Thursday, February 25, 2016

Judy Dolan of Berger Commercial Realty Promoted to Senior Vice President

  
Judy Dolan
 FORT LAUDERDALE, FL (Feb.  25, 2016) – Berger Commercial Realty recently announced the promotion of Judy Dolan to senior vice president.

With more than two decades of experience in commercial real estate, Dolan was promoted to vice president in 2009 after joining Berger Commercial Realty as a broker associate in 2006.

Licensed by the Florida Bar, her background as a real estate closing attorney complements her experience in commercial sales and leasing. 

Dolan’s notable assignments include Lyons Technology Center, Merrill Industrial Center, the Executive Airport Business Center and Plantation Technology Park.

In 2015, she represented Resolve Marine Group in the $8.9 million purchase of Harbor Place, a 36,000-square-foot office building located at 1600 S.E. 17th St. in Fort Lauderdale. Following the transaction, Resolve Marine Group retained Berger Commercial Realty to lease and manage the building.

 She has also represented Resolve in a number of other real estate transactions over the past five years, including the company's original 2012 lease at Harbor Place.

Harbor Place, Fort Lauderdale, FL

A long-time resident of Broward County, Dolan’s community affiliations include founding the Women’s Chamber of Commerce and serving as chairwoman. 

She is past president of the American Business Women’s Association, a member of the Greater Miami Board of Realtors, and a volunteer at Harbordale Elementary. 

Her accolades include “Member of the Year” and “Woman of the Year” awards from the American Business Women’s Association, “Member of the Month” and Pinnacle Award distinctions from the Miramar/Pembroke Pines Chamber of Commerce, and CoStar Power Broker recognition from 2007 through 2010.

Dolan earned her Juris Doctor from University of Miami School of Law and received a Bachelor of Science in Criminal Justice from Rowan University in Glassboro, N.J.


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

954-776-1999
Pierson Grant Public Relations
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Wednesday, February 24, 2016

HFF arranges $95.5 million in financing for Southern California seniors housing development

  
Rendering of planned Crestavilla seniors housing community,
30111 Niguel Road, Laguna Niguel, CA
James Fowler
NEWPORT BEACH, CA – Feb. 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $95.5 million in joint venture equity and construction financing for the development of Crestavilla, a 211-bed, to-be-built, luxury, resort-style seniors housing community located in the Orange County community of Laguna Niguel, California.

HFF worked on behalf of the developer, Steadfast Companies, to arrange the $27.9 million joint venture equity capital with Fremont Realty Capital.  In addition, HFF secured the $67.6 million construction loan for the partnership through a local bank.

Crestavilla will be a luxury, fully-licensed seniors housing development with panoramic views of the neighboring Pacific coastal hills.  The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units, totaling 201 units with 211 beds. 

The community will feature a variety of amenities, including four restaurants, two theaters, walking trails, fitness center, salon and spa, dog park, rooftop gardens and verandas, pet care, shuttle and limousine service, medical services and a number of clubs, programs, courses and studios. 

Situated on 11.5 acres at 30111 Niguel Road, the Crestavilla site is 4.5 miles from two acute-care hospitals and 6.5 miles from Saddleback Memorial Medical Center, named in 2015 by Healthgrades as one of America’s 50 Best Hospitals.

The HFF equity and debt placement team representing the developer was led by managing director James Fowler and senior managing directors Ryan Maconachy and Chad Lavender.

“Steadfast Companies, in partnership with Fremont Realty Capital, have already begun construction on what will become the premiere seniors housing project in south Orange County,” Fowler said.  “The location is superb and the planned quality of amenities and construction will be unparalleled.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


Financing for 480-unit apartment community in Houston, TX arranged by HFF

  
Cortney Cole
DENVER, CO – Feb. 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing for Broadstone Stone Park, a 480-unit, garden-style apartment community in Houston, Texas.

HFF worked exclusively on behalf of the borrower, Advenir, Inc., to secure the seven-year, 2.82 percent, floating-rate loan with three years of interest only 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.  Advenir will rebrand the property as Advenir@Stone Park and will implement a capital improvement program to achieve greater rental premiums.

Broadstone Stone Park is situated on 21.59 acres at 6160 East Sam Houston Parkway North, approximately seven miles northwest of the Port of Houston and 16 miles northeast of downtown. 

The two-phased, controlled-access community has 17 residential buildings totaling 414,564 rentable square feet and two separate amenity packages for each phase including resort-style swimming pools; state-of-the-art fitness centers; barbecue and picnic areas; clubhouses with full kitchens, billiards tables and shuffleboards; business centers; and detached garages and carports.           

The HFF debt placement team representing Advenir, Inc. was led by Josh Simon, Eric Tupler and Cortney Cole.


