Stepp Commercial Completes $3.3 Million Sale of Cherry Avenue Apartments in Retro Row Neighborhood of Downtown Long Beach, CA

Robert Stepp

Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.3 million sale of Cherry Avenue Apartments, a 12-unit apartment property within the Retro Row neighborhood of Downtown in Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, 546 cherry Waterford, LLC from Long Beach. The buyer was a private investor from Palos Verdes. The property closed at a 4.4 percent cap rate and a price per unit of $275,000.

Built in 1963, the two-story property is located at 546 Cherry Avenue. The property includes seven, one-bedroom units, three two-bedroom units and two studio units. The property offers ample parking, controlled access entry and a laundry facility.

"This property was recently renovated and offered the buyer an upgraded, turn-key asset. We received a number of offers and was sold at full asking price," said Stepp.

Cherry Avenue Apartments is situated less than one-mile from the ocean and is just three blocks from the more than 40 shops and restaurants of Retro Row on East 4th Street.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

MCA Realty Acquires Eight-Acre Land Parcel in Temecula; Plans 140,000-SF Industrial Development

Tyler Mattox

Temecula, CA – MCA Realty, a full service real estate investment and management company, has acquired an eight-acre land parcel in Temecula, California. 

The firm plans to develop a 140,000 square-foot industrial building on the site, which will be the first industrial development built in the City of Temecula in over eight years, according to MCA Realty Principal, Tyler Mattox.

“There is no other competitive product currently being developed in the region,” explains Mattox. “This is the last developable land parcel in Temecula with the ability to accommodate a building in excess of 100,000 square feet, providing a strong opportunity and competitive advantage for MCA.”

MCA Realty plans to break ground on the new industrial development, which it will brand as MCA Business Center, this month, May 2017.

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

Avanath Capital Management Doubles Brooklyn Footprint; Acquires 17-Building Affordable Housing Portfolio for $73 Million

John Williams

 BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that has invested over $1 billion in affordable and workforce housing properties throughout the United States, has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn, New York for $73 million. 

The properties were acquired in joint partnership with New York-based Oak Tree Management.

“This portfolio presented a rare opportunity to gain a substantial stake in one of the most dynamic markets in the nation,” explains John Williams, President and Chief Investment Officer of Avanath. 

“Brooklyn’s explosive economic growth, population gains, and cultural renaissance are driving an influx of investment capital to this market, which consistently ranks as one of the most expensive places to live in the U.S.”

Located in the rapidly growing neighborhoods of Prospect Heights, Crown Heights, Williamsburg, and Bedford-Stuyvesant, the properties include 115 rent-stabilized units, 79 free-market units, and 4 commercial spaces.

Average rents in these assets range from $1,700 to $2,500 - roughly half the cost of rental comps in the Brooklyn submarket, according to Williams.

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

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@BrowerMillerCole.com

The newly launched AVANI Avenida Liberdade Lisbon Hotel Offers travelers a stylish and well-priced base in the Portuguese capital’s most fashionable street

AVANI Avenida Liberdade Lisbon Hotel, Lisbon, Portugal

 LISBON, PORTUGAL -- Avenida da Liberdade is the best address in Lisbon and it is now possible to stay at the upscale AVANI Avenida Liberdade Lisbon Hotel. The newly launched Hotel has a perfect location just off fashion-forward Avenida da Liberdade, which attracts an eclectic crowd to its tree-lined esplanades with big-name designer labels and continental sidewalk cafes.

The hotel, formerly Tivoli Jardim Hotel, has undergone an extensive 1.5 million Euro refurbishment. The upgrade includes the redesign of the façade, the guest rooms, lobby, reception, the installation of an AVANIFIT gym and the relaunch of well-known Olivier Restaurant.

The open plan and retro spirit of the lobby merges chill, social and work areas, offering a stylish communal space in which to relax.

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

Hwee Peng Yeo

Vice President

Glodow Nead Communications

hweepeng@glodownead.com

www.GlodowNead.com

HFF arranges $28.7 million acquisition financing for a Macy’s in west Los Angeles, CA

Macy's Westside Pavilion Mall, West Los Angeles, CA

Kevin MacKenzie

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $28.7 million in financing for the acquisition of a six-acre parcel that includes a 244,000-square-foot retail structure that is occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall in west Los Angeles, California.

HFF worked on behalf of the borrower, GPI Companies, to secure the two-year, fixed-rate loan through a life insurance company. 

