Hunter's Ridge 2,000-Acre Regional Recreational Park in Ormond Beach, FL Officially Conveyed to Flagler County

Marisol Santiago Soderstrom

Ormond Beach, FL --- Closing documents were signed officially giving Flagler County the 2,000 +/- acres on the west end of Hunter’s Ridge, the 5,000 acre master-planned community on Highway 40 just west of I-95 in Ormond Beach.

The park will serve not only as an amenity for residents of Hunter’s Ridge, which straddles the Volusia-Flagler county line, but also as an attraction for the entire region. 

John Kurtz

Allan Feker, president of US Capital Alliance, LLC the developer who signed the closing documents deeding the property to the county, said protecting the environment has always been a high priority.  Responsible development and desire to preserve the natural beauty of Ormond Beach were key factors in the decision to make this gift to the region.

“This is going to be a terrific amenity for our residents,” said Feker. “In the coming years Flagler County will be developing miles of trails that could include hiking, horseback riding and biking with trail heads and other amenities, enabling Volusia and Flagler County residents to become truly immersed in the natural beauty of the region,” he said.

Marisol Santiago Soderstrom and John Kurtz of Premier Sotheby’s International Realty in Lake Mary, are brokers of record for the project. 

Last December Flagler County Commissioners voted unanimously to issue permits to continue developing the Hunter’s Ridge DRI (Development of Regional Impact). 

“This is a very exciting time for Hunter’s Ridge,” said Kurtz who also serves as Realtor for US Capital Alliance.  “After a few solid years of planning, engineering and legal work to get new phases of Hunter’s Ridge on track for development, we are finally able to open the first pods north of Airport Road, satisfying the demand of a growing number of builders looking to stake their claim in this unique community,” said Kurtz.

The remaining 3,000± acres held by the developer at Hunter’s Ridge provides entitlements for approximately 1,900 residential units and 600,000 square feet of commercial space to be developed in years to come, according to Soderstrom. .

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com.

Kass Management Brokers $2.4 Million Sale of Apartment Building on Chicago’s North Side

1700 West Juneway Terrace Apartments, Rogers Park Neighborhood, Chicago, IL

Mark Durakovik

CHICAGO, IL — Chicago-based Kass Management Services, a third-party property management and brokerage firm, announced the $2.4 million sale of a 32-unit apartment building at 1700 W. Juneway Terrace in Chicago’s Rogers Park neighborhood.

Kass Principal Mark Durakovic and agent Andrew Gruesser represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area.

“As rents and underlying property values have risen, landlords in Rogers Park and other North Side neighborhoods have been able to capitalize on strong interest from investors looking to grow their portfolios,” said Durakovic.

“Having managed 1700 W. Juneway Terrace for 11 years, we were intimately familiar not only with the property, but also the surrounding neighborhood. As a result, we were able to market the property in a way that maximized value on behalf of our client.”

Built in 1924, the vintage three-story brick walk-up includes a mix of one-, two-, three- and four-bedroom apartments, each with a large back deck. When Kass took over management of the building in 2006, the firm was able to increase occupancy from 60 percent to full occupancy in less than nine months.

Over the years, Kass continued to stabilize the property by increasing rents and maintaining high occupancy during its management tenure. The units, which were renovated in 2007, were over 90 percent occupied at the time of sale.

“For the past 30 years, Kass has specialized in providing third-party property management services for residential and commercial properties throughout the Chicago area, making brokerage a natural extension of our business,” said Durakovic.

“The Rogers Park sale is just one example of how we can leverage our longstanding client relationships and in-depth market knowledge to provide a comprehensive service platform that encompasses all phases of property ownership – from acquisition, to management and leasing, to disposition.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

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

Passco Companies Acquires Class A 260-Unit Multifamily Asset in Southwest Florida for $53.5 Million

Colin Gillis

                Estero, FL -- Passco Companies has acquired Springs at Estero, an institutional grade, Class A, 260-unit multifamily community in Southwest Florida for $53.5 million. The brand new, stabilized property is in the submarket of Estero within the Fort Myers / Cape Coral MSA.

“The acquisition of Springs at Estero, which we plan to rebrand as Longitude 81o, is reflective of our ongoing strategy to acquire core assets with long-term growth potential in dynamic markets across the Southeast,” says Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies. 

“This is our fourth acquisition in Florida in the last 12 months. We continue to find exceptional investment opportunities throughout the state. We are especially excited to make our first acquisition in Southwest Florida, which is experiencing rapid economic expansion driven by explosive job and population growth.”

