HFF secures $52 million in acquisition financing for student housing communities serving The University of North Texas and Texas Tech University

INDIANAPOLIS, IN – HFF announced today that it has secured acquisition financing totaling $52 million on behalf of The Scion Group and Arch Street Capital Advisors.

 The acquired properties were The Retreat at Denton (top right photo) and The Retreat at Lubbock (top left photo),  Class A, cottage-style student housing communities serving The University of North Texas (lower right photo) in Denton and Texas Tech University (lower left photo) in Lubbock. 

Upon acquisition The Scion Group rebranded the properties to The Republic at Denton (www.republic-denton.com) and The Republic at Lubbock (www.republic-lubbock.com). 

HFF placed the five-year, interest-only securitized loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  An $18.18 million, fixed-rate loan was arranged for The Republic at Denton and a $34.02 million, fixed-rate loan was arranged for The Republic at Lubbock.  The loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Completed in fall 2011, The Republic at Denton has 125 units with 492 beds that are 97 percent occupied.  Community amenities include a clubhouse, saltwater pool, outdoor volleyball court, theater and gaming room, horseshoe pit, basketball court, fitness center, bbq grills, tanning beds, poker room, music studio and clubroom with foosball and pool tables.    The property is situated on 14.97 acres at 500 Inman Street about one mile south of The University of North Texas campus.

 The Republic at Lubbock has 218 units/853 beds in two-, three-, four- and five-bedroom layouts. 

The 98 percent leased property opened in the fall of 2011 and offers residents a clubhouse, fitness center, pool, volleyball court, poker room, movie theatre, golf simulator, horseshoe pit, putting green, basketball court, tanning beds and a pet-friendly community.

Located at 3824 Erskine Street, the property is situated on 31.5 acres about one mile northwest of the Texas Tech campus.

The HFF team representing The Scion Group was led by senior managing director Dave Keller and senior real estate analyst Ken Martin.

  

Contacts:

DAVID B. KELLER                                          

HFF Senior Managing Director                       

(317) 630-3191                                                  

dbkeller@hfflp.com  

                                          

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF named to market for sale Avalon Lombard in Lombard, Illinois

CHICAGO, IL – HFF announced today that it has been named to market for sale Avalon Lombard (top left photo), a 256-unit multi-housing community in Lombard, Illinois.

HFF is marketing the property on behalf of the seller for an undisclosed amount free and clear of debt.

Avalon Lombard is located at 2101 South Finley Road close to the intersection of Interstates 355 and 88 about 22 miles west of downtown Chicago. 

The property was partially renovated in 2009 and has one- and two-bedroom units averaging 789 square feet each.  Community amenities include a clubhouse, fitness center, WiFi lounge, game room and outdoor pool.  Avalon Lombard is 96.5 percent leased.

 The HFF investment sales team representing the seller is led by managing director Marty O’Connell (middle right photo), executive managing director Matthew Lawton (lower left photo) and managing director Sean Fogarty (lower right photo).

Contacts:   

            

MARTY O’CONNELL                  

 HFF Managing Director                

 (312) 528-3650    

moconnell@hfflp.com  

                 

KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com

NMS Properties’ New Affordable Apartments Open in Santa Monica, CA and Redefine Inexpensive Housing Expectations

SANTA MONICA, CA, Jan. 26, 2012, NMS Properties opens Luxe @ Broadway Studio Apartments (top left photo) as the newest addition to the NMS Properties multifamily affordable portfolio in Santa Monica.

Luxe @ Broadway Studio Apartments will feature 97 studio and junior one bedroom residential dwellings for rent over retail and three floors of subterranean parking.

“NMS Properties has redefined affordable living choices in Santa Monica with our latest project Luxe @ Broadway Studio Apartments. Our focus on upgraded interior finishes is equally matched with interesting exterior spaces that lends to the overall original design aesthetic. NMS Properties brand quality is seen in every detail of the project,” says Jim Andersen (lower right photo) President of NMS Properties.

 "Luxe @ Broadway Studio Apartments is a truly unique project. It was designed around an original historic World War II metal Quonset hut.

