HFF closes $15.8 million sale and arranges $11.52 million in financing for student housing portfolio near Ball State University in Indiana

Ball State University student housing portfolio, Muncie, IN

Brian Kelly

INDIANAPOLIS, IN – HFF announced today that it has closed the sale of and arranged acquisition financing for a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie, Indiana.

               HFF marketed the portfolio on behalf of the seller, Klingbeil Capital Management.  Peak Property Group, LLC purchased the assets for $15.8 million.  HFF then assisted the buyer with acquisition financing through Jefferies LoanCore. 

Ken Martin

               The Ball State Portfolio is comprised of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. 

Completed between 1984 and 1992, the properties feature two- and three-bedroom units.  All residents have use of the amenities at Silver Tree, which include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.

               The HFF investment sales team representing the seller was led by managing director Brian Kelly.

Ball State University campus, Muncie, IN

               HFF’s debt placement team was led by associate director Ken Martin.

               “The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” said Martin.

               Klingbeil Capital Management, Ltd. (KCM) is a multi-faceted national real estate company with holdings throughout the United States.

               Peak Property Group, LLC is a fully integrated, self-managed private company with expertise in the acquisition, development, investment and property management of student housing and multi-family properties.   

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

HFF closes $50 million sale of and arranges financing for three-property office portfolio in Long Island, NY

Part of Long Island Office Portfolio, Long Island, NY

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the $50 million sale of and arranged financing for a three-property office portfolio totaling 372,544 square feet in various Nassau County, Long Island locations. 

               A joint venture between Investcorp International, Inc. and Lincoln Equities Group LLC purchased the offering free and clear of existing debt.   HFF also arranged acquisition financing for the buyers.  

The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased.  Individual property details are listed below:

Location                                                                Size/Number of Buildings        Occupancy

666 Old Country Road, Garden City, NY           120,238 SF/1                             98%

114 Old Country Road, Mineola, NY                 114,356 SF/1                             95%

100 Merrick Road, Rockville Centre, NY           137,950 SF/2                             87%

Andrew Scandalios

The HFF team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate Jackie Ferrer.

HFF’s debt placement team was led by senior managing director Mike Tepedino and associate director Michael Gigliotti.

“This was a rare opportunity to purchase a well-located office portfolio with upside in the competition constrained Long Island market,” said Cruz.  “Investcorp and Lincoln did a great job closing the multi-property portfolio.”

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

Lionstone Group Acquires Local Treasure in Downtown Houston, TX

  

712 Main Street, Downtown Houston, TX

Dan Miller

HOUSTON, TX (Oct. 15, 2013) -- The Lionstone Group announced today the acquisition of 712 Main Street, a 794,186-square-foot office tower in the central business district of Houston, Texas.

This acquisition marks the first time 712 Main has been offered for sale on an individual basis since its construction in 1929.

Trent Agnew

The office tower is the Texas headquarters for JPMorgan Chase’s southwest banking operations and is currently 85 percent leased to 43 tenants. Transwestern has been retained by Lionstone to manage and lease the property.

 HFF, led by Dan Miller and Trent Agnew, marketed the property on behalf of the seller, Brookfield Asset Management, Inc.

 “Interest in the property was strong due to the quality of the asset and the stable and predictable cash flow via JPMorgan Chase’s lease through 2030,” said HFF’s Miller.

Tom Bacon

 Lionstone was formed in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein. The firm serves the interests of real estate capital by performing extensive market research to find unique productivity-driven investments—and thus unique value for investors—and by carefully managing investment risks.

The iconic 37-story Art Deco skyscraper is rich in history and is a defining landmark of downtown Houston. Developed by Jesse H. Jones, the tower was originally constructed for Gulf Oil and the National Bank of Commerce.

Dan Dubrowski

It was then expanded in 1948 and 1950 to bring it to its current size. Eight frescoes depicting Texas history adorn the lobby walls.