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

Lauren Burgos/ Lexi Astfalk

 Brower, Miller & Cole

 (949) 955-7940

 Lburgos@browermillercole.com

Gelt, Inc. Launches Happy Home Communities; Names Ellie Davis as Director of Acquisitions and Asset Management

Ellie Davis

 Los Angeles, CA – Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, is pleased to announce it has launched a new business venture, Happy Home Communities (HHC), within its growing group of entrepreneurial companies.

HHC will focus exclusively on the acquisition and management of mobile home and RV resorts throughout the Western United States. Effective immediately, HHC will be led by Ellie Davis, an expert in this specialized sector, who will serve as the company’s director of acquisitions and asset management.

In his new role with HHC, Davis will oversee the acquisition of manufactured home communities as well as the management of day-to-day operations of the company at the resort level. He will also work to foster and build relationships with brokers, lenders and residents.

“We are more than excited about the launch of HHC, and are thrilled that Ellie has come on board to spearhead this new endeavor,” said Keith Wasserman, partner and co-founder of Gelt. “Ellie shares in our vision of responsibly and thoughtfully acquiring properties in this somewhat under the radar sector, as well as fostering thriving communities for those who live in them.”

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

Darcie Giacchetto

Giacchetto Communications

949.278.6224

Stepp Commercial Completes $2.65 Million Sale of 13-Unit Apartment Property in Downtown Long Beach, CA

Robert Stepp

Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a 13-unit apartment property in Downtown Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Santa Barbara-based 336 E 8th LLC, as well as the buyer, a private investor from Signal Hill. The property closed at a 4.3 percent cap rate and a price per unit of nearly $204,000.

Built in 1983, the two-story property is located at 336 E. 8th Street. The unit mix includes nine one-bedroom units, three two-bedroom units, and one three-bedroom unit. The property features large unit sizes as well as garage parking. 

“This property offered the buyer an upside in rents once the units are upgraded, as well as an ideal location in the Downtown Long Beach area which has been seeing a significant amount of growth and gentrification in recent years,” said Toveg.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit www.steppcommercial.com

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

Darcie Giacchetto

Giacchetto Communications

949.278.6224

Real Estate Financial Veteran Chris Ross Joins Feldman Equities

Christopher Ross

TAMPA, FL --  Feldman Equities announced industry veteran Christopher Ross has joined its team to help lead the expansion of its commercial real estate portfolio.

Chris joins Feldman Equities as a Senior Analyst and will prospect all new acquisitions.  Chris will lead due diligence and perform financial analysis for development projects, including the company’s upcoming mixed-use Riverwalk development.

Prior to joining Feldman Equities, Chris spent ten years with MetLife’s Real Estate Investments office in Tampa working in its property acquisition and asset management group. 

Most recently he served as Director of Acquisitions for Cantor Fund Management. With an eye towards an ever-expanding real estate portfolio, this is Feldman Equities’ fifth hire in recent months.

The company most recently acquired Tampa’s Park Tower, a 36-story, 475,000 square foot office building which will undergo a substantial renovation this year. Park Tower rounds out a 1.3 million square foot office building portfolio owned and under development by joint venture partners Feldman Equities and Tower Realty Partners. 

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

tyoungman@assetmarketingonline.com

www.feldmanequities.com/about

Hold-Thyssen Negotiates Long Term Leases at Two Commercial Centers – In Palm Harbor, FL and Dade City, FL

Therese Taylor

CLEARWATER, Fla. --- Hold-Thyssen Inc., a full service real estate firm, recently negotiated two long term leases at commercial centers in the Tampa Bay area for office and retail space.

Hold-Thyssen’s Clearwater office represented the landlord for the Harbor Park Office Center located at 33920 US Hwy 19 North in Palm Harbor, in an expansion lease for 1,851 rentable square feet.  There was very limited space available within the office building at the time, but the landlord and Hold-Thyssen team were able to meet the professional needs of the tenant, Gulf Coast Advisors, one of the area’s leading independent financial advisors.

At Morningside Plaza, 12624 U.S. Hwy 301 in Dade City, Hold-Thyssen’s Leasing Agent Therese Taylor represented the landlord in a five-year lease renewal with Lee’s Hair Salon who occupies 900 square feet at the retail center.

Hold-Thyssen headquartered in Winter Park with offices in Clearwater, provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

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

Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Central Florida Commercial Real Estate Firms Join Forces

Patrick Mahoney

ORLANDO, Fla. – Two of Central Florida’s long-standing commercial real estate firms have merged.

