Marshall Hotels & Resorts Named to Manage Three Hotels Currently Under Construction

Mike Marshall

SALISBURY, MD —Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, announced today that it has been selected to operate three hotels currently under construction.

 These contracts, coupled with a previously announced Hotel Indigo under construction in Manhattan, bring the company's year-to-date growth to nine new contracts.

            "We've been able to source a great number of deals thanks to the experience and long-standing relationships of our individual team members," said Mike Marshall, president and CEO.

 "Our track record is very attractive to the developers and ownership groups in these areas because we bring a level of experience and sophistication in hospitality management that sometimes is lacking in smaller, seasonal markets."

            The new hotels are:

•     74-room Holiday Inn Express in West Ocean City, Md.
•     80-room Best Western Plus in Hammondsport, N.Y.
•     80-room Hampton Inn and Suites in Mount Joy, Pa.

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

 Lauralee Dobbins, media

Daly Gray Public Relations

 (703) 435-6293

Lauralee@dalygray.com

Marcus & Millichap Names Three Agents to Vice President Investments in Tampa, FL

Casey Babb

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that three agents have been promoted to vice presidents investments in Tampa, according to Richard Matricaria, vice president and regional manager of the Tampa office.

The new VPIs are Casey Babb, Jay Brigel and Michael Donaldson.

            “Three of our investment professionals in Tampa have received this major recognition from the firm, which is an honor,” says Matricaria.

 “With this title, we are recognizing their exceptional investment brokerage skills and strong track records of closing transactions on behalf of our private and institutional investor clients.”

Jay Brigel

            Babb most recently held the title of associate vice president investments. He began his career in October 2009 as a senior associate of the firm.

Babb also currently serves as a director of the firm’s National Multi Housing Group. A multifamily investment specialist, Babb focuses on the disposition of 50-plus-unit multifamily assets in Tampa and southwest Florida.

            Brigel was formerly an associate vice president investments. He joined the firm in June 2004 as a multifamily investment specialist. In June 2007, he was promoted to senior associate of the firm.

Brigel holds the post of associate director of the National Multi Housing Group, specializing in brokering the sale of multifamily and net-leased retail assets in the Tampa Bay area. He is also a member of the firm’s Special Assets Services Group.

Michael Donaldson

            Prior to his promotion to VPI, Donaldson was an associate vice president investments, a position he has held for a year. Donaldson began his career in August 2007 as an associate, and was promoted to senior associate in 2012. He specializes in the sale and disposition of multifamily investment properties in Tampa Bay and Central Florida.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Arranges Sale of Lake City Florida Portfolio for $2.3 Million

Joshua Teplitzky

LAKE CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Lake City Florida Portfolio, a 112-unit multifamily portfolio located in Lake City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,310,000.

Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, both vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a private investor. 

The listing agents also procured the buyer of the property along with John E. Brigel, a vice president investments also in the Tampa office.

Lake City Florida Portfolio is located at 1442 Northwest Wayne Place in Lake City, Fla. 

Michael P. Regan

This portfolio consists of Columbia Arms Apartments, Wayne Manor Apartments and Greentree Apartments.  Wayne Manor and Greentree Apartments are located on adjacent parcels, and Columbia Arms is located within approximately two miles (a six minute commute).

 There are 12 residential, two-story buildings, one residential one-story duplex and two, one-story buildings that house laundry facilities.  The residential buildings are comprised of one and two-bedroom units. 

"Marcus & Millichap again demonstrated the tremendous strength of its unparalleled national platform,” says Brigel.  “We had an asset that needed the ‘perfect’ buyer, and due to our national platform, we were able to procure an out-of-state buyer,” voiced Brigel and Teplitzky.  “This was a value add opportunity in a tertiary submarket.”

“There was a significant amount of interest from buyers all over Florida in primary and secondary markets, as the amount of short-sale/bank opportunities like this one are hard to come by in those markets,” adds Teplitzky.  “Through the competition of multiple offers and exposing the portfolio on a national level, we were able to transfer capital across state lines,” concludes Teplitzky.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

New Haven, CT Apartment Portfolio Sells for $6.7 Million

David Almeida

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of 457 Whalley Avenue and 25 Springside Avenue, an 88-unit multifamily portfolio in New Haven, CT. 