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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

Prologis Awards Berger Commercial Realty Exclusive Leasing Assignment for Prospect Park I and II in Fort Lauderdale Commerce Center


Joe Byrnes
FORT LAUDERDALE, FL (Feb. 24, 2016) - Prologis, a S&P 500 organization and global leader in industrial real estate development and management, has awarded Berger Commercial Realty the exclusive leasing assignment for Prospect Park I and II.

Located within the Fort Lauderdale Commerce Center, the two business parks total 14 buildings and more than 150,000 square-feet of prime office and flex space.

Brokers Joe Byrnes, Keith Graves and Jonathan Thiel will be the exclusive leasing agents for the properties, which are currently 65 percent occupied.

In 2013, Prologis retained Berger Commercial Realty to manage leasing for the I-595 Distribution Center, a 150,452-square-foot industrial facility in Davie that consists of two buildings.

"We are proud that Prologis, a true global leader in industrial real estate, continues to trust our firm to manage leasing on its behalf, and we look forward to increasing tenancy at these two properties," Graves said.

Keith Graves
Located at 5201 to 5255 N.W. 33rd Ave., the 70,874-square-foot Prospect Park I consists of six buildings and features prime office suites ranging from 1,178 square-feet to 4,719 square-feet.

Prospect Park II, located at 3301 to 3471 N.W. 55th St., consists of eight buildings totaling 81,925 square-feet of office/flex space and features bays from 902 square-feet to 5,589 square-feet. Many of these units are "flex" bays that feature warehouse space and offer grade level loading.

Renovated over the past two years, Prospect Park I and II both feature contemporary designs and enhanced curb appeal.

The business parks offer opportunities for highly visible exterior signage, round-the-clock access and convenient access to I-95, Florida's Turnpike, Commercial Boulevard and Fort Lauderdale International Airport.



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

954-776-1999
Lexi Robinson, ext. 255, 
lrobinson@piersongrant.com
Marielle Sologuren, ext. 226, 
msologuren@piersongrant.com

Marcus & Millichap Arranges $1.8 Million Sale of 12-Unit Apartment Building in Miami Beach, FL


Felipe J. Echarte
MIAMI BEACH, FL, Feb. 24, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Sapphire NoBe, a 12-unit, two-story, garden-style multi-family complex in the Normandy Isle area of Miami Beach. 

The asset sold for $1,837,500 representing $153,125 per unit.

“Normandy Isle is a very strong rental community with minimal vacancies due to a growing demand in the area, lack of new product being added to the market and the reduction of inventory due to buildings being converted to condominiums and short term rentals,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“This was a rare opportunity to acquire a renovated apartment building with condo documents in place in an absolute AAA location that continues to appreciate and will do so for the foreseeable future.”

Echarte, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Toronto, ON, and the buyer, a limited liability company from Miami Beach.

Located at 6930 Rue Vendome in Miami Beach, Sapphire NoBe is just south of Normandy Drive (71st Street), which becomes John F. Kennedy Causeway and is the main entrance into the North Beach area from the city of Miami. The neighborhood is on an island located between North Beach and North Bay Village.

Sapphire NoBe consists of two studios and 10 one-bedroom/one-bathroom apartments -each with its own private entrance. The property has been extensively renovated including impact resistant windows and doors, new railings, landscaping, front entrance with travertine flooring, and a new roof in 2012.


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

Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400



Chatham Lodging Trust Announces Fourth Quarter 2015 Results


Jeffrey H. Fisher
WEST PALM BEACH, FL,  Feb. 24, 2016—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 133 hotels wholly or through joint ventures, today announced results for the fourth quarter ended December 31, 2015. In addition, the company provided initial guidance for 2016.

“Despite Wall Street selling off lodging REIT stocks in 2015, Chatham generated marked external growth and operating results while strengthening its balance sheet,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer. “The company achieved numerous great metrics.”

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

Patrick Daly
Office Manager
Daly Gray, Inc.
Office:  (703) 435-6293

Cell:  (703) 300-8289

Tuesday, February 23, 2016

Atlantic City, NJ Affordable Housing Community Emerges from Hurricane Sandy Destruction



Kelly Henderson
ATLANTIC CITY, N.J. – (Feb. 23, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete.

WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.

An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.

“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.


Michael Gaber
“The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”

Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.

The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.

The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.

The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

Waterton Acquires Parkside at Firewheel Apartments in Garland, TX

  
Matthew Masinter
CHICAGO, IL, Feb. 23, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland, Texas.

Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space.

Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.

“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” said Matt Masinter, senior vice president of acquisitions at Chicago-based Waterton.

“The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”


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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

HFF closes $36.25 million sale of and secures $24.995 million financing for Class A seniors housing community in Seattle’s Upper Queen Anne neighborhood

 

Chad Lavender
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington’s Upper Queen Anne neighborhood.