Representatives from NAI Realvest in Orlando and Charles Wayne Commercial, a Volusia County affiliate of Charles Wayne Properties, Inc., confirmed that the two companies have combined their real estate brokerage operations to better serve the growing client base of both firms.

NAI Realvest is a leading commercial real estate force in the Central Florida region, and Charles Wayne Properties has been a dominant force in Volusia County commercial real estate since 1978.

“This partnership provides additional strength and reach to both companies,” NAI President and CEO Patrick Mahoney said. “NAI Realvest gains the reputation and reach of Charles Wayne Properties in the Volusia market, while Charles Wayne Properties profits through gaining the ability to utilize our global partnership with NAI.   We could not be more excited to have Charles Wayne Properties as partners for the future.” 

Charles Lichtigman

“Our combined brokerage companies have top experts in every aspect of Central Florida commercial real estate,” said Charles Wayne Chairman and Founder Charles Lichtigman. “Together, we make a dynamic force with the benefit of nationwide and international coverage.”

NAI Realvest and Charles Wayne Properties both have development, consulting and investment affiliates which are unaffected by the merger of their commercial brokerage affiliates.

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

Beth Payan or Larry Vershel, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Grandbridge Vice President Adam Lipkin Arranges New Loan for Republic of Nauru, World’s Smallest Island Nation

                                                        

 

Adam Lipkin

MIAMI, FL and HOUSTON, TX  — Adam Lipkin, Vice President of Grandbridge Real Estate Capital's Miami team, has secured a $7.8 million refinancing for a Houston-area office building owned by a sovereign wealth fund operated by the Republic of Nauru, a South Pacific island nation

The 18-month loan was provided by a U.S-based crowdfunding real estate platform. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company.

In late 2015, Lipkin arranged a $6.2 million bridge loan for the trust, which has invested in numerous U.S. real estate assets over the years. The financing was secured by a 6-story, 138,633-square-foot single-tenant office building in the Clear Lake submarket of Houston.

The new loan facilitated by Lipkin provides a short-term financing solution for the property, which is mostly occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group (NYSE: JEC). Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients.

“While conventional lenders are understandably challenged and conservative with terms these days, there are viable and creative lending options out there,” Lipkin said. “With lenders that are more focused on the underlying collateral value, there is flexibility with rates, terms and structures.”

Lipkin worked with the Trust’s experienced asset manager, Ben Jacobson, founder of Blackstone Consulting, a Miami-based asset management firm. Jacobson’s firm was hired by the Trust to assist with numerous challenges and improve the overall returns and marketability of the asset.  Within the last 18 months, Jacobson solved prior management issues, renegotiated and extended the lease term, improved operations and returns before securing the financing through Grandbride.

“There aren’t many creative, outside the box commercial financing options, especially not for foreign-based borrowers,” Jacobson said. “We worked together to ensure the eventual lender would be thrilled to underwrite this asset in a strong office submarket.”

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

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.Grandbridge.com.

www.BlackstoneAssetsManagement.com

Longmeadow Shops in Longmeadow, MA Celebrates Expanded Lifestyle Center and New Retailers

Time Capsule Dedication

 Longmeadow, MA — Over two years ago, the Longmeadow Shops’ owners Grove Property Fund had a vision to improve their lifestyle center. Today, that vision was recognized at a public event to celebrate the official Grand Opening of the recently expanded shopping center.

All of the Longmeadow Shops retailers gathered with business, political and community leaders to mark this milestone.  

The group recognized the community effort that was put forward to make the expansion a success, and also showcased the retailers who recently opened in the expanded space including J.Crew Mercantile, Verizon Wireless, and CVS Pharmacy. 

State Senator Eric Lesser, representatives from State Representative Brian Ashe’s office, Town Select Board Members Marie Angelides, William Low and Thomas Lachusia, Town Manager Stephen Crane and Longmeadow Fire Chief John Dearborn headlined a group of dignitaries joining Grove Property Fund, project development team members, and retailers for this celebration.

“A strong mix of local, regional and national tenants has been a recipe for success here at the Longmeadow Shops,” said Steve Walker owner of Grove Property Fund.  “We are very grateful for the all the community support that we have received leading up to today’s milestone, and we are very excited to showcase our enhanced our shopping center to the community.”

The Longmeadow Shops has been a fixture in the heart of the Longmeadow community dating back to the early 1960’s. The property was purchased in 1994 by Grove Property Fund.  Over the past two decades, Grove Property Fund has prioritized maintaining the charm and character of the shops, while also providing area residents with top-notch local and national retailers and restaurateurs.

