MyRentComps Launches Nationwide Interactive Internet Target Marketing for Apartment Industry

 ORLANDO, FL – MyRentComps.com (MRC) announces a new way for Apartment Suppliers to connect with onsite apartment property management. According to Robert E. Smith (top right photo), Founder of MyRentComps.com,

 “With the evolution of the internet many small businesses are stumped about the best way to reach their target audiences. They may end up spending several hundred or up to thousands of dollars per month on the internet and still may be missing their target audiences.

“We have built an Online Market Survey website that Property managers go to on a regular basis to get their Free Comp Reports. The website has partnered with over 21 apartment associations around the nation and now our Supplier Sponsors have another way of reaching their target market.

“The new interactive website allows the Apartment Supplier to giveaway prizes to anyone answering their questions correctly. We have sponsors giving away great prizes. Since the

onsite management must answer the questions correctly to have a chance to win, it is a great way to educate their target market on their products or services.”

 

 Mr. Smith also stated “This system is revolutionizing the way onsite property management get their market survey data while learning about the product and services that they need to run their properties.

Mr. Noel Myatt (top left photo), MyRentComps.com’s Account Manager adds “The Click, Play, Win concept was a hit from the very beginning.”

According to Mr. Myatt, “In the first two months, we had over 950 customer interactions representing over 85,000 apartment units and over 100 different Multifamily management companies entering to win everything from iPads to $500 Visa Gift Cards.

” An interaction on the site; is a user who clicks the Click Play Win button on the sponsors banner ad and answers a question correctly. Each question gives the hint that allows the player to readily get the answer and then is entered into their drawing.

  

Contact:

MyRentComps.com

350 East Pine Street

Orlando, Florida 32801

Phone: (407) 206-3791

Fax: (866) 206-5930

Web: www.myrentcomps.com

Robert E. Smith Ext. 101

rsmith@myrentcomps.com

Noel Myatt Ext. 111

nmyatt@myrentcomps.com

Benjamin West Opens Office in Miami to Serve Latin America

 MIAMI, FL and BOULDER, CO,  Feb. 28, 2012—In response to the rapid growth in hotel development in Latin America and the Caribbean, Benjamin West, the hotel industry’s largest global purchasing firm for furniture, fixtures and equipment (FF&E) and operating supplies and equipment (OS&E), today announced that the company will open a new office in Miami.

 The new operation will be led by Liliane Stacishin-Moura (top right photo), who has joined the company as Director-Latin America & Caribbean. 

The new office brings to six the number of locations the company has opened to serve its clients worldwide.  In 2011, Benjamin West worked on projects in 23 countries on four continents. 

“Latin America has reached the tipping point of hotel development, with international and regional brands, as well as independents, ramping up to serve these rapidly growing economies,” said Alan Benjamin (middle left photo), president of Benjamin West.

 “According to Lodging Econometrics, three of the top 20 development markets—Brazil, Mexico and Argentina--are in that region.  All but one country has shown quarter-over- quarter improvements in the development pipeline since the bottom of the cycle in late 2009.

“ Renovations, which were delayed because of the economy, have been accelerating since the recovery began in the region in 2010.    Chile and Columbia have great potential and the Caribbean’s primary economic driver is tourism which requires on-going investment to introduce new product and upgrading existing hotels." 

 

 Stacishin-Moura, a Brazilian native and educated in the U.S., has an extensive background in design and real estate development, as well as environmental science.

  Prior to joining Benjamin West, she was founder and partner in Find Development Resources International headquartered in Los Cabos, Mexico.  She led the company’s international business development, brokering and financing for the company’s hospitality and retail segments. 

 Additional information about the company may be found at its Web site:  www.benjaminwest.com.

Contact:

Jerry Daly, Chris Daly                               

Media                                                              

Daly Gray                                                       

(703) 435-6293                                               

jerry@dalygray.com                                         

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Interstate Hotels & Resorts Announces Management Agreement for First Franchised DoubleTree by Hilton Hotel in China

  

ARLINGTON, VA, Feb. 28, 2012—Interstate Hotels & Resorts today announced that Interstate China has signed an agreement to manage the 850-room DoubleTree by Hilton Shanghai-Pudong (top left photo), the first Hilton Worldwide-franchised hotel in China. 

