Thursday, November 21, 2013

Lincoln Property Company Earns Honors; Grows Management Portfolio to Highest Point in Office’s History

7025 North Scottsdale Road, Scottsdale, AZ


Alisa Timm
PHOENIX, AZ – The Desert West Region of Lincoln Property Company (LPC) this week pushed its management portfolio to the highest point in the office’s history with the assignment of 7025 North Scottsdale.

Under the leadership of new Director of Management Services Alisa Timm, the firm also retained 100 percent of its nearly 6 million-square-foot portfolio in 2013 through multiple sales transactions, and expects continued and significant expansion in 2014.

The announcement came on the same day that LPC earned The Outstanding Building of the Year (TOBY) award by the Building Owners and Managers Association (BOMA) for management of the Arizona Game and Fish (AZGF) Department Headquarters. Located at 5000 W. Carefree Highway in Phoenix, LPC developed the project in 2007. 

David Krumwiede
It was the first-ever project to achieve LEED Platinum certification nationally for the organization and LPC has retained the management assignment for the campus ever since.

“We are known as a very successful property developer and owner, but we are also an exceptional property manager. In fact, 50 percent of our portfolio is third-party management,” said Timm, a 25-year industry veteran.

“That we have retained these clients year after year, and through changes in ownership, is noteworthy and extremely unusual in a rising market like Phoenix, where volatility is increasing.”

“Because LPC also owns and develops projects, we approach management assignments with an ownership attitude, which is different than other firms,” added Lincoln Property Company’s Executive Vice President David Krumwiede.


Lauren Grant
 “I consider our team the most elite managers. We have the talent, and we give our experts the time and resources they need to fully commit to a project’s goals in a very sophisticated way.”

LPC’s management portfolio now also includes 7025 North Scottsdale. Totaling 91,148 square feet, the three-story, Class A office building provides direct frontage to Scottsdale Road, adjacency to market-leading amenities and prime mountain views.

LPC’s new Senior Property Manager, Lauren Grant, will oversee the project. With almost 10 years of commercial real estate experience, Grant has managed more than 2 million square feet of Class A office and retail product in Arizona and California.

The new assignment joins an LPC property management portfolio that also includes contracts retained through sales transactions of Broadway 101 Commerce Park, an 11-building, 808,000-square-foot mixed-use project in Mesa, Ariz., and Sky Harbor Business Center (formerly Lincoln Sky Harbor), a 130,000-square-foot project located next to Phoenix Sky Harbor International Airport.

Arizona Fish & Game Department Headquarters
5000 West Carefree Highway, Phoenix, AZ
The Phoenix Business Journal recently ranked LPC among the top 10 property management firms in the Valley.

 Under direction by Timm, LPC expects to continue to grow that presence in 2014, with an emphasis on office, industrial and retail assignments, and with plans to grow its new Las Vegas office as well as expand into Utah and New Mexico in the next 24 months.



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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

BC LYND and CrossHarbor Capital Partners Acquire Six Marriott Hotels in the Midwest and Southwest




Brandon S. Raney

SAN ANTONIO, TX and BOSTON, MA  -- BC LYND Hospitality, a full service hotel management and investment company, and CrossHarbor Capital Partners LLC, a seasoned investor in a variety of opportunistic and value-oriented commercial real estate transactions, have joined together to extend their respective national hospitality footprints with the acquisition of six Marriott-branded properties.

 “We see a strong upside with the implementation of our business plan and management strategy, which coupled with CrossHarbor’s outstanding acumen in the real estate business provides an excellent platform for creating value in the hotel space,” said BC LYND chief executive officer Brandon S. Raney.

Clyde J. B. Johnson IV

The hotels add portfolio depth and advance the companies’ acquisition plans, said chief investment officer Clyde J.B. Johnson IV. “CrossHarbor and BC LYND each operate on disciplined acquisition criteria and look forward to executing on future similar opportunities together.”