“For as long as I can remember, the Longmeadow Shops have served as a place for the community to gather. In that spirit, I’m glad to join with my community, my colleagues and business leaders today to reaffirm our commitment to sensible and sustainable business development in Longmeadow. This recent expansion at the Longmeadow Shops is a welcome addition in our community,” said Senator Lesser, Chairman of the Economic Development and Emerging Technologies Committee.

The event featured a time capsule dedication where each of the Longmeadow Shops retailers placed branded items into the capsule along with other fun branded items, including mementos from the Town of Longmeadow. 

Marie Angelides

Proclamations were presented from the U.S. House of Representatives, Massachusetts State Senate and Massachusetts House of Representatives and placed into the time capsule. Past news coverage from The Republican – MassLive.com, The Longmeadow News, The Reminder, Business West, WWLP 22News, Western Mass News, and LongmeadowBiz were also contributed. 

The capsule will be buried at a later date and unearthed 20 years later. The event also featured a formal ribbon cutting ceremony.

Current tenants at the Longmeadow Shops include United Bank, Bertucci’s, Fleet Feet, Caren & Company, Max Burger, Giftology, Peachwave, Chico’s, Gap and Gap Kids, Ann Taylor, Delaney Market, In Chic Boutique, Oksana Salon & Spa, Francesca’s, Starbucks, J. Jill, Shoenique, CVS Pharmacy, Jos.A.Bank, Ume Asian Bistro, Bank of America, J.Crew Mercantile and Verizon Wireless.

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

Sean Shortell

Senior Public Affairs Specialist

Watkins Strategies

781-720-9726

www.watkinsstrategies.com

Matt Watkins                                       

Watkins Strategies                               

617-571-4582                                    

Mwatkins@watkinsstrategies.com

HFF hires David Gaines as a director in its Chicago office

  

David Gaines

CHICAGO, IL, May 3, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that David Gaines has joined its Chicago office as a director focused on multi-housing investment sales in the Chicago area and throughout the Midwest. 

  

Mr. Gaines has more than 16 years of multi-housing commercial real estate experience and joins HFF from Berkadia Real Estate Advisors, where he was a managing director. 

Prior thereto, he was with Marcus & Millichap Real Estate Investment Services, where he rose through the ranks from their sales intern program to senior director of their National Multi-Housing Group and co-head of the Mid-Market Multifamily Practice when he left in 2015.

 Mr. Gaines is a member of the National Multi Housing Council and Urban Land Institute and is a graduate of the University of Tennessee in Knoxville. 

“David will partner with our existing multi-housing team, led by Sean Fogarty and Marty O’Connell, to strengthen HFF’s middle market multi-housing platform in Chicago and the Midwest,” said Jeff Bramson, head of HFF’s Chicago office.  “We have seen increasing interest from our clients for middle market investment opportunities and are excited to have a dedicated specialist such as David at HFF to meet our client’s growing needs in this space.”

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

Kristen M. Murphy

Director, Public Relations

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

Berger Commercial Realty Facilitates $14.8 Million Sale of East Port Center in Fort Lauderdale, FL

Judy Dolan

 FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice Presidents St. George Guardabassi and Judy Dolan represented EJP East Port, LLC in the $14.8 million sale of East Port Center to East Port Center, LLC.

Following the transaction, which closed on April 26, the new owner retained Berger Commercial Realty as the exclusive leasing agent and property manager for East Port Center.

St. George Guardabassi

“St. George and I have handled leasing for East Port Center for several years, securing major tenants including Pantropic Power, Azimut Benetti, Dow Electronics and others,” Dolan said. “We look forward to continuing our track record of keeping the property at 100 percent occupancy.”

Located at 1881 to 1887 State Road 84 in Fort Lauderdale, East Port Center is a 108,500-square-foot industrial park situated at the northeast corner of I-95. The state-of-the-art complex features 20 feet of clear ceiling height, ample parking, frontage on State Road 84, all glass storefront facades and rear dock-high loading.

“East Port Center is Fort Lauderdale’s highest rated, class-A flex building east of I-95,” Guardabassi said.

The property’s location at the intersection of I-95 and Marina Mile Road makes it accessible from major roadways including I-595, Florida’s Turnpike, State Road 7, and Federal Highway. East Port Center is located within two miles of Fort Lauderdale/Hollywood International Airport and Port Everglades.

For more information about Berger Commercial Realty’s brokerage services, call 954-358-0900.