“ Designing a setting that felt natural by using walls of plant material alongside a uniquely layered green exterior provides an organic appeal and depth to this city space." says John Arnold AIA of Killefer Flammang Architects who partnered with NMS Properties on this project.

 Contact:

David Ebeling

Ebeling Communications

(p) 949.861.8351

(c) 949.278.7851

david@ebelingcomm.com

Arbor Closes 6 Fannie Mae Deals Across Texas Totaling $46.5M

  

UNIONDALE, NY (Jan. 26, 2011) -Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of six loans totaling $46,491,700 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Multifamily Affordable Housing and Fannie Mae DUS® ARM 7-6 TM product lines across Texas.

These loans include:

·         Red Oak Town Village Apartments, Red Oak, TX (top left photo) – This 312-unit complex received $16,967,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Red Oak Town Village Apartments is a new, Class A property.

South Lake Villas Apartments, Houston, TX (top right photo) – This 228-unit complex received $8,008,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. South Lake Villas has undergone several recent renovations.

·         Madera Brookside, Arlington, TX  (middle left photo)– This 288-unit complex received $8,000,000 funded under the Fannie Mae DUS® ARM 7-6TM product line. The seven-year refinance loan amortizes on a 30-year schedule. The property recently underwent an extensive renovation and has benefitted from increasing rents and occupancy.

 Anderson Springs Apartments, Austin, TX (middle right photo) – This 325-unit complex received $7,826,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

·         Broadmoor Villa Apartments, Irving, TX  – This 100-unit complex received $3,500,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The Broadmoor Villa Apartments are located near Dallas/Fort Worth International airport.

Creekside Estates, Lufkin, TX (lower left photo)– This 72-unit complex received $2,190,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. Creekside provides affordable housing within its market as part of the Low Income Housing Tax Credit program.

All of the loans were originated by Jay Porterfield (lower right photo) Vice President, in Arbor’s Plano, TX, office. “Each of these transactions involved extremely strong and experienced local borrowers, which helped make the loan approval process a success in each case, Porterfield said. “Furthermore, each of the assets is in excellent condition and benefits from substantial local market demand.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Foreclosure Homes Account for 20% of all U.S. Residential Sales in Q3 2011, According to RealtyTrac®

IRVINE, CA– Jan. 26, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosures, today released its Q3 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010.

 Third parties purchased a total of 221,536 residential properties in some stage of foreclosure (NOD, LIS, NTS, NFS) or bank-owned (REO) during the third quarter, down 11 percent from a revised second quarter total and down 5 percent from the third quarter of 2010.

The average sales price of homes in foreclosure or bank owned was $165,322 in the third quarter, up 1 percent from the previous quarter but down 3 percent from the third quarter of 2010.

The average sales price of these foreclosure-related sales was 34 percent below the average sales price of homes not in foreclosure, matching the 34 percent foreclosure discount in the second quarter but below the 37 percent discount in the third quarter of 2010.

“While foreclosures continue to represent an excellent bargain-buying opportunity for many buyers and investors, foreclosure sales accounted for a smaller share of the total market in the third quarter,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac

“That trend is not too surprising given the continued ambiguity surrounding proper foreclosure procedures — and the ripple effect that has on sales of foreclosed properties that might have been improperly foreclosed.

“The sooner the market gets more clarity about accepted foreclosure procedures, primarily through the long-promised settlement between multiple states attorneys general and major lenders, the sooner the market can more efficiently dispose of these distressed properties.

 “Even with the hurdles to selling foreclosures, foreclosure sales continue to represent a historically high percentage of all sales,” Moore continued. “In 2005 and 2006, foreclosure sales consistently accounted for less than 5 percent of all sales nationwide.”

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

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

 Michelle Schneider

Public Relations Consultant

RealtyTrac

Office: 949.502.8300 ext. 139

Mobile: 760.419.2543

michelle.schneider@realtytrac.com

Follow me at Twitter.com/michellescc1

Brown Harris Stevens Reports Sales Activity on Fourth Quarter, Single-Family Homes in East End of Long Island, NY

               

NEW YORK, NY---According to the fourth quarter market report for single-family homes on the East End of Long Island released today by Brown Harris Stevens, the average residential sale price in the South Fork of $1,708,983 was down 8% when compared to the fourth quarter of 2010. At $842,500, the median price was down 13% over that same period.

