HFF secures financing for Class A multi-housing community in Houston’s Uptown/Galleria District

Piney Point apartments, 9100 Westheimer Road, Uptown/Galleria District, Houston, TX

CHICAGO, IL – HFF announced it has secured financing for Piney Point, a 319-unit, Class A multi-housing community in Houston’s Uptown/Galleria District.

               Working on behalf of the borrower, Marquette Companies, HFF placed the seven-year fixed-rate loan with Allianz Real Estate of America, LLC.

Matthew Schoenfeldt

 Loan proceeds were used to acquire the property and fund a capital improvement program to the unit interiors and common areas.  HFF will also service the loan.

               Piney Point is located at 9100 Westheimer Road close to Houston’s Westchase District, the Galleria and Loop 610 in West Houston. 

Completed in 2004, the property has an average unit size of 919 square feet and offers residents amenities including a pool, clubhouse with socializing area, 24-hour fitness center, business center and parking garage.  Piney Point is currently 96 percent leased. 

               The HFF debt placement team representing the borrower was led by managing directors Matthew Schoenfeldt and Matt Kafka.

               The Marquette Companies is a Naperville, Ill.-based private real estate company that has been a leading property manager and developer of apartment and condominium communities since 1983.  Today, Marquette is aggressively expanding its private portfolio as well as its property and fee management division.

Marquette has significant expertise in purchasing value-add opportunities that are underperforming and undervalued real estate assets across the country to reposition or redevelop them.

 Nationally, The Marquette Companies owns and/or manages more than 11,000 units, including apartment communities in Colorado, Indiana, Illinois, Michigan and Texas.

 The company has managed and developed more than 25,000 multi-family homes throughout the Midwest and its gross annual revenues total approximately $99 million.  For more information on The Marquette Companies, visit www.marquettecompanies.com, and for Marquette Management, visit www.marquettemanagement.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

krmurphy@hfflp.com

AEW Acquires 296-Unit Senior Housing Community in Louisville, CO

 

Chris Kazanatis

BOSTON,  MA– AEW Capital Management, L.P. (AEW) announced its recent acquisition of the Balfour Senior Housing Portfolio. The portfolio consists of three Class A properties with a total of 296 units and includes independent living, assisted living and skilled nursing.

AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P.

Ryan Maconachy, Chad Lavender, and Campbell Roche of HFF represented Balfour on the sale and also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers.

The property sits on the east side of Colorado Highway 42 along Hecla Drive and includes The

Lodge and The Residences, which are independent-living communities, as well as the Balfour Retirement Community, an assisted-living and skilled-nursing property.

The community’s continuum of care offers seniors a broader range of services as they age.

“We are excited about the opportunity to once again partner with Michael Schonbrun and

Balfour, an established, well-seasoned operator through the acquisition of this high-quality

community in the affluent Louisville submarket of Boulder/Denver.” said Chris Kazantis,

Portfolio Manager for AEW Senior Housing Investors II.

Michael Schonbrun

Balfour will continue to manage the community and the roughly 300 employees at the site will be

retained and remain employees of Balfour.

Michael Schonbrun, President of Balfour Senior Living said “The proceeds from the deal will be

used to pay off debt and recapitalize the venture, including cashing out the 100 original equity investors, many of whom were brought in by Phillips Capital of Denver.

 The balance will be used

to help Balfour expand its brand into the Midwest, starting in Michigan. Balfour's headquarters will remain in Louisville, Colorado.”

The partnership with Balfour isn’t a first for AEW. The two engaged in a similar deal in 2012 at Balfour's Cherrywood Village memory care community in Louisville. Balfour and AEW are also partnering on Riverfront Park, a 205-unit development in downtown Denver slated to open in September.

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

Elizabeth Herlihy,

 AEW Capital Management

617-261-9301 or eherlihy@aew.com

HFF secures $5.7 million in financing for Home Depot Plaza in Escondido, CA

Home Depot Plaza, Escondido, CA

 SAN DIEGO, CA – HFF announced it has arranged $5.7 million in financing for Home Depot Plaza, a 171,300-square-foot retail center in Escondido, California.

Working exclusively on behalf of a family trust professionally advised by First Foundation, HFF placed the 15-year, fixed-rate loan with one of its correspondent life company lenders.  Proceeds were used to recapitalize existing debt on the property.

Home Depot Plaza is situated on 18.6 acres near the intersection of East Valley Parkway and North Rose Street.  The property is anchored by Home Depot and is 97.72 percent leased.  Other tenants include Starbucks, Panda Express, Wells Fargo, Chase Bank and Game Stop.