The property is part of the Westside Pavilion Mall, and is anchored by a 244,000-square-foot Macy’s.  Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated in prestigious west Los Angeles, close to the 405 and 10 Freeways. 

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie, director Greg Brown, director Jeff Sause and associate Jamie Kline.

 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

HFF closes sale of two-property hotel portfolio in Charleston, SC and Bluffton/Hilton Head, SC

  

Candlewood Suite Bluffton/Hilton Head, SC

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a two-property Candlewood Suites portfolio totaling 249 rooms in Charleston and Bluffton/Hilton Head, South Carolina

HFF marketed the property on behalf of the seller, Liberty Group.  Affiliates of DC Hospitality Group, LLC purchased the assets unencumbered of debt and existing management.  Liberty Group acquired the hotels in 2013 and 2014 through its private-equity vehicle, Liberty Hospitality Fund I, LLC.

Candlewood Suites Charleston, SC

The portfolio comprises the 125-room Candlewood Suites Charleston and the 124-room Candlewood Suites Bluffton/Hilton Head.  Both four-story hotels are pet friendly and feature the Candlewood Cupboard, sundry shop, an outdoor gazebo grill and 24-hour fitness center.

The Candlewood Suites Charleston was developed in 2007 and renovated in 2014. 

Situated on 3.26 acres at 2177 Northwoods Boulevard in North Charleston, the hotel is adjacent to Interstate 26 and is proximate to Charleston International Airport.  The Candlewood Suites Bluffton/Hilton Head was developed in 2010 and renovated in 2014.

 In addition to the above-mentioned amenities, the hotel has an outdoor pool.  The Candlewood Suites Bluffton/Hilton Head is housed on 3.3 acres at 5 Young Clyde Court in the Bluffton/Hilton Head area, which is one of the most popular tourist destinations in the southern United States with 2.5 million annual visitors.

Michael Weinberg

 The hotel is in the epicenter of the 10,000-acre Sun City Hilton Head master-planned community situated along US 278, the primary thoroughfare to Hilton Head Island.

The HFF team was led by senior managing director Michael Weinberg, associate director Preston Reid and director Chris Lingerfelt.

“The sale of these hotels represented the successful full-cycle execution of our fund investment strategy,” stated Punit Shah, Chief Executive Officer of Liberty Group. “The sale of these assets validates the appeal of select-service and extended-stay hotels to both institutional and strategic purchasers.”

“The portfolio offers a tremendous opportunity to acquire two strong-performing assets in flourishing areas across the Southeast,” Lingerfelt said.  “Both the Charleston and Bluffton/Hilton Head lodging markets are supported by healthy demand generators and are poised for long-term growth.”

 “We continue to see robust interest for branded select-service and extended-stay assets in strong southeastern markets, especially when they have a strong going-in yield coupled with below replacement cost pricing,” Reid added.

 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

www.dcpartnersre.com

http://www.libertygrouphotels.com.

Draper and Kramer Acquires 3-Acre Commercial Development Parcel in Park Ridge, IL

Paul Buckingham

CHICAGO, IL – Draper and Kramer, Incorporated, a full-service national real estate firm, announces it has closed on the purchase of a 3-acre commercial development parcel located in Park Ridge, Ill., at the corner of Greenwood Avenue and Busse Highway.

The firm was self-represented in the transaction, while the seller, the American Society of Anesthesiologists, was represented by Paul Buckingham and Terry Alexa of Newmark Grubb Knight Frank.

Following the acquisition, Draper and Kramer sold a portion of the site to a developer for a luxury senior housing development. Jason Gustavson of Stone Real Estate is marketing the remaining commercial parcel on behalf of Draper and Kramer.

This is Draper and Kramer’s second transaction in Park Ridge during the last year. In December 2016, Draper and Kramer sold a medical office building located at 101 S. Washington Ave., directly adjacent to Whole Foods. Danny Spitz and Greg Dietz of Baum Realty Group represented Draper and Kramer in the sale.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

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

Mary Jo Wenmouth Joins Capital Square 1031 as Managing Director

Mary Jo Wenmouth

 RICHMOND, VA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust investments, announced Mary Jo Wenmouth, a veteran of Section 1031 exchange and direct real estate investments, has joined the company as managing director.

Wenmouth will be responsible for fostering relationships with broker-dealers and due diligence officers on behalf of Capital Square 1031. She will also oversee Section 1031 investment sales in the Midwest.