The hotel, owned by Shanghai Jin Jiang International Hotels (Group) Co. Ltd., converted to the DoubleTree by Hilton Shanghai-Pudong on Feb. 28, 2012 and will immediately begin a multi-million dollar comprehensive renovation to be completed in 2013. 

“It is extremely gratifying to be the first hotel operator of a franchised DoubleTree by Hilton hotel in China,” said Jim Abrahamson (top right photo), Interstate’s chief executive officer.

  “Interstate China, our joint venture with Jin Jiang Hotels, is a business model that we have successfully implemented in other regions globally.  Interstate has a long history as a franchisee/operator in multiple countries.  Our outstanding reputation as a quality operator of leading international brands and our highly experienced Interstate China executive team, combined with our depth of resources and scale, position us well for continued growth in China.”

Formerly the Sofitel JJ Oriental Hotel, the two-tower, 850-room hotel is located in Shanghai’s dynamic Pudong district (middle left photo), offering convenient access to Pudong International Airport and the Shanghai New International Exposition Center (SNIEC). 

 Amenities include more than 16,000 square feet of flexible meeting and special event space, a fitness center, spa with men’s and women’s sauna and steam facilities, outdoor tennis courts, indoor swimming pool and extensive retail shops. 

As part of the hotel’s upcoming refurbishment program, a new 8,000 square foot ballroom will be constructed, while all food & beverage outlets, meeting and banquet space, and retail offerings will be re-designed and revitalized to meet the high quality standards and contemporary style of the DoubleTree by Hilton brand.

 For more information, visit the DoubleTree by Hilton Shanghai-Pudong’s website: http://www.shangahaipudong.doubletree.com/. 

Interstate China Hotels & Resorts Company Limited (“Interstate China”) is a joint venture between Interstate and Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer.

For additional information about Interstate, visit the company’s website:  www.ihrco.com.

  

Contact:

Jerry Daly, Carol McCune                             Carrie McIntyre

Media                                                              SVP, Treasurer

Daly Gray                                                       Interstate Hotels & Resorts

(703) 435-6293                                             (703) 387-3320

jerry@dalygray.com                                      carrie.mcintyre@ihrco.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Raintree Partners Acquires Two Luxury Condominium Projects in Los Angeles for $24 Million

LOS ANGELES, CA  (Feb. 28, 2012) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the acquisition of two luxury vacant condominium projects, Vista Paradiso (top left photo) and Villa Sofia (middle left photo), totaling 63 units in the county of Los Angeles, Calif. which the firm will, for the time being, hold and manage as condo units to be rented. 

This $24.2 million acquisition brings Raintree’s holdings in California to 15 multifamily communities, consisting of 2,057 units, according to Jeff Allen (top right photo), CEO of Raintree Partners.

“These two properties were originally built as for-sale condominiums but never made it to market, and therefore were 100 percent vacant when acquired,” explained Allen.

“Our business plan includes the acquisition and ongoing ownership of multifamily properties.  In line with this strategy, Raintree will offer these newly acquired condo units for rent as high-end multifamily units.”

Vista Paradiso is a luxury, Class A community built in 2011 and located at 11805 Laurelwood Drive in Studio City, Calif. The property includes 24 units, featuring two- and three-bedroom floor plans, averaging 1,600 square feet, according to Aaron Hancock, Director of Acquisitions for Raintree. 

“Vista Paradiso is a particularly strong investment opportunity for our firm. The property features panoramic views of the San Fernando Valley and is one of the few high-end condo properties available for rent south of Ventura Boulevard in Studio City,” Hancock explained.

“In fact, Vista Paradiso will be the highest-quality multifamily product available for rent within the San Fernando Valley market today.”