 Bank of America N.A., in coordination with Holiday Fenoglio Fowler, provided an acquisition-and-improvement loan to finance the transaction. 

 “In partnership with BC LYND we identified an off-market portfolio where the conditions exist to improve operating performance through professional management strategies and value added capital improvements,” said Eric S. Boyd, a Principal of CrossHarbor Capital Partners LLC.

“These properties diversify our portfolio of twenty-four select and limited service hotel assets across the United States.”

 The transaction included six (6) hotels carrying the TownePlace Suites, SpringHill Suites, and Fairfield Inn brands located across four Midwest and Southwest states.  The purchase price was not disclosed.

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

Todd Templin
Boardroom Communications (For BC LYND)
954-370-8999/954-290-0810

FrontDoor Communities Announces New Development in Historic Roswell, GA; Company to Partner with Lehigh Homes on Phase II of Providence

Rendering of second phase of Providence, Roswell, GA

Eric White
ATLANTA, GA– FrontDoor Communities announced it has partnered with Lehigh Homes to build the second phase of Providence, a community located in the heart of Historic Roswell. This will mark FrontDoor’s second project in Georgia. 

The community will include 13 townhomes and three single-family homes. Lehigh developed Phase I of the property, which included 35 brownstone-style townhome units.

The new homes will be traditional in style, each with an outdoor private courtyard space. Every residence will have an open floor plan with an emphasis on master suites, kitchen and living areas.

“We are excited to work with Lehigh Homes to add further value to the Roswell community,” said Eric White, division vice president of FrontDoor Communities in Atlanta.

“We’ll work closely with one another to design and develop truly unique homes. Lehigh is very well-connected in Roswell, and we’re happy to join such a successful developer and to be involved in another project in our home town.”

Brendan Walsh
FrontDoor is looking to meet the growing demand for neighborhood walkability. All Providence residents can walk to the wonderful restaurants and shops on the Canton Street, and have access to local hiking trails and parks.

“In Phase I, Lehigh worked very hard to develop a successful community based on attention to detail and quality,” said Brendan Walsh, general manager at Lehigh Homes.

“Once we met FrontDoor, we knew we were forming a partnership with a company that would maintain that same level of quality and execution to be delivered to our customers.”

The community is located off Canton Street in Historic Roswell. Construction of Phase II is expected to begin this fall and once complete, FrontDoor will lead sales for all homes. 


In July, FrontDoor announced the purchase of 158 acres in south Forsyth County, the largest residential land acquisition in Atlanta in seven years.

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

Michael Phillips                                                                                                                     
404.996.0828
mphillips@frontdoorcommunities.com



Arbor Finances $76.5M in Texas and Midwest Multifamily Deals


Wimberly Park Apartments, Duncanville, TX

Anthony Tarter
UNIONDALE, NY  - 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 11 loans totaling $76,479,999 across the Midwest under the Fannie Mae Delegated Underwriting & Servicing® (DUS®), Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS  Small Loan product lines. These loans include:

·      Wimberly Park Apartments, Duncanville, TX – This 440-unit multifamily property received $14,999,999 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a 24-hour fitness center, a 24-hour business center, outdoor basketball courts, two laundry centers, three swimming pools and an on-site day care center.

Camelot Village Apartments, Mesquite, TX
·      Camelot Village, Mesquite, TX – This 512-unit multifamily property received $14,900,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a 24-hour fitness center, a 24-hour business center, a tennis court, an indoor and outdoor basketball court, a sand volleyball court, a soccer field, picnic areas with gazebos and grills, three pools and four laundry centers.

·      Ventana at Valwood, Farmers Branch, TX – This 265-unit multifamily property received $6,502,800 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a common laundry area with several washers and dryers.

Ventana at Valwood Apartments
Farmers Branch, TX
·      Sayle Gardens, Greenville, TX – This 119-unit multifamily property received $3,175,000 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.  The property includes a swimming pool and laundry facility.  Select apartments also include a wood burning fireplace, washer/dryer connections and walk-in closets.