HFF marketed the property exclusively on behalf of the seller.  Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. 

Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-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.  Milestone Retirement Communities, LLC will manage the property.

Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each.  Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. 

Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. 
\
The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.

The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


29th Street Capital Acquires League City, TX Apartment Portfolio


Harbor Walk Apartments, League City, TX

Javier Bustillo
League City, TX (Feb. 23, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City, Tex. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19.

* Crow’s Nest Apartments (176 units) has mostly one- and two-bedroom units and primarily caters to professionals. It was built in 1984.

* Harbor Walk Apartments (138 units), which appeals more to families, consists exclusively of two-bedroom and three-bedroom units.  It was built in 1987.


29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

“This acquisition will allow us to grow our presence in Houston and fits our overall business plan perfectly,” said Javier Bustillo, 29th Street Capital’s Senior Vice President of Acquisitions for Texas. 

“These are value-add assets in a great submarket with excellent schools, plentiful employment and very limited new supply. It checks all of the boxes for 29SC.”

Crow's Next Apartments, League City, TX
League City has experienced tremendous job growth fueled by the aerospace, petroleum refining, and health care industries as well as the Port of Houston, which continues to expand and will double its capacity by 2016 once the Panama Canal expansion is completed. 


Both properties are in the Clear Creek Independent School District, ranked as the best large school district in the Houston MSA. The “Houston Chronicle” has also named it one of Houston’s Top Work Places. 

The Clear Lake submarket of Houston, Tex. Is located directly on the I-45 corridor linking it to Galveston Island (32 miles southeast) and the Houston CBD (25 miles northwest).  Major employers include companies in the high tech aerospace, petrochemical, tourism, boating and recreation industries.  The area is home to the third largest concentration of pleasure boats in the United States.  

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




Monday, February 22, 2016

HFF secures $70.6 million financing for Class A mixed-use property in downtown Indianapolis, IN

 
                                                                              (Photo by Daniel Showalter)
Axis Apartments, 401 North Senate Avenue, Northwest  Quadrant, Central Business District
Indianapolis, IN

INDIANAPOLIS, IN – Feb. 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $70.6 million in financing for Axis, a 435,894-square-foot, Class A, mixed-use residential and retail property in downtown Indianapolis.

HFF worked on behalf of the borrower, Flaherty & Collins Properties, to place the10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America, LLC, a correspondent life company lender.  Loan proceeds were used to replace the existing construction financing and return capital to the owners.

Dave Keller
Axis is located at 401 N. Senate Avenue within the northwest quadrant of the Indianapolis central business district, three blocks north of Monument Circle.  

With a Walk Score® of 86, this location offers convenient access to the downtown employment market, the Indiana University – Purdue University Indianapolis campus, and numerous dining and entertainment options.

 Completed in 2015, the mid-rise property has 336 luxury units averaging 914 square feet each along with 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. 

 The apartments and retail improvements surround a 426-space, secured parking garage with speed ramp and floor-by-floor resident access. 

The resort-style community amenities include a stainless steel, saltwater swimming pool; aqua lounge with kitchenette; grilling station; pet wash/pet walk; Zen garden; Sky Bar with 360-degree views of the downtown skyline; and 24-hour club room with two-story fitness center, yoga/Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library.

The HFF debt placement team representing the seller was led by senior managing director Dave Keller.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



Quadrant Investment Properties, LLC purchases Saint Paul Place in Dallas, TX


Saint Paul Place Office Building, Ross Avenue and Saint Paul Street,
 Arts District, Dallas, TX


Celeste Fowden
DALLAS, TX, Feb. 22, 2016 -- Quadrant Investment Properties, LLC (“QIP”) is pleased to announce it has acquired Saint Paul Place, a 22-story, 273,217 squarefoot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District.

The building is currently 78% leased to a diverse roster of small to midsized tenants including DMagazine, Crowe Horwath and Sendero Business Systems. This is the seventh acquisition for QIP.


“Saint Paul Place has always been one of our favorite buildings. We could not be more excited to have the opportunity to own it, especially at a time when the Arts District is experiencing so much momentum,” stated Chad Cook, Quadrant Investment Properties.

“The smaller floor plates and location one block from Klyde Warren Park differentiate the building from most of its competition and offers an experience unique for smaller tenants. It is hard to find buildings with this much character and such a strong, diverse
tenant base.

”QIP plans to implement several improvements including lobby amenity upgrades and a tenant conference center and lounge that will include a balcony overlooking the
Dallas Museum of Arts sculpture garden.

The new ownership will also upgrade numerous corridors and implement a buildingwide spec suite program.

“Saint Paul Place is a trophy office asset located in the middle of Dallas’ urban markets, the CBD and Uptown”, said Nick Cassavechia, Vice President of QIP.

