La Vina Marketplace at Lake Nona

 MAITLAND, Fla. --- NAI Realvest recently negotiated a lease expansion agreement with The Nemours Foundation for three suites totaling 6,236 square feet of office at 9161 Narcoossee Rd. (Building B) at La Vina Marketplace in Lake Nona in southeast Orlando.

Senior Associate Mary Frances West, CCIM (middle left photo) negotiated the transaction representing the landlord, Orlando-based Ripley’s International LLC.

 The tenant already occupies 24,460 square feet at La Vina Marketplace in Building A, which is 9141 S. Narcoossee Rd.

 The lease expansion brings its total leased space to 30,696 square feet at the La Vina Marketplace.   

 Mickey Hage of Mickey Hage, Inc. represented The Nemours Foundation in the transaction.

NAI Realvest Negotiates Renewal Agreement at The Citadel III in Southeast Orlando

ORLANDO, Fla. – NAI Realvest recently completed a lease renewal agreement for 1,058 square feet of office space in Suite 515 at The Citadel III located at 5950 Hazeltine National Drive in Southeast Orlando.

 The NAI Realvest leasing team of Senior Associate Mary Frances West, CCIM, Matt Cichocki and Kevin O’Connor principals at NAI Realvest, negotiated the transaction representing the landlord, Citadel Partners, LTD based in The Villages, Fla.

 The tenant, Cottingham & Butler Limited, who has been a tenant in the Citadel since 2007, is a leading risk management and employee benefits broker.

 The West, Cichocki and O’Connor team has completed multiple new leases and renewals at Citadel III this year. 

Contacts:

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com

Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com

Tom R. Kelley CCIM, Principal, NAI Realvest, 407-875-9989 Tkelley@realvest.com

Kevin O’Connor or Matt Cichocki, NAI Realvest, 407-875-9989, koconnor@realvest.com or mcichocki@realvest.com

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

Hendricks & Partners Negotiates sale of 68-unit Windward Apartment Property in East Orlando, FL

.

 ORLANDO, FL --- Hendricks & Partners, the nation’s largest multi-family property advisory group, recently negotiated the sale of the 68-unit Windward Apartments (top left photo) property at 1744 Bowen Drive in East Orlando for $1,600,000.

 Cole Whitaker, Southeast partner for the firm and Hal Warren, associate partner, negotiated the sale representing the seller.  Nashville based Robbins Property Group acquired the property which was constructed in 1972.

 For more information, contact:  

 Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com;

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

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

Cuhaci & Peterson Architects Awarded Contracts to Design New Winn Dixie in Islamorada in Florida Keys

ORLANDO, Fla. --- Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, was recently awarded a contract to design a new Winn-Dixie supermarket in Islamorada in the Florida Keys.

The supermarket will be located at 81001 Overseas Highway on Upper Matecumbe Key. 

Lonnie Peterson, chairman at Cuhaci & Peterson said the design project will result in 22,000 square feet of supermarket space.

For more information, contact:  

Cuhaci & Peterson Architects Named to Design Remodeling for Sweet Bay Grocery Store in St. Petersburg, FL

 ORLANDO, Fla. --- Cuhaci & Peterson Architects, LLC was recently awarded a contract to design a major remodeling project for Sweet Bay Grocery store on 4th Street North in St. Petersburg. 

 Lonnie Peterson, chairman of the Baldwin Park architectural firm, said the Sweet Bay remodel involves 48,000 square feet of grocery space.

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

Two Southeastern Student Housing Assets Command $39 Million

 ORLANDO, FL, Oct. 12, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two student housing communities for $39 million.

 Eagle’s Trail Apartments (top left photo) a 216-unit property in Hattiesburg, Miss., sold for $20 million, which represents $25,253 per bed and $69 per square foot.

University Crossing  in Ruston, La., a 144-unit community, commanded $19 million, which equates to $34,420 per bed and $96 per square foot.