The HFF team representing the borrower was led by associate director Zack Holderman.

First Foundation Inc. is a private financial firm that seamlessly offers banking, estate planning, wealth management, philanthropic consulting and trust services. Founded in 1990, the full-service firm provides complete financial management through its affiliates.

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 closes sale of 144-unit San Jose, CA value-add multi-housing community

Alterra San Jose Apartments, San Jose, CA

Kenneth Gladstein

SAN FRANCISCO, CA - HFF announced it has closed the sale of Alterra San Jose, a 144-unit multi-housing community in San Jose, California.

HFF marketed the property on behalf of the seller, Pacific Urban Residential and Hunt Companies. 

Pacific Urban Residential and Hunt previously acquired the property on an off-market basis in early 2011 experiencing significant increases in rents and value as the San Francisco/Silicon Valley markets began to recover from the financial crisis of 2008-2010. 

Sares Regis Multifamily Fund, L.P. purchased the asset subject to the existing Freddie Mac financing.  The acquisition is the sixth for Sares Regis since forming its fund in early 2013 with over $100 million in equity commitments.  The purchase price was not disclosed.

Al Pace

Alterra San Jose is located near the intersection of Almaden Expressway and CA-87, within walking distance of Caltrain’s Tamien Station and less than two miles southeast of downtown San Jose.  

Originally constructed in 1988, the property features 14 residential buildings with one- and two-bedroom units ranging in size from 750 to 900 square feet.  Community amenities include a poolside fitness center, heated swimming pool and spa, and covered parking.  At the time of sale the property’s unit interiors had not been renovated. 

“Alterra offers a solid value-add opportunity to renovate the unit interiors and reposition the property so it competes with neighboring communities while capitalizing on the region’s significant employment and rental growth,” said Kenneth Gladstein, co-chief investment officer of the Sares Regis Multifamily Fund. 

Charles Halladay

Pacific Urban Residential CEO Al Pace noted, “we are delighted with the sale and success of this early cycle investment, effectively doubling invested equity in three years.  We believe the San Francisco Bay Area remains a prime investment arena and know Sares Regis will do very well with their asset investment plan.”

The HFF investment sales team representing the seller was led by director Nathan Blair of HFF’s San Francisco office, with support from capital markets director Charles Halladay of HFF’s Orange County office.  The buyer was self-represented.

Pacific Urban Residential remains among the most active private multifamily investors in the west and has acquired nearly $3 billion of multifamily west region investments since its founding in 1998. 

In the past two years, Pacific Urban Residential and its strategic institutional partners have acquired or sold approximately $600,000,000 in west coast apartment communities.  Today, Pacific Urban Residential’s west coast multifamily portfolio totals over 6,000 apartment homes and $1.5 billion.

Nathan Blair

 In addition, Pacific recently became an investment manager for the California Public Employees’ Retirement System (CalPERS).

Founded in 1947, Hunt is a developer, investor, and manager of real assets providing a broad range of services to public and private sector clients.  Together, Hunt and its affiliates have $24.8 billion in assets under management.

Sares Regis Group manages a portfolio of more than 17,000 units for its partners and investor clients valued at more than $2.5 billion. 

Since its inception in 1003, Sares Regis Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado and Arizona.

 Sares Regis Group is also California’s leading privately held developer of LEED-certified apartments.

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

Donna Abood Featured at Executive Women's Day as Part of the WGC-Cadillac Championship

Donna Abood

MIAMI, FL, March 17, 2014 - Colliers International South Florida is pleased to announce that Chairman - Founding Partner Donna Abood was featured as a speaker at this year's Executive Women's Day during the World Golf Championships-Cadillac Championship at the Trump National Doral.

The event is a women's initiative at the PGA Tour that is held to empower, inform and inspire professional women. 

"Spend time developing true, deep relationships," Abood told the 190 women gathered on Tuesday, March 4th. "Today, business is all about relationships and reaching out to people you know and that can help open up the door for you to do business. As my partner, Chairman - Founding Partner Michael Fay, says, it's not about who you know, but who knows you."

Kim Stone

 Abood was featured alongside Kim Stone, Executive Vice President & General Manager of The HEAT Group / AmericanAirlines Arena and Diane Sanchez, CEO of the Technology Foundation of the Americas, on a panel moderated by Kristi Krueger, News Anchor, WPLG - TV Miami.

With a reputation as one of the most trusted and highly-recognized names in South Florida real estate, Abood has represented well over 50 million square feet of office buildings on behalf of local and

institutional ownerships.

Additionally she has completed hundreds of transactions on behalf of tenants. Abood has often been a resource to her female peers, with a reputation for her ability to train and develop leasing agents in South Florida.

