LYND Secures Deal to Manage Three Apartment Communities in Denver Metro Area and Boulder County, CO

  

                 North Main Apartments at Steel Ranch rendering, Louisville, KY

DENVER, CO — The Denver office of LYND, a national real estate management firm, has been selected by Golden-based Confluence Companies to manage the North Main Apartments at Steel Ranch now under construction and two more communities in the planning stages. The agreements cover 578 units.

Laurie Lyons

“We chose LYND because simply put, they know what they’re doing,” said Tim Walsh, president of Confluence. “They have more than 30 years in the business managing multifamily properties and have a great resume handling lease ups. They’ve also developed and managed their own projects so they think like an owner and understand the importance of providing value.”  

 “We are excited to collaborate with one of the most innovative multifamily developers in Colorado,” said Laurie Lyons, senior vice president and business development officer for LYND based in Denver. “We look forward to providing outstanding results for Confluence and delivering exceptional service to tenants.”

 Confluence is building 228 garden-style luxury units in Louisville, which Money Magazine ranked as one of the best places to live in 2011.

 The $36 million development in Steel Ranch will open to residents in August with amenities such as a large outdoor firepit and gathering area, a washing station for dogs, a Velo station for bicycle cleaning and maintenance, a gourmet-style kitchen, yoga studio, fitness center and year-round lap pool.

Tim Walsh

 “Local interest in North Main is unbelievable,” said Lyons. “We have received unsolicited deposits just to be on the wait list. Clearly, this is a much-needed property in Louisville.”

 Confluence and Lynd have also reached agreement on two planned apartment communities, West Eighth Apartments in Golden and Van Gordon in Lakewood. Construction begins in June on the 99 units at West Eighth and in 2014 on the 251 units at Van Gordon.

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

Todd Templin, Boardroom Communications

954-370-8999 or 954-290-0810 (cell)

ttemplin@boardroompr.com

Cousins Properties Names Connolly Chief Investment Officer

Colin Connolly

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ) has promoted Colin Connolly to the role of Chief Investment Officer, placing him in charge of acquisitions, dispositions and opportunistic investments for the Company.

Since joining Cousins in September 2011 as Senior Vice President, Connolly has executed a number of high-profile office acquisitions, including Promenade, 2100 Ross, Post Oak Central and 816 Congress.

Larry Gellerstedt

“Colin has proven to be a key player in the ongoing implementation of our strategic plan,” said Larry Gellerstedt, CEO of Cousins. “He brings a fresh perspective to the leadership team, and we look forward to his continued contributions to Cousins’ success.”

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

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

HFF arranges $24.3 million financing for Pickwick Farms Apartments in Indianapolis

                                      Pickwick Farms Apartments, Indianapolis, IN

INDIANAPOLIS, IN – HFF announced it has arranged a $24.3 million financing for Pickwick Farms Apartments, a 516-unit multi-housing community in Indianapolis, Indiana.

Jon Everson

HFF worked on behalf of Pickwick Properties, LLC to secure the 10-year, 3.6 percent fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

Pickwick Farms, built in two phases from 1978 to 1980, is located on the northwest side of Indianapolis, near 86th Street and Interstate 465.  Renovated in 2007, the property includes studio, one-, two- and three-bedroom units that are leased both unfurnished and furnished. 

Community amenities include a movie theatre, racquetball court, indoor basketball court, playground, community room, fitness center, swimming pool and two tennis courts.  At closing, Pickwick Farms was 96 percent occupied.

Zachary Roden

The HFF team representing the borrower was led by managing director Jon Everson and senior real estate analyst Zachary Roden.

“This property was especially attractive to lenders due to its experienced sponsorship, highly desirable infill location, heavily populated medical district and the fact it is located less than half of a mile south of Hamilton County, the fastest growing county in Indiana,” commented Everson.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.twitter.com/hff

Marcus & Millichap Capital Corp. Arranges $14 Million Cash-Out Refinance in New York City

                              Manhattan Office Building One Block from Union Square

           

Christopher Marks

NEW YORK, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged $14,000,000 of debt for a 58-unit mixed-use property in New York City.

Christopher Marks, an associate director in MMCC’s Manhattan office, arranged the loan.

David Lloyd

“Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”

“The challenge in this transaction was finding a lender willing to provide cash-out on an asset with vacant retail units,” adds Marks. “We demonstrated our value by identifying a bank that was able to see the advantages of the property’s location, which is one block from Union Square.”

Sean Beuche

 “Sean Beuche and David Lloyd, both associates in the Manhattan office of Marcus & Millichap Real Estate Investment Services, referred the borrower to MMCC,” Marks concludes.

The five-year fixed 30-year term loan amortizes over 30 years at 2.625 percent. The LTV is 50 percent.