 “It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the level of activity we are currently experiencing,” said Cia Comnas (top right photo) executive managing director of Brown Harris Stevens of the Hamptons. “Our report reflects 298 single-family home sales in the fourth quarter, up 3% from the same period last year.”

Report highlights include:

 On the South Fork, sales under a $1 million rose 16% with 178 closings in the 4th quarter of 2011 and 153 in the 4th quarter of 2010.

 In the Amagansett market, the number of sales was unchanged from the same period last year with sales under $1 million comprising 10% more of the market than in the fourth quarter of 2010.

 Both the average and median prices in the Bridgehampton market rose sharply due to a significant increase in sales over $8 million.

Sag Harbor saw the biggest increase in the number closings with 33 in the 4th quarter of 2010 and 56 in 2011’s 4th quarter.

 Both the Southampton and Westhampton markets were on par with the same period in 2010. 

For a complete copy of the company’s report, please contact:

Jennifer Little

Rubenstein Public Relations

212.843.8364

jlittle@rubensteinpr.com

Brown Harris Stevens

www.BrownHarrisStevens.com.

Cia Comnas, executive managing director

Gregory Heym

Chief Economist

Kielley Young

Research Associate

Thomas D. Wood and Co. Finds Financing for Eight Businesses in Florida

 MIAMI, FL, Jan. 25, 2012 --  Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of

• $16,190,000.  $970,000 for the 8th Avenue Shopping Center in Palmetto, Florida,
• $1,720,000 for the Mary Matha Shopping Center in Fort Pierce, Florida, $1,200,000 for the Dollar General in Apopka, Florida,
• $1,000,000 for the Dollar General in Orlando, Florida,
• $1,100,000 for the Shoppes of East Deltona in Deltona, Florida,
• $1,200,000 for the Shops of 7th Street in Miami, Florida,
• $4,000,000 for the Port 95-1 Ltd Industrial Building in Hollywood, Florida and $5,000,000 for the Merrill Industrial Center in Fort Lauderdale, Florida.

Brad Cox, CCIM, CPM, Company Vice President, secured financing for the 8th Avenue Shopping Center in the amount of $970,000 through Thomas D. Wood and Company's correspondent relationship with The Standard Life Insurance Company. 

The permanent, fully-amortizing, full-recourse loan has a term of 15 years, based on an interest rate of 5.75%, and a loan-to-value of 66%. The borrower wanted a fully amortizing loan that would take advantage of today's low interest rates.  The 12,100 square-foot retail complex was built in 2005 and is located at 1162-1190 8th Avenue West, Palmetto, Florida 34221.

 Cox also secured financing for the Mary Matha Shopping Center in the amount of $1,720,000 through Thomas D. Wood and Company's correspondent relationship with The Standard Life Insurance Company. The permanent, fully-amortizing loan has a term of 15 years, based on an interest rate of 5.5% and a loan-to-value of 50%. The 36,364+ square-foot multi-tenant retail shopping center was built in 1979 and was remodeled in 2011. Mary Matha Shopping Center is located at 3205-3223 South US Highway 1, Fort Pierce, Florida 34982.

 Joe Dear, Company Vice President, secured financing for Dollar General Apopka in the amount of $1,200,000 through Thomas D. Wood and Company's correspondent relationship with The First Colony Bank. The permanent fully-amortizing, full-recourse loan has a term of 15 years, based on an interest rate of prime +1% and a loan-to-value of 70%. The borrower needed a construction loan for a build-to-suit single tenant facility. The 9,100 square-foot single-tenant retail building is in the process of being built and is located at 1712 Rock Springs Road, Apopka, Florida 32712.

Dear also secured financing for Dollar General Orlando in the amount of $1,000,000 through Thomas D. Wood and Company's correspondent relationship with The Ohio National Life Insurance Company. The permanent, fully-amortizing, non-recourse loan has a term of 15 years, based on an interest rate of 5.50% and a loan-to-value of 70%. The borrower wanted a long term, fixed rate loan secured by a recently completed Dollar General Store.  The 9,100 square-foot single-tenant retail building was built in 2011 and is located at 7965 Valencia College Lane, Orlando, Florida 32825.