·      Mill Run Apartments, Dallas, TX – This 112-unit multifamily property received $2,960,000 funded under the Fannie Mae DUS Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 25-year schedule.  The property includes a swimming pool as well as a central laundry center.

Summit Plaza Apartments, Arlington, TX
·      Summit Plaza Apartments, Arlington, TX – This 17-unit multifamily property received $1,995,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex offers a swimming pool as well as a laundry center in one of the two buildings on the property.
  
·      Lakeview Townhomes, Rowlett, TX – This 17-unit multifamily property received $1,995,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.  Each unit includes a washer/dryer as well as a garage space.

·      The Plaza Apartments, Austin, TX – This 41-unit multifamily property received $1,067,200 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.  The property includes a laundry facility containing five washers and six dryers.

Sayle Gardens Apartments, Greenville, TX
·      Brookwood Village Townhomes, Blue Springs, MO – This 200-unit multifamily property received $11,400,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a community gazebo located in the center of a cul-de-sac.

·      Town Square Townhomes – This 57-unit multifamily property received $6,550,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·      Iron Ridge, Spearfish, SD – This 66-unit multifamily property received $5,110,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a fitness room, laundry facilities, a swimming pool and a whirlpool spa.

Town Square Homes, Fargo, ND
·      Farmstead Estates, Moorhead, MN – This 48-unit multifamily property received $4,560,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a heated garage, a library, a TV room, a workout facility and large function rooms for tenants to gather,

·      Mission Manor Apartments – This 96-unit multifamily property received $2,030,000 funded under the Fannie Mae DUS Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

All of the loans were originated by Anthony Tarter, Vice President, in Arbor’s Dallas, TX, office.

Brookwood Village Townhomes
Blue Springs, MO
“While Arbor is a leading U.S. multifamily lender, striving to provide the necessary funding to all types of properties nationwide, within the heart of the country—from Texas up to Minnesota—our expertise is second to none, as demonstrated by these recent transactions,” Tarter said.

 “We worked hand in hand with these borrowers to ensure they received the terms as well as the personal service they not only deserved but have also come to expect from Arbor deal after deal.”

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

Christopher Ostrowski

Wednesday, November 20, 2013

HFF secures $70 million financing for 19-property self storage portfolio




Stephen Skok

CHICAGO, IL – HFF announced today that it has secured $70 million (or $55 per rentable-square-foot) in financing for a 19-property self storage portfolio totaling 1.26 million rentable square feet in various locations in Illinois, Ohio, Florida, Nevada, Rhode Island and New York.

                HFF worked on behalf of Harrison Street Real Estate Capital to arrange the two-year, non-recourse, floating-rate loan through a national bank. 

                The 11,238-unit portfolio includes assets in Illinois, Ohio, Florida, Nevada, Rhode Island and New York.  The assets are 83 percent leased and are managed by two of the industry’s most respected operators, Morningstar and CubeSmart.

                The HFF team representing the borrower was led by managing directors Stephen Skok and Timothy Joyce.

Timothy Joyce
Harrison Street Real Estate Capital was founded in 2005 and has approximately $5.5 billion in assets under management.

 The firm currently owns approximately $4.6 billion in real estate assets including more than 28,000 student housing beds, more than 7,500 senior housing/assisted living units, more than 1.8 million square feet of medical office space, more than 72,000 self-storage units, and more than 4,100 dry and wet boat storage slips.

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

HFF named to market for sale two newly constructed multi-housing communities in Indianapolis area


Solana Apartments at the Crossing, 7745 Solana Drive, north of Downtown Indianapolis, IN


Wick Kirby

CHICAGO, IL – HFF announced today that it has been named to market for sale Solana Apartments at the Crossing, a 384-unit, Class A multi-housing community located to the north of downtown Indianapolis and Penn Circle Apartments, a 193-unit, Class A multi-housing community in Carmel, Indiana.