 The murals were executed on-site in 1929 on wet plaster with a fresco painting method similar to that used by Michelangelo, Botticelli, and Rosselli in the Sistine Chapel. 

The building’s spacious main banking hall is a colonnaded area topped by a 50-foot-high richly carved vaulted ceiling. The Art Deco halls feature French Brèche de Salernes marble and Italian Siena travertine walls highlighted by stained glass windows.

Glenn Lowenstein

712 Main has been designated a City of Houston landmark and a National Civil Engineering landmark, and is listed on the National Register of Historic Places.

 “It is truly a local treasure nestled beautifully in the heart of downtown Houston, and cutting edge tenants are finding it very desirable,” said Lionstone Chief Investment Officer Glenn Lowenstein.

 The Lionstone Group, armed with proprietary research and analytics, are adept at pinpointing investments in irreplaceable locations wanted by high-productivity firms. 

712 Main is located along Main Street in downtown Houston, is adjacent to the North and East rail lines, and has two connections to Houston’s underground tunnel system of shops and restaurants.

  

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

The Lionstone Group

Jane Page, COO

(713) 533-5801

jpage@lionstonegroup.com

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

Multi Housing Advisors Brokers Sales of Two Birmingham, AL Apartment Communities for a Total $21.1 Million

  

High Pointe Apartments, Birmingham, AL

Jimmy Adams

BIRMINGHAM, AL (Oct. 15, 2013) — Multi Housing Advisors (MHA) has brokered the sales of two Birmingham apartment communities totaling 506 units. The properties — the 256-unit High Pointe and the 250-unit Brookstone — sold for a total of $21.1 million.

 Jimmy Adams, Managing Director for MHA who oversees the firm’s Birmingham office, represented the seller, Ruffner Mountain, in both of the transactions.  A Michigan-based LLC purchased the two properties.

 Both sales were loan assumptions, closing in 60 days or less from application, and the transactions mark the buyer’s first purchases in Alabama. High Pointe sold for $13 million, Brookstone for $8.1 million.

 With the closings, MHA’s Birmingham office has completed 20 investment sales this year. MHA, which also has offices in Atlanta and Charlotte and completes deals throughout the South, is aiming to close 100 transactions in 2013.

 “The number of apartment sales that we’ve completed this year is a powerful indication of the ongoing demand for multifamily investments as well as our ability to find the right buyers for our clients’ properties,” Adams said. “With the apartment sector poised to continue to thrive in the near future, we anticipate the pace of activity to remain brisk as well.”

 High Pointe and Brookstone were built in 1974 and 1983, respectively.

 MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

404-405-2354 (C)

sursery@thewilbertgroup.com

www.usmha.com

. 

National Retail Properties, Inc. Declares Common Dividend

Orlando, Florida, Oct. 15, 2013 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 40.5 cents per share payable November 15, 2013 to shareholders of record on October 31, 2013. 

National Retail Properties is one of only four publicly traded REITs and 102 publicly traded companies in America to have increased annual dividends for 24 or more consecutive years.

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

National Retail Properties, Inc.

450 S Orange Avenue, Suite 900

Orlando, Florida 32801

Phone: 1-800-NNN-REIT (1-800-666-7348)

General Inquiries:

investorrelations@nnnreit.com

Meridian Capital Group Arranges $5.3 Million in Acquisition Financing for the Marsh Oaks Apartments Located in Atlantic Beach, FL

Marsh Oaks Apartments, 2768 SR-A1A, Atlantic Beach, FL

 Boca Raton, FL Oct.15, 2013– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $5.3 million mortgage for the purchase of the Marsh Oaks Apartments multifamily property located in Atlantic Beach, FL.

Marsh Oaks Apartments

The seven-year, non-recourse loan features a fixed-rate of 3.50% and was provided by a savings bank. This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown and Director, Noam Kaminetzky, who are located in the Company’s Boca Raton, FL office. 