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

Ben Johnson

Marketing Director

(925) 953-1736

Dan Litman of Marcus & Millichap Capital Corp. Arranges Two Refinances Totaling $12.8 Million in California

Downtown Los Angeles at Night

LOS ANGELES, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged debt on two properties for two different clients totaling $12,835,000, according to William E. Hughes, senior vice president and managing director of MMC

Dan Litman

One is a bridge loan refinance to accommodate the entitlement of two vacant city blocks and four adjacent parcels in downtown Los Angeles for a substantial development. The other is the refinance of 14 units of a 15-unit condominium community in Studio City, Calif.

Dan Litman, vice president capital markets in MMCC’s West Los Angeles office, arranged both loans.

“Dan demonstrated both initiative and deep market knowledge in closing these loans,” comments Hughes. “His ability to complete these two vastly different transactions is a testament to his skills as an originator and to the power of the Marcus & Millichap platform.”

William E. Hughes

“The challenge for the bridge loan on the land in Los Angeles and the downtown Los Angeles properties was finding a lender willing to cross collateralize the vacant two city blocks with some of the borrower’s income-producing properties, two of which had suffered substantial fire damage in 2007,” says Litman.

 “We were able to demonstrate the value of the fire-damaged parcels to the lender through the borrower’s plans to redevelop the entire site, which encompasses most of a full city block in downtown Los Angeles.”

The five-year loan provides for one-year interest only and amortizes over 25 years at 5.75 percent interest, with an LTV of 55 percent.

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

Ben Johnson

Marketing Director

(925) 953-1736

Marcus & Millichap Names Rick Anderson First Vice President

Rick Anderson

CALABASAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has elected Rick Anderson to the position of first vice president, according to John J. Kerin, president and chief executive officer.

“As the firm continues to grow and expand into new markets, attracting, developing and retaining talented employees will be critical to our success,” says Kerin.

 “This has, and will continue to be, a major focus for Rick. His background in coaching, counseling and workplace effectiveness has helped make him an invaluable resource to our managers and staff,” adds Kerin.

John J. Kerin

Prior to joining the firm, Anderson worked in the human resources departments of financial services and customer relationship management companies. 

He received a Bachelor of Arts degree in English from Washington and Lee University, a Juris Doctorate from the College of William and Mary, and a master’s degree in organizational development from Pepperdine University.

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

Ben Johnson

Marketing Director

(925) 953-1736

Marcus & Millichap Capital Corp. Arranges $8 Million in Refinancing for Class A Office Property in Arizona

  

                  Class A Office Property, Rio Rico, AZ

RIO RICO, AZ– Marcus & Millichap Capital Corporation (MMCC) has arranged an $8 million refinance for Class A office property in Rio Rico, Ariz.

Chad O'Connor

            Chad O’Connor, a vice president capital markets in MMCC’s San Diego office, arranged the loan.

            “This transaction was a refinance from short-term to long-term fixed-rate debt with cash out for another project,” says O’Connor. “In a tertiary market, we were able to provide a fully amortized 18-year fixed term even though the tenant’s lease is set to expire in 15 years.”

            The interest rate is 4.35 percent and LTV is 70 percent.

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

Ben Johnson

Marketing Director

(925) 953-1736

Atlantic | Pacific Companies Announces New Property Management Assignments in South Florida

Apogee Beach Hollywood Apartments
Hollywood, FL

MIAMI, FL  – Atlantic|Pacific Management (A|P Management), leasing and management platform under Atlantic|Pacific Companies (A|P), is pleased to announce the additions of Apogee Beach Hollywood, The Wave Condominium, and The Whitney Condominium to its property management portfolio. A|P Management will begin managing these luxury condominiums on June 1, 2013.

Apogee Beach Hollywood, located at 4053 S. Surf Rd in Hollywood, Florida, is an ultra-luxury living property. The property houses 49 units, available with two, three, and four bedroom floor plans, as well as penthouses within its 22nd floor.

All Apogee Beach Hollywood residences include floor-to-ceiling windows, large balconies, and first class amenities. Residences were inspired by Carlos Ott and designed by Cohen Freedman Encinosa, with social spaces envisioned by world-renowned Rockwell Group. Every detail is accounted for at the property, including an impressive two-story lobby, oceanfront pool deck, and beachfront cabanas.

The Whitney Condominium
West Palm Beach, FL

The Wave Condominium is located at 2501 South Ocean Drive in Hollywood, Florida. The Wave Condominium has 550 residential units, offering studio, one, and two bedroom floor plans. The property also houses 23 retail and professional spaces.

The Whitney Condominium is a luxury high rise condominium located at 410 Evernia Street in West Palm Beach, Florida. In the heart of the city, 

The Whitney is minutes away from Clematis Street and City Place with plentiful options for museums, dining, and shopping experiences. The property consists of 210 units, ranging from one to three bedroom floor plans, all with access to amenities such as a roof top heated lap pool, sun deck, and fitness center.