Diane Sanchez

She also dedicates her time to developing leadership within Colliers, as well as projecting the firm's culture through community involvement with organizations such as the Beacon Council, Palmer Trinity School, Miami Lighthouse for the Blind and Miracle Theater.

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

Crystal Proenza

Vice President of Marketing and Culture

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Chicago’s Commercial Forum Honors Essex Realty Group Brokers With Multiple Awards

  

Kate Varde

 CHICAGO, Ilm March 17, 2014 --  Essex Realty Group, Inc. is pleased to announce that The Chicago Association of Realtor’s Commercial Forum awarded Essex with multiple honors at its 2013 event.  Essex received five of the nine Multi-Family Sales awards given.

 Kate Varde and Doug Imber received the Platinum Award for Multi-Family Sales as a Team.  Doug Fisher and Matt Welke each received multiple individual awards for Multi-Family Volume and Multi-Family Units.

 This is the fifth time Imber has been recognized for this prestigious award.  Fisher and Welke have also been recognized multiple times, and it is Varde’s first time being honored by Commercial Forum.     

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Hughes Marino Names Robert J. Bello General Counsel

Robert J. Bello

SAN DIEGO, CA, March 17, 2014 – Hughes Marino announced today that Robert J. Bello has been named general counsel for Southern California’s leading tenants-only commercial real estate company.

With offices in San Diego, Orange County and Los Angeles, Hughes Marino exclusively represents business owners and corporate real estate decision makers in their commercial real estate transactions.

Bello, who holds a Bachelor of Arts degree with a double major in Economics and Political Science from Northwestern University, earned his J.D., magna cum laude, from Thomas Jefferson School of Law, graduating fifth in his class.

He also helped found Thomas Jefferson's Dual Degree MBA Program with San Diego State University, and was the first graduate of that program.

 Prior to joining Hughes Marino, Bello practiced law at one of San Diego’s leading plaintiff’s firms and one of California’s largest defense firms. He counseled and represented clients in all aspects of business law, including real estate, contractual, and labor/employment issues.

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

Jenn Quader or Amanda Alenick

Brower, Miller & Cole

 (949) 955-7940

 aalenick@browermillercole.com

www.hughesmarino.com.

Respected Industry Veteran Greg Genovese Joins Capview Partners to Lead Equity Capital Markets Division

  

Greg Genovese

DALLAS, TX (March 17, 2014) – Capview Partners announced today that Greg Genovese, a 26-year veteran of the real estate securities industry, has joined the company as director of equity capital markets.

 He will lead and manage all aspects of the company’s investment funds distribution and sales platforms, as well as co-lead the firm’s investment funds and real estate securities development, advisory and marketing platforms.

“Greg has been deeply involved in all aspects of real estate securities operations and distributions for more than 26 years, and is well recognized as a leader of the industry, having brought forth incredible growth at the companies he has represented,” said John Hammill, chief executive officer and partner of Capview Partners.

 “He has extensive expertise in the net lease industry and we look forward to incorporating his knowledge into our platforms and strategies to provide the best returns for our investors.”

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

Jill Swartz

Spotlight Marketing Communications                    

949.427.5172, ext. 701                                     

jill@spotlightmarcom.com

                                           

Marina Palms Yacht Club & Residences Sells $4.3 Million Penthouse in North Tower in North Miami Beach

Bedroom at penthouse residence, North Tower, Marina Palms Yacht Club & Residences
North Miami Beach, FL

North Miami Beach, FL –– Marina Palms Yacht Club & Residences sold its most expensive penthouse residence in the North Tower that commanded a $4.3 million purchase price at $1,000 per square foot.

The 4,320-square-foot palatial penthouse residence at 172nd Street and Biscayne Boulevard in North Miami Beach, consists of four bedrooms, four-and-a-half bathrooms and a den.

Michael Internoscia

Floor-to-ceiling windows and two expansive terraces provide breathtaking, panoramic views of the Sunny Isles skyline and beyond to the Atlantic Ocean.

The buyer was seeking a spacious penthouse-level residence on the water to be used as a second home in Miami. 

The buyer was searching for a unique luxury residence and decided to take advantage of the value our sky residences offer at Marina Palms, according to Michael Internoscia, Marina Palms Yacht Club & Residences director of sales.

“Condominium developments have recently made waves in the market with penthouses priced in the tens of millions of dollars – and thousands of dollars per square foot. Yet none come standard with the amenities and features available at Marina Palms Yacht Club and Residences,” said Internoscia.