 The 120-unit Marsh Oaks Apartments is located at 2768 SR-A1A and was built in 1986.

 “Interest rates jumped by over 100 basis points during the time that the loan was being underwritten and negotiated, but Meridian was able to leverage our significant market position and relationship with the lender to hold the interest rate from application through closing,” said Mr. Brown. “This will save the client more than $500,000 over the loan term,” he added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. 

Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com

  

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

Jonathan M. Stern

Managing Director

Meridian Capital Group, LLC

1 Battery Park Plaza, 26th Floor

New York, NY 10004

jstern@meridiancapital.com

Direct: 212.612.0181

Fax: 212.201.5181

www.meridiancapital.com

$22.8 Million Apartment Complex Sale Arranged in Homewood, AL by Marcus & Millichap

The Hill Apartments, 1840 Oxmoor Road, Homewood, AL

HOMEWOOD, AL, Oct. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Hill Apartments, a 122,763-square-foot apartment complex in Homewood, a suburb of Birmingham, Ala.

Patrick Jordan

The $22,875,000 sales price equates to $187,500 per unit.

            Patrick Jordan, a senior associate in Marcus & Millichap’s Memphis, Tenn. office and

 Eddie Greenhalgh, a senior associate in the firm’s Birmingham, Ala. office, represented the seller, a local property owner. Jordan also represented the New Jersey-based buyer.

            “The extremely high barriers to entry in the Homewood multifamily market and The Hill Apartments’ location within Birmingham’s best school district made this asset very attractive to investors,” says Jordan.

Eddie Greenhalgh

            The property was built in 2012 on 3.4 acres at 1840 Oxmoor Road near the new city hall in Homewood, Ala.

            The Hill Apartments feature one-, two- and three-bedroom units with condo-quality finishes such as granite countertops, custom hardwood flooring, crown molding, stand-up showers, balconies and washer and dryer.

Exterior amenities include secure gated entry, a saltwater swimming pool with a gazebo and outdoor kitchen; a state-of-the art 24-hour fitness center, ample parking and a coffee shop/business center.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

CFA Announces Call for Entries for 2014 Projects of the Year Awards

Mt. Vernon, IA-- The Concrete Foundations Association (CFA) – the voice and established authority for the residential concrete industry – has announced the call for entries for the “2014 Projects of the Year” competition. 

Ed Sauter

The Projects of the Year is a free, competition for members of the CFA providing evidence of the continued excellence and professionalism found in a traditionally unrecognized or under-appreciated industry.

Entering its eighth year as a program that represents achievements across the full spectrum of work completed by members of the CFA, members will have their work presented during the World of Concrete and online at www.cfawalls.org for the general industry and public to evaluate.

“The Project of the Year competition is one of the least utilized benefits for CFA members,” states Ed Sauter, executive director of CFA. 

“Originally the program sought only to find the toughest and most challenging project for that year.  Now the program seeks to validate the work of the entire industry by offering multiple awards in many categories.

“Receiving a Project of the Year recognition honors the commitment to quality and professionalism for the contractor and has proven to be a key component to their marketing for the year ahead.”

Voting takes place at the CFA’s booth location in the Central Hall (C4637) during the World of Concrete in Las Vegas, Jan. 21-24, 2014 in Las Vegas and online at www.cfawalls.org beginning January 1st.

The rules and categories for submission can be found on the CFA website at http://www.cfawalls.org/awards/project/index.html.

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

James R. Baty II

Managing Director

P.O. Box 204, Mount Vernon, IA 52314     

 Ph: (319) 895-6940             

 Fax: 320.213.5556

jbaty@cfawalls.org     

www.cfawalls.org

Marcus & Millichap Arranges Sale of 30,007-SF Shopping Center in Pembroke Pines, FL

  

Pembroke Corners, 17201 Pines Boulevard, Pembroke Pines, FL

Lori Schneider

PEMBROKE PINES, FL, Oct. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Pembroke Corners, a 30,007-square foot shopping center located in Pembroke Pines, FL. The asset sold for $6,400,000.