Luis Alicea

Luis Alicea, Director of Business Development at A|P Management, says “A|P Management has grown exponentially in the last five years, as evident by its expansion into Palm Beach and Broward Counties. A|P has become a property management contender.”

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

Jessica Wade Pfeffer / Jessica Wade Inc.

Jessica@jessicawadeinc.com

305.804.8424

Snyder Langston Names Steven Gabbert, CBCP, LEED™ AP as Director of Sustainability

Pelican Hill Resort, Newcoast, CA

IRVINE, CA— Snyder Langston, one of Southern California’s largest and most respected builders, has named Steven Gabbert, CBCP, LEED™ AP as Director of Sustainability.

Steven Gabbert

In his new role, Gabbert is responsible for leading the development and execution of Snyder Langston’s sustainability initiative. A passionate green building advocate, Gabbert will be a valuable in-house expert in demonstrating the value of sustainability to the firm’s clients. He will also proactively work with them to integrate sustainability into their projects and into their corporate platforms.

Over his nine-year tenure at Snyder Langston, Gabbert has held other positions including: project engineer, senior project engineer, and most recently served as project manager. He has been involved with significant Southern California projects including: Broadcom’s headquarters, The Pelican Hill Resort, and the new Hyundai North American Headquarters, among others.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.snyderlangston.com

The Metro @ Hollywood in Hollywood, CA is the newest affordable senior housing community from Meta Housing Corp

        

The Metro @ Hollywood Apartments, Hollywood, CA

  

LOS ANGELES, CA  – Meta Housing Corporation has completed a $43.8 million transit-oriented mixed use development in Hollywood, Calif. The Metro @ Hollywood includes 5,500 square feet of ground floor retail space, and is made up of 120 one-and two- bedroom apartments which will provide new, affordable housing to seniors aged 55+. 

John Huskey

The property is located in a walkable Hollywood neighborhood within 200 yards of the Los Angeles County Metro’s Hollywood/Western Red Line subway station, which connects Hollywood with Downtown Los Angeles, according to John Huskey, President of Meta Housing Corporation.

“Transit-oriented development continues to emerge as a smart growth solution for urban cities throughout the U.S.,” explains Huskey.  “By strategically placing our properties in pedestrian-friendly neighborhoods and utilizing public metro and bus systems, we have identified a viable and environmental solution to many of the traffic and parking issues which are typical in an urban neighborhood.”

The Metro @ Hollywood was completed with support from the State of California’s Department of Housing and Community Development, the Community Redevelopment Agency of Los Angeles, and the Los Angeles Housing Department.

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

Jenn Quader/ Corynne Randel

Brower, Miller & Cole

JQuader@browermillercole.com

(949) 955-7940

www.metahousing.com

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Post Properties Announces Development of Buckhead, GA Luxury High-Rise and Acquisition of Houston, TX Development Site

Post Alexander Phase 2 Apartments, Buckhead, GA

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today that it has commenced the development of its Post Alexander™, phase II, luxury high-rise community, located in the Buckhead submarket of Atlanta.

Post Midtown Square Phase 3, Houston, TX

The project will include 340 units, with an average size of 830 square feet, on 19 residential floors, built over seven levels of parking, with rents averaging approximately $1,790 per month.

The project’s luxury apartments will be complemented by amenities that include a roof-top terrace and elevated pool deck, fully-equipped fitness center and clubroom. 

The project is located adjacent to Phipps Plaza and near Lenox Square®, two of the Southeast’s leading high-end shopping venues, and benefits from proximity to the Buckhead commercial office district and high-end Buckhead and Brookhaven residential neighborhoods.

Post South Lamar Apartments, Austin, TX

The project’s total cost is expected to be $75.5 million, and the Company estimates that its unlevered, stabilized yield on cost will be 6 percent, after adjusting for a 3 percent management fee and $300 per unit replacement reserves.

The Company expects to fund the project out of its available cash balances, operating cash flow and borrowings, as needed, under its unsecured lines of credit. The Company expects to break ground on the project in the next several months.

Dave Stockert

The Company also announced today the acquisition of a 3.9-acre development site, located at the intersection of Richmond Avenue and Loop 610 in the Galleria submarket of Houston, where the Company expects to be able to develop approximately 390 luxury apartment units. The purchase price of the site was $13.1 million, which was funded out of available cash balances.

Finally, the Company announced today that its 124-unit Post Midtown Square®, phase III development, located in Houston, and 298-unit Post South Lamar™ development, located in Austin, have each achieved at least 95 percent apartment leasing.

Said Dave Stockert, Post’s CEO, “Creating value, by developing exciting new communities, is one of the most important drivers of our business. Today’s announcements reflect our focus on creating high-quality, well-appointed apartment homes, located in the places our customers want to be.”