Ray Turchi, a senior associate in Marcus & Millichap’s Orlando office, represented the seller of both properties, Ken Dixon, a private investor. Gregory Wilson, an associate in the firm’s Orlando, procured the buyer, a large student housing REIT.

Brent Yurtkuran (middle left photo) of Marcus & Millichap’s Jackson, Miss., office is the firm’s broker of record in Mississippi.

University Crossing was also represented by Turchi. Wilson procured the buyer, a private investment group. William Hoffpauir, of Marcus & Millichap’s Lafayette, La., office, also provided representation.

 “Ray Turchi negotiated and navigated both deals with the highest standard of broker excellence,” says Dixon.

“Eagle’s Trail Apartments is located one mile from the University of Southern Mississippi (USM) (bottom right photo),” says Turchi. “USM has a 2010-2011 enrollment of approximately 17,000 students and does not require freshman to live on campus. The school provides on-campus housing for less than one-third of its students,” continues Turchi.

 Built in 2007, the 792-room, 288,325-square foot Eagle’s Trail Apartments is located at 8 Eagle’s Trail in Hattiesburg, Miss. Students travel to the campus on “The Trail,” a paved bike and pedestrian path adjacent to the property that leads directly to the university.

Eagle’s Trail is composed of 16 stone-veneered three-story buildings featuring 180 four-bedroom/four-bath units and 36 two-bedroom/two-bath apartments. The units are leased by the bedroom. High-speed Internet, basic cable and utilities are included in the rent.

The 552-bed, 198,276-square foot University Crossing is situated across the street from Louisiana Tech University at 1201 West California Ave. in Ruston, La. The complex is comprised of 12 stone-veneered buildings- 11 three-story apartments and a clubhouse.

The unit mix is 132 four-bedroom/four-bath units and 12 two-bedroom/two-bath apartments. The units are leased by the bedroom and feature high-speed Internet and cable television with HBO.

University Crossing is located across the street from Louisiana Tech University and is 92 percent occupied.

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

Edens & Avant Announces Refinancing of Unsecured Revolving Credit Facilities

  

COLUMBIA, SC  /PRNewswire/ -- Edens & Avant, one of the nation's leading retail real estate owners and development companies, announced today it has closed on the refinancing of its $350 million unsecured revolving credit facility (the "Facility") and $30 million unsecured working capital line ("Working Capital Line"). 

The Facility and the Working Capital Line will both mature in September 2014, but include two, one-year extensions at the Company's option that could extend both facilities through September 2016.

For the Facility, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as Joint Lead Arrangers and Joint Bookrunners.  Wells Fargo Bank, National Association is the Administrative Agent.  Bank of America, N.A. is the Syndication Agent.  PNC Bank and Branch Banking & Trust Company are co-Documentation Agents.  Capital One, Deutsche Bank, Regions Bank and U.S. Bank are Senior Managing Agents and Synovus Bank is a Participant. 

"Edens & Avant remains committed to preserving a conservative, flexible balance sheet that enables us to focus on operations and strategic, community focused investment opportunities," said Mark Garside (top right photo), Managing Director of Edens & Avant.   "The closing of these facilities advances our balance sheet strategy while lowering our overall cost of capital.  We appreciate the deep relationships we have with our bank group and their commitment to our company."

For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.  Or follow on Twitter @EdensandAvant.

Contact:  Robbie Robertson, Communications Director, Edens & Avant, +1-803-744-2446, rrobertson@edensandavant.com

Web Site: http://www.edensandavant.com/

Grubb & Ellis Landauer Recruits National Senior Housing and Healthcare Specialty Practice

 

 SANTA ANA, CA – Grubb & Ellis Landauer Valuation Advisory Services today announced the creation of a Senior Housing and Healthcare Valuation Practice, based in the company’s Sarasota, Fla., office.

 Under the leadership of Craig Smith, managing director, and a team of real estate consulting and valuation professionals will focus on the senior housing and healthcare industries. 