David Almeida, senior associate in the firm’s Connecticut office, represented the seller and Bradley Balletto, the firm’s regional manager for Connecticut, represented the buyer in the $6,712,500 off-market transaction, which closed on September 10.

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Edward Jordan, JD, CCIM, the firm’s managing director.

The 60,000 square foot property at 457 Whalley Avenue, known as Brendan Towers, comprises 60-units on two acres with tenant-paid utilities.  The property offers on-site amenities and ample off-street parking. 

The 24,000 square foot property at 25 Springside Avenue, known as Spring Glen Apartments, comprises 28-units on more than one acre with tenant-paid utilities.  Both properties have been professionally managed.

Bradley Balletto

The seller, Spring Glen Apartments LLC and Whalley Associates LLC, is Wethersfield, CT-based multifamily investor. 

The buyer, Navarino Acquisitions LLC of Bridgeport, CT, purchased the two-building portfolio for a price that equates to more than $76,000 per unit, which represents a capitalization rate of 7.0% on the current net operating income.

 “High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Almeida.  “These assets performed well over the years for the seller and will continue to do so for the new owner we brought to this opportunity.”

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

Randy Savicky

Strategy+Communications

randy@strategypluscommunications.com

203.226.6156

www.northeastpcg.com

Post Properties Announces Sale of New York City Communities

Post Luminaria Apartments, New York, NY

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today that it has closed the sale of its Post Luminaria™ and Post Toscana™ apartment communities, located in New York, NY, for a total gross sales price of $270 million.

Post Luminaria™ was completed in 2002, and contains 138 apartment units and approximately 9,400 square feet of retail space. Post Luminaria™ was owned in a consolidated joint venture in which the Company held a 68% interest.

Post Toscana™ was completed in 2003 and contains 199 apartment units and approximately 11,700 square feet of retail space. The buyer was not disclosed. Eastdil Secured acted as broker on the transaction.

A portion of the net proceeds from the sales were used to prepay approximately $82.6 million of secured mortgage indebtedness encumbering the assets and related prepayment premiums totaling approximately $13.0 million.

After closing costs and expenses, debt prepayments and distributions of the Company’s share of the net proceeds received from the sale of Post Luminaria™, Post expects to retain approximately $141 million of net cash proceeds from the sales of the two communities.

Post Toscana Apartments
New York, NY

In the third quarter of 2014, the Company expects to report a net gain on the sale of these assets of approximately $127 million, or approximately $2.33 per diluted share, and a loss on the early extinguishment of debt of approximately $12.3 million, or approximately $0.23 per diluted share, relating to debt prepayment premiums paid and the write off of unamortized deferred financing costs, each net of non-controlling interests in the Post Luminaria™ joint venture.

Post Properties has interests in 22,259 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,201 apartment units in four communities currently under development or in lease-up.

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

Post Properties, Inc.

Chris Papa, 404-846-5000 

Hospitality Ventures Management Group (HVMG) Names Amanda Chivers Director of Acquisitions and Business Development

Amanda Chivers

ATLANTA, GA – Hospitality Ventures Management Group (HVMG), an Atlanta-based, privately owned hotel ownership and management company, announced that it is adding to its real estate and business development team.

 Amanda Chivers has been named corporate director of acquisition and business development.  

Chivers will assist in identifying and acquiring existing hotels, securing third party management assignments and supporting ground-up construction projects, as well as assisting with the overall growth of owned and managed assets.

“Amanda has an impressive background in asset management, acquisitions and hospitality investment, making her the ideal candidate to help HVMG execute on its strategy of aggressive, yet measured, growth,” said Mary Beth Cutshall, HVMG’s senior vice president of acquisitions and business development.

 “HVMG’s portfolio of owned and managed hotels has more than doubled over the past four years, and we are committed to continue this level of growth over the next three to five years with Amanda’s assistance.”

Prior to joining HVMG, Chivers was an asset manager specializing in non- or under-performing hotels with TriMont Real Estate Advisors.  She also served as director of real estate transactions for Moody National Companies, where she was involved with over $1 billion in private equity investments in hospitality assets. 