“Mary Jo brings 16 years of in-depth experience in Section 1031 exchange and other Reg D investments to her position at Capital Square,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

Louis Rogers

“A respected professional, she has a well-earned reputation for success and professionalism with established relationships throughout the industry that will benefit our firm and our investors alike. I couldn’t be more pleased to welcome her to our rapidly growing team.”

Wenmouth joins Capital Square 1031 from Silver Portal Capital, where she served as senior vice president. Previously, she spent 15 years with Inland Securities Corporation, where she was vice president and senior private capital consultant.

In this role, she coordinated with financial advisors to facilitate Section 1031 exchange and cash investments in Regulation D private placements. She also traveled throughout the nation, collaborating with broker-dealers to provide in-depth Section 1031 exchange education to financial advisors.

From 2013 to 2015, Wenmouth originated more than $100 million in personal sales volume in the northwest.  Prior to Inland Securities Corporation, Wenmouth served as vice president of Harris Bank/Bank of Montreal, and as vice president, operations manager for Clayton Brown & Associates.

As a regular presenter at the CPA Academy, Wenmouth has provided Certified Public Accountants with continuing education credits, sharing expertise on 1031 exchanges and DSTs.

Wenmouth attended DePaul University in Chicago, Illinois. She holds FINRA Series 7, 24 and 63 licenses, and is a member of the Federation of Exchange Accommodators.

 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

                                      

www.CapitalSquare1031.com.

Draper and Kramer, Incorporated, Earns Four Honors at St. Louis Apartment Association Rising Star Awards

Julie Johnson

                                                                                                       

CHICAGO, IL (May 19, 2017) – Draper and Kramer, Incorporated, a full-service national real estate firm, is pleased to announce it was honored with four awards at the St. Louis Apartment Association Rising Star Awards, which were held April 28.

The awards banquet is hosted annually by the St. Louis Apartment Association (SLAA) to recognize the work of the organization’s members in the industry.

“St. Louis is an extremely important market for Draper and Kramer since we own and manage several properties here and are also currently developing new rental communities in the area,” said Julie Johnson, senior vice president and director of management services for Draper and Kramer.

 “It is very gratifying to have our St. Louis-area properties and staff recognized by the SLAA for outstanding performance, confirming the confidence we have in our team as top property management professionals.”

Draper and Kramer received the SLAA’s Property of the Year award for Fieldpointe of St. Louis, a recently renovated community of 318 luxury apartments located in the West County area of St. Louis. Honored in the market-rate category for properties built prior to 2000 and with up to 400 units, Fieldpointe of St. Louis was recognized for its outstanding offering of amenities as well as customer service and management policies that deliver an exceptional experience for residents. 

Additionally, three Draper and Kramer employees were honored with individual SLAA Rising Star Awards:

Fieldpointe of St. Louis Apartments, St. Louis, MO

·       Michael Meador, Multi-Site Maintenance Supervisor/Capital Improvement Director of the Year: As head engineer of St. Louis operations for Draper and Kramer, Meador oversees the maintenance operations for 1,109 rental units, spearheading major renovations and capital improvement projects as well as make-ready turns.

·       Julie Henderson, Groundsperson/Housekeeper of the Year: A 22-year employee of Draper and Kramer, Henderson is part of the janitorial/grounds staff at Hampton Gardens Apartments in the historic “Hill” area of St. Louis.

·       Mark Harris, Maintenance Technician of the Year (201 to 401+ Units) : Harris is a maintenance technician for Draper and Kramer at Fieldpointe of St. Louis. 

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

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

www.draperandkramer.com.

NAI Realvest Represents Tenants in Two Long-Term Office Leases, Downtown and in East Orlando, FL

Tiffany Zullo

Andrew McCaw

 ORLANDO, FL -- NAI Realvest VP of Tenant Representation Andrew McCaw assisted the Tenant Kisinger Campo & Associates (KCA) in its recent office expansion and long-term lease extension at Fairwinds Tower, 135 W. Central Blvd., Orlando.

KCA, a multidisciplinary engineering firm based in Tampa, expanded into 4,180 square feet at the downtown office building.  Landlord Central Fairwinds Limited Partnership was represented by Tiffany Zullo of Tower Realty Partners, Inc. 

In East Orlando, McCaw represented Advanced Systems Technology in a lease renewal agreement for 1,590 square feet of office space in Research Commons at 12249 Science Drive. 

The tenant specializes in software and systems engineering for instruction and simulation training.  Landlord CIO Research Commons LLC was represented by Zullo of Tower Realty Partners Inc.