These include: continuing care retirement communities, assisted living facilities and rental retirement campuses, as well as acute care/critical access hospitals, residential treatment programs, ambulatory surgery centers and other specialty medical practice and treatment centers.

Smith and key team members Justin Butler, associate appraiser, and William Bastian, senior appraiser, combine to provide more than 50 years of experience in this specialty category.  Their involvement in more than 4,500 healthcare and senior housing projects has spawned broad exposure and deep relationships few can match in the industry.

“Structural changes in both the senior housing and healthcare sectors are driving the growing need for advisory and valuation services,” said Eduardo Alegre, , executive anaging director of Grubb & Ellis Landauer.  “The new practice provides synergies and the opportunity to collaborate with Grubb & Ellis’ Senior Housing practice group and Healthcare Properties Group, with growth opportunities not as constrained by economic cycles.”

Grubb & Ellis Landauer Valuation Advisory Services was established in 2010 to help the company expand into complementary businesses that are necessary to provide comprehensive commercial real estate solutions to its growing client base.  The company now has a presence in more than 35 markets in 19 states and Washington D.C. 

 To learn more about Grubb & Ellis Landauer’s capabilities,

 visit http://www.grubbellis.com/Landauer

 Contact: Julia McCartney, Phone: 714.975.2230

Email: julia.mccartney@grubb-ellis.com       

$100 Million Seniors Housing Portfolio Sale Closes in California

NEWPORT BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of three multifamily properties in California.

Village on the Green Apartments (top left photo), a 264-unit property in Rancho Cucamonga, sold for $43 million, which represents $162,264 per unit.

Buena Vida at Towne Center (middle right photo)in Rancho Santa Margarita, a 115-unit property, traded for $21.5 million or $186,957 per unit.

Oak View of Sonoma Hills (middle left photo) a 207-unit a property in Rohnert Park, traded for $35.5 million, which represents $170,673 per unit.

The properties were sold by Kisco Senior Living and purchased by Clarion Partners. The Clarion Partners acquisition team was led by Richard Pink and Khalid Rashid. The lead Marcus & Millichap agent was John L. Nguyen (lower right photo), a vice president investments in the firm’s Newport Beach office.

Alexander Garcia, Jr., a senior vice president investments in the firm’s Ontario office, and Brad Pennington (bottom left photo), a first vice president investments in San Francisco, also provided representation.

“These properties feature amenities designed for individuals with active lifestyles, including on-site state-of-the-art gyms, in-house theater-style projection rooms and weekly activities,” says Nguyen. “They are truly the ‘best in class’ and have performed very well during the recession with little to no rent compression.”

Village on the Green Apartments is at 9400 Fairway View Place in Rancho Cucamonga, which is in San Bernardino County.

 The property is surrounded by the fairways of Empire Lakes Golf Course and is within close proximity of the Victoria Gardens Mall, the Ontario Convention Center and the James L. Bruite Senior Center.

The Ontario Mills shopping mall and the Citizen’s Bank Arena are within walking distance. The 55-plus apartment community features a 9,000-square foot clubhouse and wellness center, a resort-style pool and spa, a fitness center, picnic area, library, game room and a business center. Each unit has central air conditioning and heating, full-size stackable washer and dryer, refrigerator, microwave and private patio and balcony.

Buena Vida at Town Center is a resort-style apartment community for active adults located at 30824 La Miranda in Rancho Santa Margarita in southeastern Orange County. Rancho Santa Margarita is a master-planned community that provides residents with city amenities in a small-town setting.

Community amenities at Buena Vida at Town Center include controlled access, full covered parking, a business center, clubhouse, swimming pool and spa and six onsite laundry facilities. Units feature above-standard ceiling height, central heating and air conditioning and fully appointed kitchens.

Located at 1350 Oak View Circle in Rohnert Park, Oak View of Sonoma Hills is the premier luxury rental community for active seniors in Sonoma County. The four three-story buildings are of stylish Craftsman-style architecture and are built around beautifully maintained grounds with superbly appointed apartment homes that have been designed specifically for residents age 55 and better.