 “The young talent moving to and living in this area is an important factor in current and prospective tenant’s site selection, and we feel Saint Paul Place is
positioned well for this demand.”

Cassavechia joined QIP in 2014 from HFF.

Nick Cassavecchia
Headquartered in Dallas, QIP is a commercial real estate investment company which targets valueadd office and industrial opportunities in Texas and the southwest United States. Before founding QIP, Chad Cook was vice president, Acquisitions for Hillwood.

Celeste Fowden, Seth Thatcher, and Ben Davis with CBRE will lease the project.
HFF represented the seller in the transaction. JLL procured the financing for the asset.
CONTACT INFO:

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

Chad Cook, Founder and Managing Member, ccook@quadrantcapital.com;
 214.855.2948
Nick Cassavechia, Vice President, Acquisitions, ncassavechia@quadrantcapital.com;
 214.855.2952
Quadrant Investment Properties, LLC.
8333 Douglas Avenue, Suite 1350
Dallas, Texas 75225

HFF closes $17.5 million sale of shopping center in Kansas City, MO


Stateline Station Shopping Center, Highway 150 and West 135th Street,
South KC Submarket, Kansas City, MO


Amy Sands
CHICAGO, IL – Feb. 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $17.5 million sale of Stateline Station, a 142,600-square-foot, 85-percent-leased shopping center in Kansas City, Missouri.   


Barry Brown
HFF worked on behalf of the seller, Retail Properties of America, Inc.  Schottenstein Property Group, Inc. purchased the asset free and clear of debt. 


The property was completed in 2004 and is anchored by Marshalls, Cost Plus World Market and a separately-owned Super Target.  Other national retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree. 

Located at the intersection of Highway 150 and West 135th Street in the South KC submarket, Stateline Station is in an affluent area of Kansas City where the average household income in a three-mile radius of the center is $130,141, which is 76 percent higher than the national average.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.


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

Kristen M. Murphy
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


Buena Vista, Miami, FL Mixed-Use Development Opportunity Hits Market for $4.95 Million


Rendering of Planned Bel-Air Lofts, 4920-4940 NE 2nd Avenue, Buena Vista, Miami, FL

 
Scott C. Sandelin
MIAMI, FL,  Feb. 22, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has obtained the exclusive right to market Bel-Air lofts in Buena Vista located at 4920-4940 NE 2nd Avenue , a mixed-use development opportunity of four vacant land parcels located in Miami’s Buena Vista/Design District neighborhood.

            “This is a unique opportunity for a developer to acquire one of the last and largest development sites available in the Buena Vista submarket,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office.

“The current ownership successfully obtained waivers for three years allowing ingress and egress to the commercial and residential buildings through Northeast 50th Street.”

            Sandelin and Jonathan De La Rosa, an associate also in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from Miami.

            “Due to the high rental rates in the Design District, many retailers are considering moving operations just north to Buena Vista where rents are significantly lower,” says De La Rosa. “There are four new projects proposed or being developed along Northeast 2nd Ave.”

The four vacant land parcels on the northwest corner of 50th Street and Northeast 2nd Ave. total 25,437 square feet of which 18,537 square feet are zoned T4-L and 6,900 square feet are zoned T4-R. Architectural plans call for 12,800 square of retail in a two story mixed-use structure along Northeast 2nd Ave. and a three-story residential building with nine luxury townhomes and 74 underground parking spaces.
  
For a complete copy of the company’s news release, please contact:

Kirk Felici
First Vice President, Miami
(786) 522-7000

              

Multi Housing Advisors Brokers $9.85 Million Sale of Apartment Community in Griffin, GA

Ashford Place Apartments, Griffin, GA
  
 ATLANTA, GA (Feb. 22, 2016) — Multi Housing Advisors (MHA) has arranged the $9.85 million sale of Ashford Place and Ashford Villas. The two properties, comprised of 189 units, are located in Griffin, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the seller, The RADCO Companies. Engineering Partners, LLC purchased the property.

Ashford Villas, Griffin, GA
“Ashford Place and Ashford Villas offered the buyer the opportunity to acquire two assets with exceptional in-place returns as well as the potential to further enhance resident experience and investment returns,” Stickel said.

 “Close proximity to Hartsfield-Jackson Airport and Georgia’s film industry tax incentives, in addition to its reputation as a regional medical hub, have made Griffin a prime destination for many new jobs.”

Ashford Place and Ashford Villas are located near Griffin’s main thoroughfares, offering residents convenient access to the Downtown area and major employers, such as Spalding Regional Hospital. Many of the properties’ unit interiors have been upgraded and are generating rent premiums. As such, new ownership will be able to build upon this positive momentum in the future while further enhancing the communities.


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

Deborah Rogers
Multi Housing Advisors
404.645.7275