The second property, Villa Sofia, is also a luxury Class A condo project that was constructed in 2011.  The property is located at 4470 Woodman Ave. in Sherman Oaks.  The 39-unit community is made up of two- and three-bedroom floor plans averaging 1,234 square feet. 

Hancock explained, “When combined with our 2011 acquisition of Taiko Village in Burbank, this acquisition brings Raintree’s portfolio of Class A rental condominium properties within this submarket to 106 units.”

Hancock continued, “Because many former homeowners are now renting, and numerous would-be buyers have made the decision to postpone a home purchase, demand for luxury condo properties which are currently available to rent, like Vista Paradiso and Villa Sofia, is strong. 

"We expect that demand for these types of units will increase, and we anticipate that Raintree will acquire additional failed condominiums in the future.”

KW Commercial’s Senior Vice President Hirsch Sherman (lower right photo)  and Vice President Jared Levine (lower left photo) represented Raintree in the acquisition. Daron Campbell, also of KW Commercial, represented the seller.

Contact:

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com              

Faris Lee Investments Completes $5.27 Million Sale of Retail Property Occupied by Hobby Lobby in Visalia, CA

IRVINE, CA, Feb. 27, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5,272,000 sale of a 59,283 square foot retail property occupied by Hobby Lobby (top left photo) in Visalia, Calif.

Situated on 4.89 acres, the property is located at 3231 S. Mooney Blvd. as an anchor to the Sequoia Mall (lower left photo)which includes Sears and Regal Theaters, with Marshalls and Bed Bath & Beyond adjacent to the mall.

Also included in the sale is a potential developable outparcel, which has been approved by Hobby Lobby and the mall ownership, for up to 5,000 square feet of rentable area.

Donald MacLellan (top right photo)  and Richard Walter (middle left photo) of Faris Lee Investments represented the seller, Lubert –Adler Management West Inc.

Dennis Vaccaro (lower right photo) of Faris Lee Investments represented the buyer, a private investor from Los Angeles, who paid all-cash.

“This Visalia location which opened a year ago was Hobby Lobby’s first California store and was purported to have one of the strongest store openings in the chain’s history,” said MacLellan. “Faris Lee’s strategy was to educate the capital-rich California buyer pool on the strength of Hobby Lobby as a leading retailer in the industry.”

Vaccaro added: “Hobby Lobby is located in the former Mervyn’s anchor space of Sequoia Mall which has significant vacancy, however, the superior positioning of the Hobby Lobby building within the recovering Visalia marketplace offered an opportunity to capitalize on the property’s intrinsic value.”

 

 Hobby Lobby is located along S. Mooney Blvd. with excellent visibility and strong traffic counts at the intersection of Caldwell Avenue and Mooney Boulevard (56,000 cars per day).

Hobby Lobby operates about 435 stores in 35 states and sells arts and crafts supplies, baskets, beads, candles, frames, home-decorating accessories, and silk flowers. It also has operations in China, Hong Kong, and the Philippines, and it is the #3 craft and fabric retailer (behind Michaels Stores and Jo-Ann Stores). Sister companies, Crafts, Etc! and Hemispheres, supply Hobby Lobby stores with merchandise, received from its Oklahoma distribution facility.

“California capital continues to seek out single-tenant property within the state as well as in other well-located markets throughout the country,” said Walter. “The marriage between location and tenant strength is key to investor appeal as more often than not, annual returns are more reliable and more profitable than other non-real estate investment options.”

 For more information, please visit www.farislee.com.

Contact:              

Darcie Giacchetto,

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Regency Centers to Begin 378,000 sf Ground-Up Development in Petaluma, CA

    

 PETALUMA, CA.--(BUSINESS WIRE)-- Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored and community shopping centers, will begin construction of East Washington Place (top left rendering), a 378,000-square-foot community center anchored by Target.

Located 39 miles north of San Francisco in Petaluma, Calif., this new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000.

Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.

East Washington Place will fill a retail gap in the Petaluma market which is currently underserved by major retailers. The center will include a 138,324-square-foot Target along with 121,000 square feet of anchor space and 118,676 square feet for junior anchors, small shops and office space. Construction will commence this week with the center opening slated for Summer 2013.