The focal point of the community is a 9,000-square foot clubhouse and wellness center that offers residents a resort pool and spa, fitness center, movie theater, library and business center, gourmet kitchen and lounge, arts and crafts room, covered porch with outdoor fireplace, outdoor gas barbecue and on-site salon and spa.

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

Greystar Significantly Expands Presence in Northeast

  

 MCLEAN, VA– Greystar, the nation’s largest multifamily real estate management firm, has significantly expanded its presence in the Northeast and Mid-Atlantic states in the first three quarters of this year.

 It has substantially increased the size of its apartment portfolio under management, as well as the size of the staff based within its McLean, Virginia office. It also acquired two high-profile properties in the Washington, D.C. Metro area.

“Greystar is investing significant resources in the Northeast and Mid-Atlantic, and we expect this momentum to continue,” said Kevin Sheehan (top right photo), Managing Director of Real Estate for Greystar.

 “Clients seeking third-party management understand that we have the ability to leverage the strength of our national platform in terms of marketing, procurement, accounting and financial management, all while offering local expertise, to maximize return on investment.”

The overall firm already tops The National Multi-Housing Council’s 2011 list of Top 50 Apartment Managers. In recent months, the firm’s growth in the Northeast and Mid-Atlantic has shown unprecedented momentum:

The number of apartment communities under management has increased by half – with a dramatic increase of 51% – to a total of 46. The number of units increased 5,594 to a total of 16,452.

The increases include new management agreements for communities in a number of urban and suburban areas including Boston, Massachusetts; Philadelphia, Pennsylvania; Prince George County, Laurel and Columbia, Maryland; Washington, D.C.; and Williamsburg, Ashburn and Gainesville, Virginia.

 The Northeast regional office has hired and relocated nine key management employees, and will soon move to a modern 7,000 sq ft. office, to accommodate its explosive growth.

“Our strategic vision is to be the premier management company within the Washington D.C. Metropolitan area and to further expand our growing presence within the highly-competitive Philadelphia, New York City and Boston Metropolitan areas,” said Debbie Webre (lower right photo), Senior Managing Director for the Northeast. “Greystar is positioned to have a long-term presence in the Northeast.”

 The expansion includes two new acquisitions: the firm purchased The Aventine Fort Totten (top left game room), in Washington, D.C. for $55 million in March; it also closed on The Warwick for $65.1 million in Silver Spring, Maryland in August.

 The Aventine Fort Totten is a new garden-style community with 308 studio, one- and two-bedroom apartments, as well as 5,000 square feet of retail space.

The Fort Totten Metro Station is right next door, offering an easy commute into Washington. Modern amenities include a pool and sundeck, business center, game room, lounge and 24-hour fitness center. Each apartment has a full-sized washer and dryer, natural wood cabinetry and high ceilings. Select units have upgraded appliances, countertops and flooring.

The Warwick (middle right photo), a 397-unit high-rise, offers studio, one-, two- and three bedroom apartment homes. Its proximity to major interstates offers easy access to employment, recreation and entertainment destinations throughout the D.C. Metro area. The community, which has excellent amenities and balcony views, will soon be offering newly-renovated apartments, in addition to an impressive remodeling of the entrance lobby, corridors and surrounding landscaping.

”Silver Spring is one of the most sought-after submarkets by renters in the D.C. Metro area,” Sheehan added. “The Warwick will offer our residents spacious living with all of the conveniences, entertainment and enjoyment of downtown Silver Spring and D.C.”

Greystar is also pursuing the possibility of developing new multifamily communities in the Northeast region. Announcements on that are expected within the coming months.

To learn more about Greystar, visit http://www.greystar.com/.

Regional Contact:

Terri Thornton, Thornton Communications

Terri@TerriThornton.com

(404) 932-4347