Lori Schneider, a Senior Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a developer from Tampa, FL. 

Kirk D. Olson

 The buyer was secured and represented by Kirk D. Olson and Drew A. Kristol, Vice President Investments in Marcus & Millichap’s Miami office. 

Pembroke Corners is a 30,007-square foot shopping center on approximately four acres in Pembroke Pines, a western suburb of Fort Lauderdale, Florida.

 “The property has an interesting blend of three national credit tenants.  Buyer interest for this property came predominantly from a pool of small private investors from across the country.  Ultimately, the buyer was a partnership between a local investor and his South American co-investors,” says Schneider.

Drew A. Kristol

“The historically stable property is 100 percent occupied with tenants that include CVS, Tire Kingdom and Goodyear, among others.

Pembroke Corners is located at 17201 Pines Boulevard in Pembroke Pines, FL.

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

Gregory Matus

Regional Manager

 Vice President

Fort Lauderdale, FL

(954) 245-3400

Charles Dunn Completes Sales of Two Multifamily Properties in West Los Angeles Totaling $6.9 Million

Saltair Arms, 1250 Saltair Avenue, Los Angeles, CA

LOS ANGELES, CA, Oct. 14, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sales of two, recently renovated vacant West Los Angeles multifamily properties known as Saltair Arms and Brockton Regency.

Paul Kenworthy

Paul Kenworthy represented the single seller of the assets, Dr. Patrick Shoon Shiong, as well as the family trust buyers in the transactions. Both sales garnered record-high pricing for the West Los Angeles area at approximately $406,000 per unit and at cap rates of just under 4 percent.

“Both of these properties were sold for top dollar due to their high quality and prime location,” said Kenworthy, senior managing director with Charles Dunn Company. “The seller had recently completed a total renovation of the properties at a cost of more than $30,000 per unit, making the assets attractive to investors looking for turnkey property.”

Kenworthy added that all the units were fully furnished from forks and knives to beds, sofas, art work, coffee tables, kitchen /dining room set up, and TVs, making the properties a unique offering to potential tenants.

Brockton Regency Apartments
 1251 Brockton Avenue, Los Angeles, CA

Saltair Arms was built in 1987 and is located near Wilshire and Bundy at 1250 Saltair Avenue. The property totals nine units and was sold for $3.6 million to an all-cash buyer, Rios Family Trust. 

The unit mix includes three, two-bedroom/two-bathroom units; three, one-bedroom/one bathroom units plus a loft; and three, one-bedroom/one-bathroom units.

Brockton Regency was built in 1986 and is located at 1251 Brockton Avenue and is also located near Wilshire and Bundy. The property totals eight units and was sold for $3.3 million to an all-cash buyer, Gleitman Family Trust. 

 Kenworthy has more than 25 years of experience in multifamily for the West Los Angeles/Brentwood/Westwood area, giving him street-level market knowledge as well as an ongoing understanding of all current development and redevelopment projects in the area. He also utilizes his thorough investor database that includes the key players in the marketplace.  

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

HFF arranges $16.4 million refinancing for multi-housing community in Tampa, FL

Wildwood Acres Apartments, 13418 Dottie Drive, Tampa, FL

MIAMI, FL – HFF announced today that it has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multi-housing community in Tampa, Florida.

Elliott Throne

HFF worked exclusively on behalf of the owner to secure the seven-year, 2.42 percent, adjustable-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.

Wildwood Acres is a unique project with 168 single-story duplex buildings and one quadraplex building offering single-family home type features such as private front entrances and large fenced in backyards. 

Situated on approximately 34.86 acres, the property is 99 percent leased and includes a mixture of one-, two-, three-, and four-bedroom units averaging 946 square feet each. 