Matthew Lawton
                HFF is marketing the properties on behalf of Milhaus Ventures.  The properties are being marketed without a formal asking price and can be purchased individually or as a portfolio on an “All Cash” basis.

Solana Apartments at the Crossing is located at 7745 Solana Drive just off North Keystone Avenue near Fashion Mall at Keystone and Interstate 465, approximately 10 miles north of downtown Indianapolis. 

The project is being constructed in two phases with the first 336 units scheduled for completion in December 2013 and the second 48 units scheduled for delivery in April 2014.
Ken Martin

 Situated on 55.5 acres, the property includes a 26-acre lake offering resident boat slips and direct access to the White River.  Community amenities include a resort-style swimming pool, private cabanas, clubhouse, state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area.

Penn Circle Apartments is located at 12415 North Pennsylvania Street just off U.S. Highway 31 in Carmel, approximately 14 miles north of downtown Indianapolis.

Dave Keller
 Completed in 2013, the 193-home community is 96 percent leased and includes one- and two-bedroom units with an average home size of 920 square feet. 

Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, outdoor kitchen with fireplace, gaming area, business center and complimentary bike rentals for use on the nearby Monon Greenway bike path.

The HFF investment sales team representing the seller is led by associate director Wick Kirby along with executive managing director Matthew Lawton, associate director Ken Martin and senior managing director Dave Keller.

Penn Circle Apartments rendering, Carmel, IN
Milhaus Ventures is a team of inspired and industrious individuals, headquartered in Indianapolis, who are committed to the development of mixed-use and multifamily real estate. 

The company delivers solutions for its urban neighborhoods, cities and partners by providing expertise in real estate investment, development and management.  www.milhausventures.com.

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

HFF arranges $51 million financing for The Ritz-Carlton, Denver


The Ritz-Carlton, Denver, Downtown Denver, CO

Eric Tupler
DENVER, CO – HFF announced today that it has arranged $51 million in financing for The Ritz-Carlton, Denver, a 202-room, luxury hotel in downtown Denver, Colorado. 

                HFF worked exclusively on behalf of the borrower, Pearlmark Real Estate Partners, to secure the three-year, floating rate loan through a joint origination effort by Annaly Commercial Real Estate Group, Inc.  and Principal Real Estate Investors. 

 Proceeds from the loan will be used to refinance an existing loan facility.  The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Maryland will remain as manager of the property.

John Bourret
Originally completed in 1983, the building underwent a complete renovation and opened as The Ritz-Carlton, Denver in January 2008.  

The hotel occupies the first 14 floors of a 37-story tower, with the Apartments at Denver Place and the Residence XXV condominiums (not part of this transaction) occupying the upper levels.

 Hotel amenities include Elway’s Restaurant, 12,000 square feet of meeting space, a full-service spa and business center, as well as guest access and use of the FORZA Fitness and Performance Club with saltwater lap pool and full-size basketball court.

Josh Simon
 The hotel is located on 0.5 acres and is bordered by 18th Street, 19th Street, Arapahoe Street and Curtis Street in downtown Denver’s Financial District.  The property is the only AAA Five Diamond-rated hotel in the city.

                The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director John Bourret, director Josh Simon and real estate analyst Matt Gangaware.

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



PCCP Provides Senior Loans Totaling $57.5 Million to Recapitalize Two New Jersey Hotels

  
Sheraton Edison Hotel, Edison, NJ


Kevin Chin
New York, NY - PCCP, LLC announced it has provided two senior loans to a private, East Coast-based real estate firm totaling $57.5 million for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison.

“These loans are supported by institutional quality assets with strong in-place cash flow and significant upside potential,” said Kevin Chin, vice president with PCCP, LLC.

PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room full-service hotel located less than a mile from MetLife Stadium (the site of the 2014 Super Bowl) and just six miles west of Manhattan.