“East Washington Place has all the key attributes that define a Regency center – market-dominant anchor, a prime infill location and superior demographics,” explained Ryan Nickelson, Vice President of Investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”

To lease space, contact Leasing Agent Jenny Smith at 925.279.1885.

In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.

Regency Centers owns and/or manages 71 properties in California totaling 9 million square feet.

Contact:

The Hoffman Agency

Bonnie Hayflick, 904-398-9663

bhayflick@thehoffmanagency.com

or

Regency Centers

Ryan Nickelson, 925-279-1865

Vice President, Investments

ryannickelson@regencycenters.com

CMBS Delinquencies and Bank Troubled Assets Holding Steady, Report Guests on Atlanta’s Commercial Real Estate Show

 ATLANTA, GA (Feb. 27, 2012) – When it comes to CMBS loan delinquencies and the percentage of problem assets that banks have on their balance sheets, things are not getting better. But the situation is not getting worse.

 Guests of the most recent episode of the “Commercial Real Estate Show” shared those observations in a comprehensive look at the issues facing banks and servicers. Topics included upcoming CMBS maturities, the performance of banks in 2011, best practices for participation loans and successful OREO marketing techniques.

Tom Fink (top right photo), a senior vice president of Trepp LLC, said the volume of CMBS delinquencies are “in a steady state right now. I wouldn’t call it greatly improving, but it’s not getting worse, that’s for sure.”

 However, some of the numbers are still unsettling. Approximately $60 billion of CMBS loans are set to mature in 2012 – and about half of those are upside down, Fink said.

 CMBS default rates have been improving in the multifamily and hotel sector, but deteriorating among office and retail properties, Fink noted. 

Meanwhile, more than 90percent of U.S. banks turned a profit in 2011, up from approximately 60 percent just two years earlier, said Christopher Marinac (top left photo), managing principal and director of research for FIG Partners LLC. “As the cigarette commercial goes, we like to say, ‘We’ve come a long way, baby,’” he said.

 The median level of problem assets among banks is about 6 percent, but the measurement is holding steady, Marinac noted. “It may not necessarily get better in the near-term … but it’s not getting worse. That’s real important,” he said, adding banks “are much more stable and much stronger than people give us credit for.”

Banks are lending more and have shown interest in hotels, multifamily properties and retail sites that are characterized by healthy cash flows and reasonable leases, Marinac said.

 “That’s good,” replied show host Michael Bull (middle right photo), president and founder of Bull Realty. “Fundamentals are improving slightly for commercial real estate. New loans at the current lowvales may be some of the safest loans lenders will ever originate.”

 Lenders that handle theforeclosure of a property well are the ones that make sure their various departments communicate early and often once trouble rears its head, said Rob Whitmire (lower left photo), a partner with Bull Realty. “They’ll bring their advisors in, their brokers, their leasing team, their management team and have them start early on providing expectations for disposition value,” he said.

 

 A successful tactic for foreclosing on an OREO property is to have the property held by a special-purpose entity rather than a bank. That way, the asset “has far less liability issues,” said Robert Reynolds, an attorney with Reynolds, Reynolds & Little.

 The next “Commercial Real Estate Show” will be available March 1 and will examine land use and zoning issues.

Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

www.CREshow.com.

C&W negotiates new Orlando, FL lease for Carrier Corp.

 Orlando, FL – Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Director Richard Solik (top right photo) announced a new lease for Carrier Corporation in Sand Lake West Business Park.

Mr. Solik  represented the tenant, in the long-term deal for 7,600 sf. Paul Reynolds of CBRE represented the landlord in the deal which commences on July 1, 2012.

Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brookhines@cushwake.com

www.cushwake.com

2 Oceanfront Condo Towers Planned For Key Biscayne In Miami-Dade County

MIAMI, FL -- A Miami development group with roots in South America is preparing to construct a pair of oceanfront condo towers in the wealthy enclave of Key Biscayne just southeast of Greater Downtown Miami, according to a new report from CondoVultures.com.