Jeff Schnupp, Company Vice President, secured financing for the Shoppes of East Deltona in the amount of $1,100,000 through Thomas D. Wood and Company's correspondent relationship with The Standard Life Insurance Company. The permanent, fully-amortizing loan has a term of 15 years, based on an interest rate of 5.625% and a loan-to-value of 67%. The 8,450 square-foot multi-tenant retail strip center was built in 2009 and is located at 121 Howland Boulevard, Deltona, Florida 32738.

 Thomas D. Wood, Jr., Company President, secured financing for the Shops of 7th Street in the amount of $1,200,000 through Thomas D. Wood and Company's correspondent relationship with The Standard Life Insurance Company. The permanent, fully-amortizing, full-recourse loan has a term of 20 years, based on an interest rate of 5.750% and a loan-to-value of 67%. The borrower wanted a fully amortizing loan that would take advantage of today's low interest rates.  The 14,700 square-foot retail strip center building was built in 1979 and is located at 2815 NW 7th Street, Miami, Florida 33125.

Marshall Smith, Company Executive Vice President, secured financing for Port 95-1 Ltd, through Thomas D. Wood and Company's correspondent relationship with Kansas City Life Insurance Company in the amount of $4,000,000. The fixed-rate loan has a term of 10 years, based on a 25-year amortization, with a loan-to-value of 75%. The borrower wanted to refinance the loan to take advantage of today's low interest rates before it matured in another year and a half. The 76,800 square-foot multi-tenant industrial complex was built in 1992, and is located at 3611-3655 SW 30th Avenue, Hollywood, Florida 33312.

 Steven H. Wood, Company Chief Operating Officer, secured financing for Merrill Industrial Center in the amount of $5,000,000 through Thomas D. Wood and Company's correspondent relationship with Symetra Life Insurance Company.  The 10 year, 25 year amortizing, non-recourse loan is based on an interest rate of 5.40% and a loan-to-value of 69.44%.  The borrowers refinanced a matured loan. The 134, 342 square-foot industrial complex sits on 8.46 acres of land and was originally built in 1969/1992. Merrill Industrial Center is located at 3400-3406 SW 26 Terrace, Fort Lauderdale, Florida 33312.

For further information, please contact:

 Ashlee Wood

Director of Marketing and Public Relations

(305) 447-7834

ashlee@tdwood.com

 Brad Cox, CCIM, CPM

Vice President

(941) 552-9731

bcox@tdwood.com

 Joe Dear

Vice President

(407) 937-0470 ext. 7

jdear@tdwood.com

 Jeff Schnupp

Vice President

(407) 937-0470 ext. 3

jschnupp@tdwood.com

 Thomas D. Wood Jr.

President

(305) 447-7823

tomjr@tdwood.com

 Marshall Smith

Executive Vice President

(305) 447-7825

msmith@tdwood.com

 Steven H. Wood

Chief Operating Officer

(305) 447-7836

swood@tdwood.com

  www.tdwood.com

Medical company opening Clearwater, FL operation with 150-plus jobs

 CLEARWATER, FL (Jan.25, 2012) – Matrix Medical Network, a provider of health assessments to members of Medicare Advantage health plans, is opening a marketing outreach center in Clearwater with plans for at least 150 employees. 

Headquartered in Scottsdale, Ariz., Matrix has leased 20,363± square feet in the 92,225-square-foot Bayview Pavilion office building in Clearwater.

 Alan Feldshue and Melanie Jackson of Colliers International Tampa Bay represented the landlord, Lightwave Drive, LLC. Matrix Medical Network was represented by Jarrett Dunaway of Mohr Partners out of Dallas.       

Retained by Medicare Advantage health plans, Matrix’s nurse practitioners visit plan members in their homes to create comprehensive and all-inclusive health records for the health plan and for the member’s primary care physician. The nurse practitioners also provide members with health information specific to their needs to help them better maintain their health, comfort and lifestyle in their home.