Hilton Meadowlands Hotel, East Rutherford, NJ

 The hotel was acquired in 2005, underwent a $17 million renovation in 2006, was reflagged as a Hilton Hotel in conjunction with the closing of the PCCP loan, and will undergo a significant property improvement plan following the Super Bowl.

PCCP also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276‐room full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and over 13 million square feet of flex/industrial/office space.

The hotel is also less than 1.5 miles from the 125,000-square-foot New Jersey Convention & Exposition Center and is well positioned at the confluence of the New Jersey Turnpike, I‐287, and the Garden State Parkway.  The property was acquired in 2007 and underwent an extensive $20 million renovation in 2008. 
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


Green Edge Technologies Launches Its EDGEhomeTM Solution, a Premier Home Intelligence System

  

CHICAGO, IL and SAN DIEGO, CA – Green Edge Technologies has announced the launch of its EDGEhome solution, offering homebuilders, multifamily developers, and consumers true home intelligence with the most cost effective, easy-to-use, and advanced home energy management system available to date without requiring recurring fees.

 Designed by a team of highly experienced former Motorola executives, designers, and engineers, EDGEhome provides consumers with real-time energy monitoring and control of every point of electricity usage in the home through a modern and intuitive user interface.

The system is comprised of wireless devices, a tablet, and mobile applications that allow homeowners to monitor and control electrical usage and lighting throughout their home.

The wireless devices are installed in every junction box and behind every switch and outlet in the home, providing ubiquitous coverage. The EDGEhome system’s unique technology allows homebuilders to significantly reduce electrical wiring while realizing substantial savings in construction costs.

 “EDGEhome is the answer for residential homebuilders who want to provide their customers with the most advanced and cost efficient home intelligence system available,” said Scott Steele, CEO and founder of Green Edge Technologies.

“Because of EDGEhome’s innovative design, disruptive cost structure, and wire elimination technology, new home builders enjoy an unbelievably low net system cost. 

"The market needed a solution with true intelligence at a price point that could reach the mass market – that’s why we created the EDGEhome system.”

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

Mark Thomton
312-267-4523

Tuesday, November 19, 2013

Faris Lee Investments Completes $10.8 Million Sale of Grocery-Anchored Willow Run Shopping Center in Denver, CO Suburb


Willow Run Shopping Center, 12900--12910 North Zuni Street, Westminster, CO


IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $10.8 million sale of Willow Run Shopping Center located at 12900-12910 N. Zuni Street in Westminster, CO, a northwest suburb of Denver.

Richard Chichester
Built in 2000 and situated on nearly 11 acres, the 91,565-square-foot property was 80 percent leased at the close of escrow and includes grocery store anchor tenant, Safeway, as well as Allstate, Subway and neighborhood retailers.

Other outlying tenants at the center that weren’t part of the sale included JPMorgan Chase, Conoco Philips, and McDonalds.

 Richard Chichester, Jeff Conover, and Tom Chichester of Faris Lee Investments represented the seller, TNP SRT Willow Run, LLC from San Mateo, Calif.  Shaun Riley of Faris Lee Investments represented the buyer, Denver-based Gart Investment Company. The closing cap rate on the property was 6.56 percent.

Tom Chichester
With strong surrounding demographics, a well-designed site plan, success of other nearby retail centers, and a good physical appearance with minimal deferred maintenance, Faris Lee’s market analysis of the property identified that the missing ingredient in turning the center around was a proactive owner and property manager with experience in the Colorado market.

 “Faris Lee’s marketing strategy was to target local Colorado-based investors/owners who understood the immediate area. With a history of ownership in the Colorado market, Gart Investment Company was at the top of our list of investors we believed would see the value in the asset and proactively utilize its tenant and management relationships to fully maximize the investment,” said Conover.

Jeff Conover
 “Willow Run offered the buyer a property well below replacement cost at a low price-per-square-foot of $118,” added Riley. “Additionally, the buyer appreciated the upside opportunity through leasing the 20 percent vacancy, creating potential for additional cash flow and added value.”