Mary Beth Cutshall

Chivers received her bachelor's degree in political science from Spelman College and is a Certified Commercial Investment Member (CCIM).  

She also is an active member of Commercial Real Estate Women (CREW), and serves as a board member and vice-president of sponsorship for the Atlanta Hospitality Alliance (AHA).

“Achieving meaningful growth through strategic acquisitions, new builds and third party management requires a broad range of skills that I've acquired in my past roles underwriting and conducting due diligence of hospitality real estate assets and most recently as an asset manager," Chivers noted. 

  "I'm eager to play a role in helping shape the growth of HVMG's expanding portfolio." 

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

Chris Daly

Daly Gray, Inc.

703-435-6293

chris@dalygray.com

www.hvmg.com

RealtyTrac Ranks U.S. County Housing Markets Based on Prevalence of Man-Made Environmental Hazards

OB Jacobi

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its first-ever report ranking all U.S. counties based on the prevalence of man-made environmental hazards.

The report evaluates five man-made environmental hazards tracked by RealtyTrac subsidiary Homefacts (www.homefacts.com) in all 3,143 U.S. counties: percentage of bad air quality days, along with the number of superfund sites, brownfield sites, polluters, and former drug labs per square mile.

Among the 578 U.S. counties with a population of at least 100,000, those with the lowest prevalence of man-made environmental hazards were Deschutes County, Ore. (Bend metro area), Saint Louis County, Minn. (Duluth metro area), Saint Lawrence County, N.Y. (Ogdensburg-Massena, area just south of Montreal, Canada), Skagit County, Wash. (Mount Vernon-Anacortes metro area north of Seattle), and Snohomish County, Wash., (Seattle metro).

“Living in Washington offers a lot of benefits. We’re fortunate to be surrounded by an abundance of natural beauty punctuated by low pollution levels and clean air,” said OB Jacobi, president of Windermere Real Estate, covering the Seattle, Wash. market. 

“The areas within Washington with the least human-made hazards had less than a tenth of a percent of bad air quality days compared to a national average of 5.43 percent of days with bad air quality. Local housing markets have benefited from this healthy landscape, reporting an average 10-year home price appreciation that is nearly 28 percent.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

RealtyTrac Reports Home Price Appreciation Slows in 18 Out of 20 Largest U.S. Markets in August Compared to Year Ago

Daren Blomquist

IRVINE, CA, Sept. 25, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its August 2014 U.S Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 4,508,559 in August, down one-half percent from the previous month and down 16 percent from a year ago — the fourth consecutive month where annualized sales volume has decreased on a year-over-year basis.

The median price of U.S. residential properties sold in August — including both distressed and non-distressed sales — was $195,000, up 3 percent from the previous month, and up 15 percent from a year ago to the highest level since August 2008, a six-year high.

“Higher-end properties are taking up a bigger share of a smaller home sales pie, boosting the median home price nationwide higher even as home price appreciation slows to single digits in many of last year’s red-hot local housing markets,” said Daren Blomquist, vice president at RealtyTrac.

 “On the other hand, markets where large institutional investors and other buyers have not picked clean lower-priced inventory are continuing to see strong, double-digit increases in median home prices.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Meridian Capital Group Arranges $65 Million in CMBS and Mezzanine Financing for the Park at Siena Multifamily Property Located in Brandon, FL

Sarah Kuebler

New York, NY – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $65 million loan for the refinance of the Park at Siena multifamily property located in Brandon, FL, on behalf of a partnership between Blue Rock Partners, LLC, Konover South and Stonecutter Capital Management, LLC.

 The five-year CMBS loan features a competitive fixed-rate and interest-only payments for one-year. This transaction was negotiated by Meridian Capital Group Managing Director, Seth Grossman, and Associate, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office.

 The Park at Siena, located at 1918 Plantation Key Circle, is composed of two- and three-story buildings totaling 982 units.

Seth Grossman

 “The clients purchased the property in December 2012 and significantly renovated and repositioned the property, which drastically increased the net operating income, in-place rents, and occupancy,” said Mr. Grossman.

“Meridian leveraged the strength of the borrowers and our relationship with the lender to negotiate a favorable, fixed-rate refinance only 18 months after the acquisition,” 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 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.