“From 10-foot-plus ceiling heights to top-of-the-line finishes and appliances, our value proposition is unrivaled in today’s marketplace.”

For sales information visit www.marinapalms.com or contact Sales Director Michael Internoscia at minternoscia@marinapalms.com or call (305) 508-5552.

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

Ashley Fierman or Sandra Reichman

Boardroom Communications

954-370-8999

afierman@boardroompr.com

sreichman@boardroompr.com

Matthew Anderson Transitions to Business Development Manager at Colliers International South Florida

Matthew Anderson

MIAMI, FL- Colliers International South Florida is pleased to announce that Matthew Anderson has transitioned to Business Development Manager. Formerly an Office Leasing Specialist, Anderson will now focus on aligning relationships and bringing new business to all of Colliers International South Florida's service lines.

"Having the opportunity to transition into my new role gives me the chance  to use my industry knowledge, strength of building strong and deep relationships, past experiences, and the Colliers global platform to help my firm drive business and come up with creative real estate solutions for our clients," says Anderson.

Anderson graduated from the University of Massachusetts Isenberg School of Management in Amherst, MA and then took a position in the banking industry for a brief time.

Donna Abood

Returning to South Florida, where his family is deeply rooted into the community, Anderson decided to pursue his passion for commercial real estate.

He was mentored and groomed by Colliers International South Florida Chairman - Founding Partner Donna Abood, and successfully created and implemented marketing plans for office buildings in Miami and negotiated competitive leases on behalf of tenants and landlords.

 

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

Crystal Proenza

Vice President of Marketing and Culture

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Realtor Joe Janson Pioneering Use of Drones to Help Sell Homes

Joe Janson

Cocoa Beach, FL and Lake Mary, FL --- Florida Global Marketing Specialist Joe Janson of Stirling Sotheby’s International Realty has a unique way of covering the Brevard, Indian River and East Volusia markets.  He uses drones.

Not the kind that tracks terrorist suspects from afar and blows them up with remote-controlled missiles. Janson’s drones are less dangerous. He uses them to take photographs and videos that help sell homes.

“Most home buyers never see an aerial view of the home they are about to buy,” Janson said. “But an aerial view can add an impression that stays with you. A home owner can view an entire property. It’s much more impressive than just a photo of the front of the home,” Janson said.

Janson began playing with remote-controlled aircraft many years ago as a hobby.

“I’ve always been an extremely technical person,” Janson said.  But that’s probably an understatement because Janson is a member of the worldwide Mensa organization and cut his teeth in his twenties on the personal computer revolution.

Janson is also a member of the Cocoa Beach Regional Chamber of Commerce and co-chairman of the Cocoa Beach Regional Chamber of Commerce Ambassadors Committee. He also served as chairman of the Surfside Stars, a Chamber-affiliated professional networking group. He currently serves as president of the Board of Directors of a worldwide publisher of boating-related books.

“Drones can provide distant affluent buyers with a “bird’s eye view” of your luxury home---without the feathers,” he laughed.

Janson specializes in unique waterfront and historic properties in Brevard, Indian River and East Volusia Counties.

 For a quick glance of one of Janson’s drone videos you can visit his newest listing on S. Tropical Trail in Brevard County, well-known home to some of Brevard’s most luxurious and prestigious estates. 

“It’s the largest remaining parcel for sale on the S. Tropical Trail peninsula and has a land value of $6.5 million,” said Janson

Link to the drone video is http://www.youtube.com/watch?v=Vij69k3opMK

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

 

Larry Vershel, Larry Vershel Communications Inc. 407-644 4142 lvershelco@aol.com

Influential Real Estate Leaders Present NAIOP National Site Selector Symposium on Central Florida

Holly Wiedman

ORLANDO, FL--- Longtime regional real estate industry icon George Livingston, chairman of NAI Realvest, and John Crossman, president of Crossman & Company, are among the influential real estate leaders presenting a site selection luncheon symposium in Orlando.

The event, hosted by the Orlando Chapter of NAIOP, is scheduled for Thursday, March 20 at Orlando’s Citrus Club, 255 S. Orange Ave. on the 18th Floor.

Titled “National Site Selectors' Perspective on Central Florida,” the symposium will open for registration at 11:30 a.m., with luncheon and the panel discussion from noon to 1 p.m.

NAIOP president Crossman will kick off the event and Ron Starner, executive vice president of Site Selection Magazine, will moderate the panel discussion with participants Livingston, John F. Krug, principal and senior consultant at Truth IC, LLC and Holly Wiedman, executive vice president of the Metro Orlando Economic Development Commission.