Matrix Medical Network plans to be taking applications for positions at the new facility starting in April. The job requires interpersonal and phone skills, since the outbound callers will be explaining the Matrix Medical Network process to primarily elderly health plan members. Employees at the new Clearwater office will be setting up appointments throughout the country for the nurse practitioner visits.

“As a company that operates throughout the country, we can locate our call centers virtually anywhere,” said Jose Rodriguez, Matrix Vice President of Business Operations. “We selected the Tampa Bay area because we believe the people with the skills and talents we need to be successful are here.”

The office space, located at 15550 Lightwave Drive in Clearwater, was attractive to Matrix because of its central location, covered parking, large windows and open floor plan, all conducive to a quality operations center atmosphere. Matrix’s lease increases the occupancy of the Bayview Pavilion building to 91 percent.

“Large Class A office space that’s well maintained and centrally located in the Tampa Bay area is very appealing to new companies entering the market,” said Alan Feldshue, Managing Director of Office Services for Colliers International Tampa Bay. “Matrix Medical Network’s lease is an example of that.”

To apply for a position, or to learn more about the opportunities, potential applicants should visit www.MatrixHealth.net or can call 877-564-3627.

Contact:          

Kyle Parks

Bayview Public Relations

(727) 895-5030, ext. 101 (office)

(813) 352-1325 (cell)

Kyle@BayviewPR.com

NAI Realvest Negotiates Renewal Lease of 12,897 SF of Industrial Space at Springview CommerCenter in DeBary, FL

 

 DeBary, FL – NAI Realvest recently negotiated a lease renewal for 12,897 square feet of industrial space at Springview CommerCenter in DeBary.

Michael Heidrich, principal in the Maitland-based firm, negotiated the transaction on behalf of the landlord, Springview CommerCenter LLC.    

The tenant, Avatar Relocation, Inc. of Longwood, renewed its lease of Suite 6 at 290 Springview Commerce Drive in the center located in the Springview Industrial Park off Shell Road.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989, mheicrich@realvest.com

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

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

NAI Realvest Launches Energy Site Selection Team to Focus on Alternative Energy Market

 ORLANDO, Fla. – NAI Realvest, which ranks as one of Central Florida’s largest, fully integrated commercial real estate companies, has launched an Energy Site Selection Team to assist alternative energy producers with locating suitable sites for solar, waste-to-energy, and biomass production facilities.

 George Livingston, chairman at NAI Realvest, said alternative energy production is an increasingly important industry segment with exceptional growth potential.

 “The solar market is changing,” Livingston said.

 “While the U.S. Government subsidies have been removed, the cost of panels has declined dramatically and may continue to do so over the foreseeable future,” Livingston explained.

 As solar technology advances and solar panel costs decline, the industry will compete head to head with fossil fuel producers on a cost basis, Livingston explained.

 “Environmental concerns over coal and nuclear power will also increase demand for solar power, which is clean and renewable,” he said.

 Increasing fuel costs will drive the overall cost to produce electricity higher, which makes solar more attractive.

 “It is likely that ‘solar utilities’ will flourish in the coming years,” Livingston said.

 But the biggest advantage is a secret.

 “Solar power production requires a short time to permit, build and bring online, and life cycle maintenance is very low-cost,” Livingston said.

 A solar farm can be permitted, constructed and brought online in a year or less, Livingston said.

 For more information,  contact

George Livingston, Chairman, NAI Realvest 407-875-9989 glivingston@realvest.com

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

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

HFF named to market for sale 400 Duval Street in Key West, FL

MIAMI, FL – HFF announced today that it has been named to market for sale 400 Duval Street, a 32,199-square-foot, urban retail property in Key West, Florida.

HFF is marketing the property on behalf of the seller, a venture comprised of Longwharf Real Estate Partners and JBK Capital, LLC.  The property is listed for sale without a formal asking price free and clear of debt. 