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Silicon Valley Apartment Complex Sold by Marcus & Millichap for $16.1 Million

Adam Levin

SUNNYVALE, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Floriana Apartments, a 68-unit apartment complex in Sunnyvale, Calif.

The $16,100,000 sales price equates to $236,765 per unit. Adam Levin, vice president investments in Marcus & Millichap’s Palo Alto office, and Nathan Gustavson, senior associate in the firm’s San Francisco office, represented the seller and the buyer.

            “The small pocket of Sunnyvale around The Floriana Apartments is poised for tremendous near-term upside in commercial and residential rent growth,” says Levin. 

“The property is less than a 10-minute drive from the new home of the San Francisco 49ers, Levi’s Stadium, and a ten-minute walk from LinkedIn’s new 560,000-plus square-foot campus.”

            “The apartment complex has a history of extremely low vacancy and there is tremendous upside potential to be gained in rents,” adds Gustavson.

Nathan Gustavson

            Located at 126 West Ahwanee Ave. in Sunnyvale, Calif., the apartment complex is less than one mile from a Starbucks, a Lucky supermarket, the Sunnyvale Golf Course, a Bank of America and the Sunnyvale Square shopping center. Access to U.S. Highway 101 and California State Route 237 is nearby.

The Floriana Apartments is composed of six buildings constructed in 1964 on an 83,940-square-foot lot. Community amenities include a large, individually numbered parking space for each unit, a swimming pool, and on-site laundry rooms with new equipment. 

Apartments feature open floor plans, kitchens with pantries and generous amounts of counter space and large bedrooms with good-sized closets.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Wyndham Hotel Group Signs First Upscale Property in Africa

Bani Haddad

NAIROBI, Kenya (Sept. 25, 2014) – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,540 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the signing of a management agreement for the first upscale Wyndham Hotels and Resorts® property in Africa, the Wyndham Amboseli Golf Resort and Spa, close to the Amboseli National Park in Kenya.

“As Kenya’s economy continues to grow, demand continues to increase for internationally renowned, world-class brands in virtually all segments, from budget through to upscale and extended stay,” said Bani Haddad, Wyndham Hotel Group’s regional vice president for the Middle East and Africa.

“With Wyndham Amboseli Golf Resort and Spa catering to discerning leisure and business travellers and Ramada Nairobi welcoming business guests in the capital, Wyndham Hotel Group will be well placed to cater to both international and domestic travel needs in Kenya.”

The 290-room resort, complete with an 18-hole golf course, conference centre and spa, is expected to open in 2017, becoming the second Wyndham Hotel Group brand to launch in the country following the signing earlier this year of the first Ramada® hotel in Nairobi.

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

Roz Money

Wyndham Hotel Group

The Triangle, 5 Hammersmith Grove

London, W6 0LG

+44 20 8762 6600

roz.money@wyn.com

CBRE Global Investors’ Atlantic Station Office Buildings Earn BOMA Awards

John Gilb

ATLANTA, GA, Sept. 25, 2014 –Two Atlantic Station office towers owned by CBRE Global Investors — 201 17th Street and 271 17th Street — have each been designated as BOMA 360 Performance Buildings by the Building Owners and Managers Association (BOMA) International.

The BOMA 360 Performance Program® validates and recognizes commercial properties that demonstrate best practices in building operations and management.

 “We are dedicated to providing best-in-class service and expert building management services to our tenants and owners,” said John Gilb, principal at CBRE Global Investors.

“The BOMA 360 Performance Program allows us to demonstrate our commitment to excellence, and we are honored to receive this important recognition.”

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

Suong Nguyen

The Wilbert Group

snguyen@thewilbertgroup.com

(404) 343-0637

Shopoff Realty Investments Identified as One of Orange County’s Fastest Growing Private Companies in California

  

William Shopoff

IRVINE, CA, Sept. 25, 2014 – Shopoff Realty Investments announced today the company has been identified as the ninth fastest growing small private company in Orange County, Calif., as a result of its nearly 350 percent revenue growth since 2012. 

The survey conducted by the Orange County Business Journal also recognized the company as the 18th fastest growing private company for businesses of all sizes.