Todd Adams

Community amenities include two swimming pools, a laundry facility, several picnic areas and dog park.  Wildwood Acres is located at 13418 Dottie Drive within minutes of Interstate 75, Fletcher Avenue and the University of South Florida’s main campus.

The debt placement team representing the borrower was led by director Elliott Throne and associate director Todd Adams from HFF’s Miami office along with local market support from director Matt Mitchell in HFF’s Tampa office.

"While some borrowers are locking in long-term, fixed-rate financings, others are taking great advantage of Freddie's seven-year, adjustable rate loan structure," stated Throne.

Matt Mitchell

"These loans offer great starting rates (in the mid-two percent range with the expectation to stay low for the next few years) and very flexible prepayment schedules.”

  

 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

HFF secures $24.425 million financing for GAI Building in downtown Orlando, FL

GAI Building, 618 East South Street, Thornton Park neighborhood, Orlando, FL

  

Michael Weinberg

ORLANDO, FL –HFF announced today that it has secured $24.425 million in financing for the GAI Building, a 106,506-square-foot, Class A office building in downtown Orlando.

HFF worked on behalf of 618 East South Street, LLC, an affiliate of the Ustler Group of Companies, to secure the 10-year, fixed-rate loan through GE Capital Real Estate.   Loan proceeds will replace existing construction debt on the property.

The GAI Building is located at 618 East South Street in Thornton Park at the eastern gateway to downtown Orlando.  Built in 2011, the seven-story building is the first privately-developed, LEED-certified office property in downtown Orlando.  The building is more than 90 percent leased and is anchored by GAI along with XOS Digital and Regus.

Elliott Throne

The HFF team representing the borrower was led by associate director Michael Weinberg and real estate analyst Whitaker Leonhardt in HFF’s Orlando office along with director Elliott Throne from HFF’s Miami office.

“The Ustler team was able to deliver and stabilize another best-in-class asset to downtown Orlando during one of the most difficult economic downturns of our generation.  Their hard work translated into tremendous capital markets interest in the asset,” stated Weinberg.

Based in Orlando, the Ustler Group of Companies consists of various commercial real estate development, brokerage, ownership, management and investment entities with a focus on downtown Orlando and urban infill opportunities.  For more information, please visit www.ustler.net.

  

 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

Meridian Capital Group Arranges $10.1 Million in Acquisition Financing for the Ocean Reef Office Property Located in Key Largo, FL

  

Ocean Reef, 31 Ocean Reef Drive, Key Largo, FL

Boca Raton, FL Oct. 14, 2013– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $10.1 million mortgage for the purchase of the Ocean Reef office property located in Key Largo, FL on behalf of a foreign sponsor.

The seven-year loan, provided by a local portfolio lender, features a competitive fixed-rate of 3.95%, 50% recourse, amortizes over 25 years and has no prepayment penalty.

This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office. 

 Ocean Reef is composed of three multi-story office buildings totaling more than 30,000 square feet and is located at 31 Ocean Reef Drive. Notable tenants include Bank of America, Northern Trust, The UPS Store and The Chamber of Commerce.

Key Largo, FL

 “An unusual challenge in negotiating this loan was the fact that many tenants lease their space on a month-to-month basis and Meridian had to clearly illustrate mitigants to this risk to win this transaction,” said Mr. Kaminetzky.

 "Additionally, rates significantly increased from the time the loan was put under application, but Meridian's unique and long-standing relationship with the lender ensured that the rate was honored and the loan was closed as quoted," he added. 

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

Jonathan M. Stern

Managing Director

Meridian Capital Group, LLC

1 Battery Park Plaza, 26th Floor

New York, NY 10004

jstern@meridiancapital.com

Direct: 212.612.0181

Fax: 212.201.5181

www.meridiancapital.com

Southeast Assisted Living Portfolio Sells for $143M

  

Arbor Terrace of Athens, GA

Allen McMurtry

TAMPA, FL – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Executive Managing Director Allen McMurtry has arranged the $143 million sale of a nine-property Assisted Living portfolio in the Southeast.