The proposed Oceana complex is to feature twin 15-story towers with a combined 140 units plus an additional 14 villas on a 10.1-acre site on Ocean Drive in Key Biscayne, according to Village of Key Biscayne records.

The Oceana complex - slated to go up on the former Sonesta Hotel and Resort site (top left photo) - increases the total number of newly proposed condos in South Florida to 24 towers since the real estate crash, according to the CondoVultures.com Preconstruction Condo Projects list.

 

Condo Vultures founder Peter Zalewski (top right photo) is scheduled to discuss the dynamics of South Florida's latest condo boom on Feb. 28 at the 4th Annual "State Of The South Florida Condo Market" Seminar at 1060 Brickell Ave. in Greater Downtown Miami. The event is sponsored by the Continental Group, Miami Association Of Realtors, the Miami Downtown Development Authority, and ACAP financing. 

Despite having not yet opened a preconstruction sales office on site, the development group - Consultatio Key Biscayne LLC with Eduardo F. Costantini of Argentina and Marcos Corti-Maderna, Jose Chouhy, and Jorge Brave - filed a "notice of commencement" on Feb. 4, 2012 to begin "parking garage foundation" work, according to Miami-Dade County and Florida Secretary of State records.

At the heart of the South Florida real estate crash, the development group paid $78 million in October 2009 for the land located just north of the Grand Bay Tower condominium complex (middle left photo) and the Ritz-Carlton Key Biscayne resort, (middle right photo) according to Miami-Dade County records. 

Shortly after acquiring the property, the development group filed a "notice of commencement" in January 2010 for a "total demolition" of the former Sonesta Hotel, according to Miami-Dade County records.

Overall, the proposed Oceana project would increase the total number of new condo units planned to more than 4,500 for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the CondoVultures.com Official Condo Buyers Guide™ series.

At least four projects have already hosted groundbreaking ceremonies in the last year, according to a recent CondoVultures.com report. 

  

As of Feb. 24, 2012 in Key Biscayne, there are nearly 215 condo units on the resale market at a median asking price of more than $525 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™. 

Units range in price from less than $200 per square foot to nearly $1,800 per square foot, according to data from the Florida Realtors association.

In 2011, buyers acquired more than 215 condo units at a median price of $382 per square foot, according to the data.

On the rental front in Key Biscayne, nearly 125 condo units are available for lease at a median asking price of nearly $2.35 per square foot per month as of Feb. 24, 2012, according to the report.

In 2011, renters leased more than 300 units at a median price of nearly $1.90 per square foot per month between January and December, according to the data.

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

CEO Nexus Forum at Rollins College Draws Representatives of more than 100 Companies; Next Forum Scheduled for March

ORLANDO, FL --- CEO Nexus, the firm that works with public and private organizations to help second stage companies accelerate their growth and generate new employment, held one of its biggest CEO Nexus forums recently at Rollins College.

Steve Quello (top right photo), president of CEO Nexus, said more than 100 Central Florida companies were represented at the event.

Quello said the recent Rollins College CEO Nexus forum co-hosted by Rollins College Center for Advanced Entrepreneurship, the UCF Business Incubation Program, the Florida High Tech Corridor Council and local area chambers of commerce were in attendance.

Altogether this year, CEO Nexus produced some 16 forum events throughout Florida. “Groups and organizations are now working together to help revitalize the Florida economy and create more jobs,” Quello said.

The next CEO Nexus forum is slated for March 14 at Rollins College, by invitation only.

Rob Wight (lower left photo), co-founder, president and chief executive officer of Channel Intelligence, will be the keynote speaker. 

Wight was the architect of the products and services that made Channel Intelligence a leading e-commerce technology provider that is relied on by retailers such as Best Buy, Target and Kimberly-Clark.  

 Prior to co-founding CI, several leading technology companies had Wight at the helm of innovative software systems development – especially backup/storage software – including Microsoft that he left in 1998 to form Channel Intelligence.  

To learn more about CEO Nexus, its forums and how to register, contact Linda Pope for registration at registration@ceonexus.mobi or 407-590-6101.