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

HFF closes $10.015 million sale of and secures $7.37 million in financing for grocery-anchored retail center near Orlando, FL

  

Main Street Square, Fern Park, FL

 

Luis Castillo

ATLANTA, GA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.015 million sale of and secured $7.375 million in acquisition financing for Main Street Square, a 108,509-square-foot neighborhood retail center anchored by Winn-Dixie in the northern Orlando community of Fern Park, Florida.

HFF marketed the property on behalf of the seller, The Nightingale Group, LLC.  Gramercy Property Group, LLC purchased the asset free and clear of existing debt.  Additionally, HFF, working on behalf of the new owner, placed the 10-year, fixed-rate loan with JPMorgan.

Main Street Square is 99 percent leased to a variety of tenants, including Winn-Dixie, Goodwill of Central Florida and Humana.  

Completed in 1988, the center was most recently renovated in 2013 when the Winn-Dixie store interior was completely renovated as well as the shopping center’s façade to enhance the curb appeal.

 Main Street Square is situated on 8.93 acres at 7800 U.S. 17-92 at a signalized intersection in Fern Park, a rapidly growing trade area between Maitland and Altamonte with more than 1,000 apartment units under construction within a two-mile radius of the shopping center. 

Traffic counts exceed 42,000 vehicles per day in front of the property, which is located in a dominant regional retail and office destination that includes the 1.2 million-square-foot Altamonte Mall and 6.4 million square feet of office space.

Whitaker Leonhardt

The HFF investment sales team representing the seller was led by managing director Luis Castillo, associate director Whitaker Leonhardt and senior managing director Richard Reid.

The HFF debt placement team was led by senior managing director Michael Weinberg and associate director Matthew Sand.

“Lender appetite for well-located, grocery-anchored retail remains strong as we saw on this transaction,” Sand said.  “We were pleased with JP Morgan’s ability to execute within a tight timeframe on the acquisition.”

 

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

Stepp Commercial Completes $2.75 Million Sale of Value-Add Apartment Property in Santa Monica, CA

                                                                                                                     

Kimberly R. Stepp

Los Angeles, CA,  May 2, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.75 million sale of a six-unit apartment property located at 2728 Arizona Avenue in Santa Monica.

2728 Arizona Avenue, Santa Monica, CA

Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Chang Family Trust and the buyer was a Los Angeles-based private investor.  

The property sold for a low cap rate of 3.1 percent, a high price per unit of nearly $452,000, and a record price per square foot of $644 for the local area.

“This property provided the buyer with an excellent value-add opportunity with a 25 percent upside in rents,” said Stepp. “With a 50 percent vacancy, the new owner plans to update the vacant units and secure new tenants at market rental rates.”

Built in 1947, the two-story property consists of a mix of one, two- and three-bedroom units. It sits on a large corner lot one block south of Wilshire Blvd. The asset features private garages, private washers and dryers, and a courtyard. 

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

Darcie Giacchetto

949.278.6224

Giacchetto Communications

www.steppcommercial.com

Arbor Funds $13.5 Million in Fannie Mae Deal in Louisiana

                                               

Austin Walker

UNIONDALE, NY (May 2, 2017) - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded a loan totaling $13,470,900 for the refinance of Tangi Lakes Townhomes, located in Hammond, La. under the Fannie Mae Standard DUS® Loan program.

Austin Walker, Originations Sales Associate in Arbor’s New York office, originated the deal.

“Arbor’s underwriting and credit team did an outstanding job overcoming some significant challenges to ensure the certainty of execution I had promised for my client,” Walker said.

The 10-year refinance loans amortizes on a 30-year schedule.

                                                

Tangi Lakes Townhomes is a 185-unit multifamily property that was built in 1999 located in Southeastern Louisiana. Recent improvements consist of 67 townhouses and garden style residential buildings, which are all a combination of fourplexes and triplexes. The property is in close proximity to Southeastern Louisiana University, beautiful Downtown Hammond and all the shopping areas.

The subject property now consists of 1-, 2- and 3-bedroom apartments with a unit mix of 32 one-bedroom units, 99 two-bedroom units, and 54 three-bedroom units. Amenities include barbeque grills, controlled access gates, fitness facility, laundry facility, on-site security personnel, park/play area, and a swimming pool.

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

Arbor Realty Trust, Inc.

 Bonnie Habyan

333 Earle Ovington Blvd, Suite 900                                                

 Tel: (516) 506-4615

Uniondale, NY 11553                                                                        

bhabyan@arbor.com

1-800-ARBOR-10

www.arbor.com