The portfolio includes eight existing Assisted Living communities located in Florida (3), Georgia (3), North Carolina and Tennessee, plus one development parcel located in Decatur, GA.  Properties in the portfolio on average are 15 years old, and it includes 640 units comprised of 453 Assisted Living units and 187 Memory Care units.

Mr. McMurtry represented an institutional investor in its disposition of the portfolio. The in-place manager will be retained by the purchaser, American Realty Capital (ARC).  The portfolio is approximately 93% occupied. Properties in the portfolio include:

Barrington Terrace Apartments, Fort Meyers, FL

Arbor Terrace of Athens, Arbor Terrace at Cascade and Arbor Terrace of Decatur in Georgia

• Barrington Terrace of Fort Myers, Arbor Terrace of Largo and Barrington Terrace of Naples in Florida
• Arbor Terrace of Knoxville in Tennessee
• Arbor Terrace of Asheville in North Carolina

Cassidy Turley’s Tampa Senior Housing team has sold 148 Senior Housing communities in 29 states with an aggregate sales volume of $1.8 billion.

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

Bailey Webb                                                           

Corporate Public Relations Director                                          

404-682-3381                                    

Bailey.Webb@cassidyturley.com   

www.cassidyturley.com

            

Bull Realty Arranges Sale of 344 Apartment Units in Suburban Atlanta

  

Hunter's Grove Apartments, Austell, GA

  

ATLANTA, GA (Oct. 14, 2013) – Bull Realty has arranged the sale of the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments, both of which are located in Austell, Ga., an Atlanta bedroom community.

Parkview Apartments, Austell, GA

Ernie Eden and Mike Terry of Bull Realty’s Apartment Group were the only brokers involved in the two transactions.

 Wilbarcol Ventures purchased the two complexes, as well as a third Austell apartment community — the 146-unit Kingsley Village Apartments — from QR Capital for just more than $16 million. The cap rate on the sale was approximately 8.3 percent.

 The buyer plans to reposition the Class B assets by improving top-line growth, effectively cross-managing staff, maintaining strong operating margins and improving the community through focused management.

Kingsley Village Apartments, Austell, GA

H.J. Russell & Co. will manage the complexes in conjunction with Litehouse Partners.

 “The apartment-market performance in Atlanta continues to show strong growth,” Eden said. “Occupancy has increased from 90.8 percent to 92.1 percent in the last 12 months, and 3,000 units were absorbed this summer alone. Rents have increased to an average of $843 per month, an all-time high in Atlanta.”

“These properties meet the criteria that many investors are currently seeking, and we are glad to have uncovered them and helped the two parties negotiate and close,” Terry added.

 Bull Realty Inc (www.BullRealty.com) is a U.S. commercial real estate sales and consulting firm headquartered in Atlanta. The firm was founded 15 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.

Ernie Eden

 Ernie Eden has been in real estate for more than 40 years, during which he has skillfully negotiated and closed multifamily transactions for Freddie Mac, John Hancock, SouthTrust and many other institutional clients.

 His vast database of local and national investors and his relationship with these investors are of invaluable service to his clients, whether they wish to develop, purchase, or sell apartment properties and apartment land across the nation. 

 Mike Terry is a 13-year veteran of Atlanta commercial real estate and is focused on assisting clients in the acquisition and disposition of multifamily housing investments in the Southeast. 

Mike Terry

As vice president of The Apartment Group, Mike manages his group’s efforts to source opportunities for institutional and private-equity clients and provide sellers with detailed marketing plans tailored to provide best-in-class exposure to create optimum competitiveness. 

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

Savannah Duncan

The Wilbert Group

O:  404.343.0870

C: 404.901.4433

sduncan@thewilbertgroup.com

www.thewilbertgroup.com