For media information, contact

Linda Pope, Events Coordinator, CEO Nexus 407-590-6101, PopeL@ceonexus.mobi;

 Tom O’Neal, Ph.D, Executive Director, Florida Economic Gardening Institute/GrowFL 407-882-1120

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

Crossman & Co. Promotes Three Top Associates

ORLANDO, FL --- Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest retail leasing and management firms in the Southeast, recently promoted three associates.

John Crossman, president of Crossman & Company, said Ashley Thornburg (top right photo) was promoted to senior associate.   Thornburg holds an MBA from the Crummer Graduate School of Business at Rollins College and she joined the firm as an associate three years ago to focus on leasing and management in the South Florida region.   In 2011 Thornburg received the CoStar Power Broker award.

Crossman said Brian Carolan (middle left photo) was promoted to director.  Carolan earned his Master’s Degree in Real Estate from the University of Florida.  He joined Crossman & Company as a research analyst two years ago and was promoted to associate in 2010.   As director, Carolan will continue to focus on investment sales throughout Florida. 

Whitaker Leonhardt (lower right photo) has also been promoted from associate to director. 

 A graduate of Georgetown University with a degree in political economy, Leonhardt holds a Masters in Real Estate from the University of Florida. He joined Crossman & Company three years ago and has received professional awards each year including NAIOP Rookie of the Year.  Whitaker will focus on leasing and investment sales throughout the state of Florida, Crossman said.

For more information, contact:

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

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

NAI Realvest Negotiates Two New Industrial Leases at Carter CommerCenter in Winter Garden, FL

MAITLAND, FL – NAI Realvest recently negotiated two new lease agreements totaling 5,625 square feet of industrial space at 902 Carter Rd., in the Carter CommerCenter in Winter Garden.

 Michael Heidrich (top right photo), a principal at NAI Realvest, negotiated both leases with two local tenants on behalf of the landlord COP-Carter, LLC of Maitland.

 Crazy Horse Plumbing, Inc. leased Suites 260-270 with 3,750 square feet and Two Crazy Broads, LLC leased Suite 280 with 1,875 square feet.

For more information,  contact

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

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

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

Lvershelco@aol.com

AvalonBay Acquires The Mark Pasadena in Greater Los Angeles

PASADENA, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of The Mark Pasadena (top left photo), an 84-unit apartment building in Pasadena. The terms of the sale were not disclosed.

 Greg Harris (middle right photo), an executive vice president investments and Kevin Green (lower left photo), an associate director, represented the seller, a private investment firm based in California. Harris and Green also represented the buyer, AvalonBay Communities Inc.

 “The new ownership is well positioned for Los Angeles’s shift into a more vigorous job-growth cycle,” says Harris. “This year, employment increases are projected to expand the area’s renter pool and enable owners to continue pushing rents.”

            “The Mark Pasadena’s central location within the adjoining employment centers of Glendale, downtown Los Angeles and Burbank make it a perennially attractive apartment community,” adds Green. “Pasadena alone has a daytime job base of 110,000.”

The three-story, 70,648-square foot apartment building is located at 385 South Catalina Ave. in a quiet residential neighborhood a few blocks from historic Old Town Pasadena and adjacent to Colorado Boulevard, one of Greater Los Angeles’ most popular entertainment and shopping areas.

   

 The Mark Pasadena was constructed in 1973 and moderately updated in 2006 and 2007. The property features a variety of floor plans and many community amenities, including gated subterranean parking, a heated swimming pool and spa, a rooftop sundeck lounge and six on-site laundry facilities. The units feature central air conditioning and heating, plush Powerball carpeting, mirrored wardrobes, breakfast and wet bars in select units, gas-burning fireplaces and private balconies or patios.

The property is comprised of 36 one-bedroom/one-bath units, 20 one- bedroom/1.5-bath-with-den units, 12 one-bedroom/1.5-bath townhome-style units, four two-bedroom/1.5-bath units and 12 two-bedroom/two-bath units.

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