400 Duval Street is situated in the heart of Key West on a 0.80-acre site at the hard corner of Duval and Eaton Streets.  The multi-tenant property is fully leased to national tenants including Chico’s, Claire’s Boutique, RadioShack, Subway, Fresh Produce and Earthbound Trading Company, and has enjoyed a long history of strong occupancy and long-term tenure.  Originally built in 1924, 400 Duval Street is the largest multi-tenant retail property with significant frontage along Duval Street.

The HFF investment sales team representing the seller is led by managing director Danny Finkle and director Luis Castillo.  Claude Gardner of Prudential Knight & Gardner Realty is co-marketing the listing with HFF.

 “400 Duval Street represents a unique opportunity to acquire a proven ‘high-street’ retail property with prominent national tenancy in one of the highest barrier to entry markets in the U.S.,” said Finkle.

“Key West’s global appeal and tourism draw combined with the strong tenant sales ranging from $570 to $720 per square foot at the property, and significant value creation potential, make this one of the most attractive offerings in the market today.

“ In-fill ‘high-street’ retail is an asset class that is currently in favor given its propensity to outperform the general market and this property should similarly benefit over the long term,”

Contacts:  

             

DANIEL FINKLE                      LUIS CASTILLO                            

HFF Managing Director           HFF Director                                        

(305) 448-1333                        (305) 448-1333                                   

dfinkle@hfflp.com                     lcastillo@hfflp.com                            

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF hires Robert Rizzi as managing director in its New York office

NEW YORK, NY – HFF announced today that Robert Rizzi  has joined the firm as a managing director in its New York office.  Mr. Rizzi will focus on equity and joint venture capital as well as investment sales transactions in the New York metropolitan area.

Prior to joining HFF, Mr. Rizzi was a managing partner at Broad Street Advisors where he closed more than $4 billion in transactions since co-founding the firm in 2000. 

Mr. Rizzi has closed a broad array of product and transaction types, with both private and institutional clients such as American Realty Capital Partners, AREA Property Partners, Buchanan Street Partners, Clarion Partners, Deutsche Bank, GE Capital, Invesco Real Estate, Investcorp, Montecito Medical, Morgan Stanley, Orion Residential, PM Realty, RREEF Funds, Starwood Capital, and USAA Real Estate, among others. 

He began his career at Harbert Realty Services in Tampa as a regional markets manager in the firm’s Investment Services Group.  Mr. Rizzi has a Master of Business Administration degree and a Bachelor of Science degree in Accounting from The University of South Florida. 

“Rob has a diverse background executing a wide range of investment sales, debt and equity transactions not only in the New York metropolitan area but on a nationwide basis and we are looking forward to having him as a member of our team,” said Michael Tepedino (middle left photo), senior managing director in HFF’s New York office.

Contacts: 

                   

MICHAEL J. TEPEDINO                               

HFF Senior Managing Director               

(212) 245-2425                                         

 mtepedino@hfflp.com                              

                       

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF closes $16 million sale of two multi-housing properties in Philadelphia

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Red Lion Apartments (top left photo) and Cheswick Apartments (top right photo), two multi-housing properties totaling 231 units in Philadelphia, Pennsylvania.

HFF marketed the offering on behalf of the seller, AIG Global Investment Group.  The Galman Group purchased the assets for $16.147 million. 

The properties are part of the second pool of assets HFF has marketed and sold for AIG Global Investment Group.  In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey. 

These assets are 94 percent leased overall.  Individual property details are below:

Red Lion Apartments, Philadelphia, PA                 120 Units

Cheswick Apartments, Philadelphia, PA                111 Units        

The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz (middle left photo) and Andrew Scandalios (lower right photo), directors Jeffrey Julien and Kevin O’Hearn and associate director Mike Oliver.

“These are very good core plus properties in stable markets,” said Cruz.  “The Galman Group will do very well with these properties over the long term.”

AIG Investments comprises a group of international companies, which provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.

The Galman Group owns and manages more than 6,000 apartment communities and condominiums in the Delaware Valley region.

Contacts: 

                   

JOSE R. CRUZ                                   ANDREW G. SCANDALIOS          

HFF Senior Managing Director         HFF Senior Managing Director      

 (973) 549-2000                                  (212) 245-2425                                   

jcruz@hfflp.com                                   ascandalios@hfflp.com  

                       

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com