George Livingston

The panel will present perspectives on corporate site selection in Florida and Central Florida including key decision-making factors in relocation/expansion, leveraging effective community strategies and what to expect in the coming years.

The symposium is sponsored by NAI Realvest, Professional Service Industries, Inc. and the Metro Orlando Economic Development Commission.

Admission to the event costs $40 for NAIOP members and $65 for non-members. For further information, contact NAIOP executive director Shannon Monteleone (407) 227-7461.

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

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

  

Larry Vershel, Larry Vershel Communications Inc. 407-644 4142 lvershelco@aol.com

MBA and Wingspan Gives Back Present Hall of Honor Award to CMG's Chris George

  

Chris George and friends

Washington, DC  - The Mortgage Bankers Association (MBA) and Wingspan Gives Back have presented The Hall of Honor Award to Chris George, President & CEO of CMG Financial in San Ramon, CA.

The award was presented at MBA's 2014 Mid-Winter Housing Finance Conference in Avon, CO. The Hall of Honor Award is designed to recognize both the corporations and individual corporate leaders who have committed their support to the military community on both a national and local level.

E.J. Burke

"I am honored and humbled to present this award to Chris George," said E.J. Burke, 2014 MBA Chairman and Executive Vice President and Group Head of KeyBank Real Estate Capital.

"Through his work with The CMG Foundation, Chris has set a high standard of excellence in giving back to the military community. His achievements are matched only by his passion and we are grateful to have him represent our industry in such a selfless manner."

  

Mr. George was given this award as a result of his work through The CMG Foundation, a philanthropic endeavor to support non-profit organizations at both the community and national levels.

To date, The CMG Foundation has provided over $400,000 in valued funding to select causes. Chris, through his selfless dedication and devotion to this project has, along with The Foundation, generously funded programs, some of which include providing severely wounded veterans and their families with the amenities needed to continue living a comfortable life.

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

Rob Van Raaphorst

(202) 557-2799

Kaufman Rossin Signs 12,227 Square-Foot Lease At Iconic One Town Center in Boca Raton, FL

One Town Center, Boca Raton, FL

Michael Erickson

 BOCA RATON, FL – March 12, 2014 –One Town Center continues its successful conversion to a multi-tenant office building with its most recent lease signing.

Kaufman Rossin will be relocating to One Town Center after signing a 12,227 square-foot lease. Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife, and Curtis Olschansky of The Olschansky Group, LLC represented the tenant.

Chuck Davis

 “We’re excited to be expanding our Boca Raton office by more than 50% with the upcoming move to One Town Center,” said Scott Berger, CPA, a tax & entrepreneurial services principal and leader of Kaufman Rossin’s Boca Raton practice.

“As a top 50 accounting firm in the U.S., we need a location that offers room to expand and one that is easily accessible for our clients in Palm Beach County.”

 In the last year, the building has undergone a conversion from a single-use Class A office building to a multi-tenant office building.  Kayne Anderson Real Estate Advisors (KAREA) leased 12,637 square feet and was the first tenant to sign a lease upon the conversion.

Curtis Olschansky

“We are especially pleased that the building is drawing interest from prospective tenants both within and outside of the Boca Raton market,” stated Chuck Davis, Director and Head of the MetLife Southeast Regional Office. 

One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket. 

Scott Berger

In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes. 

 “Recent activity has been excellent, as high quality tenants are embracing the opportunity to locate within one of South Florida’s most desirable buildings,” said Erickson.  “The renovations and amenities have ensured the building maintains its iconic status.” 

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

Michael Erickson, CBRE, (561) 393-1616 michael.erickson@cbre.com

Fred Pieretti, (212) 578-2631 fpieretti@metlife.com

www.cbre.com.

www.metlife.com/realestate.

www.krfs.com

www.onetowncenter.com

RealtyTrac® Foreclosure Activity Decreases 10 Percent in February From January; Lowest Level in More Than 7 Years

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for February 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 112,498 U.S. properties in February, a 10 percent decrease from January and down 27 percent from February 2013 to the lowest monthly total since December 2006 — a more than seven-year low.

  

RealtyTrac also included updated information on the number of owner-vacated properties in the foreclosure process as part of the report.

As of the first quarter of 2014, a total of 152,033 U.S. properties in the foreclosure process (excluding bank-owned properties) had been vacated by the distressed homeowner, representing 21 percent of all properties in the foreclosure process.

These owner-vacated foreclosures — sometimes called zombie foreclosures — had been in the foreclosure process an average of 1,031 days.

“Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said Daren Blomquist, vice president at RealtyTrac.

“The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home — or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance.”

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com