 Recently, Shopoff Realty Investment was ranked 1779th on the 2014 Inc. 5000 list of the fastest-growing privately held companies in the United States.

 “We’ve certainly worked very hard the past several years to bounce back from the economic downturn and are pleased to have not only equaled, but surpassed, our pre-Recession success,” said William Shopoff, CEO of Shopoff Realty Investments.

“We have spent the past quarter century creating value and opportunity for our investors, clients and local communities, and look forward to continuing that success throughout the years to come.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Student Housing Reports at University of Central Florida, Orlando, FL and University of South Florida, Tampa, FL for 2014--2015 School Year

Paul Guyet

 ORLANDO, FL --For the second year in a row UCF encountered special challenges due to a number of factors:

1)  Poor leasing activity the prior year when approximately  1,200 beds went unrented at both on

campus and off-campus communities and

2)  The addition of two new off-campus communities that produced 2,208 new beds in ultra-deluxe

communities:  Plaza on University and The Retreat.

The result was that over 3,000 unrented and new beds plus over 15,000 occupied beds needed to be rented for the 2014-2015 school year.

Even with all this new competition, most properties filled up to an average occupancy rate that is just under 99%. However it was not without a lot of effort and incentives in the form of one to two months

of free rent, gift cards and waived administrative fees. 

University of Central Florida, Orlando, FL

UCF student housing has shown that it is a mature market that can navigate difficult waters. The good news is that there are no new student housing communities planned for delivery next year.

There is one conventional apartment complex that will come on line next year which will have one and two bedrooms.  Although it is not planned for students, because of its location it will attract students.

 It is being built behind the new Publix at Rte. 50 and Woodbury Road. One conventional apartment complex that caters to students sold last year and there were no sales of purpose built properties. The Gatherings changed its name to The Quad.

At USF leasing went well and many properties leased to over 95%. The difference between UCF and USF was that USF off-campus housing did not have to give nearly as many incentives as UCF off-campus housing had to give.

No new properties were built this past year which obviously helped leasing. Five purpose built properties were sold as well as an older conventional property on Bruce B. Downs.

 The property on Bruce B. Downs will be demolished and replaced with a new purpose built property of 180 apartments and 600 bedrooms. It will not impact leasing next year because it will not open until 2016.

Enrollment is stable at both schools, with total enrolment at about 60,500 students at UCF and 47,000 at USF. Enrollment at the main campus of USF in Tampa is about 38,500 students. Both schools leased up their on-campus housing and sent excess students to “affiliated” off-campus housing.

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

Paul M. Guyet

Student  Housing  Specialist

Smith  Equities  Real  Estate  Investment  Advisors

(407) 422-0704

www.SmithEq.com

www.MyRentComps.com

www.ApartmentsNowAvailable

Jeff Henson of Lincoln Property Co. Represents Tenants in Nearly 50,000 Square Feet of Metro Atlanta Leases

Jeff Henson

ATLANTA, GA – Jeff Henson, a senior associate in Lincoln Property Company Southeast’s Office Leasing Group, recently represented tenants in four commercial leases totaling 49,219 square feet in metro Atlanta.

 The details of the transactions are below:

·      Professional Products Unlimited Inc. signed a lease for 25,000 square feet of industrial space at 510 Plaza Drive in College Park, Georgia. Tanner Hicklin with Prologis represented the landlord.

·      Claddagh Resources signed a five-year lease for 5,619 square feet of Class A office space at 6200 The Corners Parkway in Norcross, Georgia. Adam Viente of JLL represented the landlord.

·      Schuff Steel signed a five-year, 5,000-square-foot lease for office space at 6650 Sugarloaf Parkway in Duluth, Georgia. Wes Hardy of Duke Realty represented the landlord.

Adam Viente

·      Action Specialty Carts signed a five-year, 13,600-square-foot lease for light industrial space at 1891 McFarland Parkway in Alpharetta, Georgia. Watt Neal with Wilson, Hull & Neal represented the landlord.

For more information on the Southeast Region of Lincoln Property Company, please visit lpcsoutheast.com. To check out the blog, go to www.lpcsoutheast.com/blog.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com