 Willow Run Shopping Center is strategically located at the signalized, hard corner intersection of N. Zuni Street and W. 128th Avenue. There are more than 245,000 consumers and 67,500 daytime employees within a three-mile radius of the property. It is also near Home Depot, Kohl’s, Staples and Petco.

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

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


Quarterdeck Seafood Bar & Neighborhood Grill in Fort Lauderdale, FL hits the market for $4.3 million

  



Scott Sandelin
FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Quarterdeck Seafood Bar & Neighborhood Grill on Las Olas Boulevard in Fort Lauderdale, FL. The sale-leaseback opportunity is priced at $4.3 million.

            Scott Sandelin, a Senior Associate, and Edward Romo, an Associate, in Marcus & Millichap’s Miami office are representing the seller, a limited liability company from Fort Lauderdale.

“This is an exclusive sale-leaseback opportunity to own a South Florida institution that sits on irreplaceable real estate on Las Olas Boulevard and just steps from the beach,” says Sandelin.

Edward Romo
“The Las Olas Quarterdeck will sign a brand new 15-year, triple-net lease with absolutely no landlord responsibilities upon closing. The building has been extensively renovated, including a new roof, in 2013.

“The property has served a loyal local following and thousands of tourists from all over the world for more than16 years at this location.”

The 3,738-square foot restaurant building is priced at $4.3 million. Quarterdeck Seafood Bar & Neighborhood Grill is located at 2933 East Las Olas Boulevard in Fort Lauderdale.

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

 Kirk Felici
Vice President/Regional Manager
Miami, FL
(954) 245-3400


Stonemark to Manage Austin, TX Apartments; Firm Partners with BVT on Luxury Communities

  
The Terraces at South Park Meadows apartments, Austin, TX


Atlanta, GA and Austin, TX – Real estate investment firm BVT Equity Holdings, Inc. has brought in Stonemark Management to manage two Class A apartment communities in the fast-growing South Austin area.

Lobby at The Terraces at South Park Meadows
Austin, TX
The Estates at South Park Meadows, which has 426 units, and The Terraces at South Park Meadows, with 244 units, are located near the popular South Park Meadows shopping area. The communities feature high-end amenities that appeal to the target audience of young professionals. Their 1st Street location also offers easy access to downtown.

“Our new partnership with BVT and the agreement to manage these communities is a big step in our strategy to increase our presence in the South Austin market,” said Michael Taylor, CEO of the Stonemark Group. “We look for opportunities in economically-healthy areas where our management expertise can help investments perform to their full potential,” he added. 

The Estates at South Park Meadows
Austin, TX
Stonemark Management’s services include the management, acquisition, asset management, leasing and profitable disposition of multifamily investment real estate. The firm provides a complete array of leasing and property management services for conventional apartment communities.

“As a large and active equity provider for multifamily development, BVT felt Stonemark’s leasing and property management expertise would enhance our investors’ returns,” said Chad Bozza, Senior Vice President, Fund Investments and Asset Management.

Michael Taylor
The Estates and The Terraces are gated, pet-friendly communities with resort-style pools, an outdoor fireside lounge, luxurious clubhouses with athletic and business centers, attached garages, walking and jogging trails, a pond and nearby green space. 

Interiors feature stainless steel appliances and granite countertops. Some apartments have fireplaces, vaulted ceilings and stackable washer/dryers.

In addition to managing communities for investment firms such as BVT, The Stonemark Group owns two apartment communities in Austin.

Chad Bozza
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management. For more information, visit www.stonemarkmanagementllc.com.

Headquartered in Munich, Germany, with U.S. operations based in Atlanta, Ga., BVT provides equity capital across multiple sectors of the US real estate market, creating high quality offerings for its German investors and maximizing returns through disciplined investment management. For more information, visit www.bvt.com.

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

Terri Thornton
404-932-4347