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

Post Properties, Inc.

Chris Papa, 404-846-5000

Post Properties Announces Acquisition of Orlando, FL Luxury Apartment Community

         Crosswater at Lakeside Village apartments, Windermere, FL

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced the closing of its acquisition of Crosswater at Lakeside Village, located in the affluent Windermere submarket of Orlando, Florida.

The 300-unit community, which has been renamed Post Lakeside™, was recently completed in 2013, and is in the late stages of its initial lease-up (currently 86 percent leased).

 The community has units averaging 1,070 square feet, with resort-style amenities oriented to maximize the impact of the lake and associated conservation area. The community is also located adjacent to a recently developed Publix-anchored shopping center, providing walkable retail amenities to residents.

The purchase price of the community was $48.5 million, and was paid out of the Company’s available cash balances. 

The Company expects the first-year stabilized yield on its investment to be approximately 5.2 percent, after deducting a 3 percent management fee and $300 per unit replacement reserve.

In connection with this acquisition, the Company expects to commence the sale of one of its older Atlanta apartment communities, with the intent to complete a reverse like-kind exchange. That sale and exchange is expected to be completed by the fourth quarter of 2013.

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

Post Properties, Inc.

Chris Papa, 404-846-5000

Marcus & Millichap Ranked Among Top 50 Firms Nationally in Technology and Helpdesk Support Achievement

  

  

CALABASAS, CA, May 31, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been ranked #28 out of the top 50 helpdesk support centers in the 2013 HDI CSAT Elite 50.

Richard Peltz

HDI, the world’s largest professional association and certification body for technical service and support professionals, uses the HDI Customer Satisfaction Index (CSI) Service to track and trend customer satisfaction ratings for some 800 companies from year to year.

Based solely on the data collected over a 12-month period, participating technical service and support centers are identified as leaders in the industry. The 50 support centers with the highest scores are then recognized by HDI as members of the HDI CSAT Elite 50.

Teams that qualify for the HDI CSAT Elite 50 ranking receive a certificate of recognition and are recognized at the HDI Annual Conference & Expo, where they are lauded as industry leaders in front of their peers and other organizations.

Bill Benoist

“This award symbolizes our commitment to providing our more than 1,000 agents across the country with the resources and information services (I.S.) customer support to realize their potential and give them pride of association with our firm,” says Richard Peltz, Senior Vice President and Chief Information Officer at Marcus & Millichap.

 “Bill Benoist, Vice President of Information Services, and his team have raised the support bar every year and are committed to achieving the highest level of support available in the industry,” says Peltz.

The HDI CSAT Elite 50 award is the latest recognition of Marcus & Millichap’s focus on technological excellence. The firm has also ranked among the top 500 leading global companies in the InformationWeek 500 for the past seven years.

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

Ben Johnson

 Marketing Director

(925) 953-1736

RealtyTrac Reports U.S. Foreclosure Sales in First Quarter Down 22 Percent from Year Ago

  

IRVINE, CA, May 30, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its Q1 2013 U.S. Foreclosure & Short Sales Report™, which shows a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012.

Daren Blomquist

“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of surprise given the 11 million homeowners nationwide still underwater,” said Daren Blomquist, vice president at RealtyTrac.

“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders.

”Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road, given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

Data Sales Department

800.462.5193

datasales@realtytrac.com

HFF closes $9.625 million sale of two-building industrial property in Dulles, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of Northpointe B & C, a two-building, 83,086-square-foot industrial property in Dulles, Virginia.

Bruce Strasburg

HFF marketed the property on behalf of the seller, Velsor Properties, LLC.  The property sold for $9.625 million free and clear of debt.

Northpointe B & C are located at 44901 and 44931 Falcon Place adjacent to Dulles International Airport and proximate to Dulles Toll Road (Route 267) and Route 28. 

  Situated less than one half of a mile from Dulles International Airport’s cargo entrance, the buildings are 87 percent leased to a diverse tenant base including The Richards Corporation. 

Samuel Fagelson

The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg and real estate analyst Samuel Fagelson.

“Investors were attracted to Northpointe because it offered the opportunity to acquire a well-leased property with a strong tenant base in immediate proximity to Dulles Airport’s cargo entrance.  

"Combined with the capital markets imbalance of scarce supply and strong demand for well-located assets, Northpointe attracted substantial interest from the investment community,” commented Strasburg.

Dulles International Airport, Main Terminal

Founded in 1997, Velsor Properties, LLC is recognized as one of the fastest growing real estate ownership companies in the metropolitan Washington, D.C. area.  

Velsor, through its affiliates, owns and manages 53 industrial, flex and office buildings in Northern Virginia and Maryland.  As of January 2013, Velsor owns and manages more than three million square feet of property.

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

Kristen M. Murphy

 Associate Director

 HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

 Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

 krmurphy@hfflp.com