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

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

Hold-Thyssen Locates 3,000 Square Feet of Industrial Space to Facilitate Tenant’s Opening in Orlando Market

  

 

N. Joelle Forster

ORLANDO, FL--- Hold-Thyssen, Inc., a full service real estate services firm, recently negotiated a long term lease of 3,000 square feet of industrial property including a newly constructed warehouse building and small front office for The Bullbag at 1713 and 1715 S. Division Ave. in Orlando.

The Hold-Thyssen brokerage team of Martin Forster, CCIM and N. Joelle Forster   represented the new tenant and located the property owned by Richard and Allison Rogers, the landlords who were represented by Michael Heidrich of NAI Realvest.

The Bullbag, based in Killingworth, Ct. is active in the Northeast and south Florida but new to the Orlando market.  

Using their proprietary heavy-duty foldable bags and crane-equipped trucks, the company picks up and disposes of construction debris from project sites where less than a full dumpster is needed.

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

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

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

Bijou Bay Harbor Breaks Ground on Boutique Luxury Condominium on Bay Harbor Islands, FL

  

Robert Morales

BAY HARBOR ISLANDS, FL  –Bijou Bay Harbor, a luxury waterfront boutique condominium recently celebrated the official groundbreaking for its 41-unit development. 

With 70 percent of its available units sold, project developers and the sales team threw the first shovel-full of dirt to kick-off construction.

Bay Harbor Islands City officials, developers and the entire sales team attended the event to kick of the next stage of development. “We are truly excited to move forward into the next stage of development,” said Robert Morales, vice president of operations for Ability by Acierto.

 “Bijou Bay Harbor has and will continue to be an integral part of the island community and its growth. We can’t wait for residents to move in and experience the waterfront oasis for themselves.”

Bijou Bay Harbor is the first South Florida development project from Ability by Acierto. The U.S. development company founded by respected mega-developer Juan Carlos Gonzalez has partnered with Conexo Inmobiliario. Andres Arias, founder of Conexo Inmobiliario, will serve as the president of new developments for Ability by Acierto.

Bijou Bay Harbor will feature 41 private residences, including five penthouses with open and light layouts. Floorplans range from 900 to just over 2,000 square feet. Prices start at $600,000 and rise to $2 million for the penthouses.

Residents will enjoy boutique island living and casual elegance in the Bay Harbor Islands community. This walkable, urban enclave features upscale shops and dozens of restaurants, while the bustling Kane Concourse and the affluent shopping of Bal Harbour Shops is just steps over the Intracoastal Waterway. There’s also convenient access to Surfside, Aventura and Miami Beach.

Liza Hernandez

“It has been amazing to see this project come to life,” said Director of Sales Liza Hernandez. Bijou will be the monument for luxury, taste and design on the island. We are bringing a new standard of design and development to Bay Harbor Islands.”

With Bijou Bay Harbor as its debut project, Ability by Acierto seeks to expand its development portfolio.

The Gonzalez name has been associated with some of Colombia’s most successful residential and commercial development projects. His firm, Acierto Inmobiliario, is the nation’s second-largest development company and has built 10 million square feet of commercial and residential projects.

Destinations include Torre Empresarial Porvenir, and the popular Centro Comercial Sao Paulo mall in Medellín. In Bogota, the firm built the Country Reservado, Avenida 68 and El Bosque condominium.

  

Bijou Bay Harbor is located at 9521 E. Bay Harbor Drive, Bay Harbor Islands, FL 33154.

For sales information, please visit www.bijoubayharbor.com or contact our sales gallery at 305- 864-2220 or info@bijoubayharbor.com. The sales center has recently moved to 1050 Kane Concourse.

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

BoardroomPR

Sandra Reichman

sreichman@boardroompr.com

(954) 370-8999

www.bijoubayharbor.com.

Renovation Complete at 42-Unit Affordable Housing Community in North Tennessee

Michael Gaber

CELINA, TN – WNC, a national investor in real estate and community development initiatives, announced the renovation of Southern Oaks Apartments, a 42-unit affordable housing community in Celina, Tennessee, has been completed. WNC provided approximately $3.1 million in low-income housing tax credit (LIHTC) equity to fund the rehabilitation project.

“With the demand for affordable housing continuing to grow across the nation and outpace the development of new stock, it’s increasingly important to preserve and protect existing LIHTC communities,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are very pleased to announce the renovation of Southern Oaks Apartments, which provides quality, safe affordable homes to families in need.”

Located at 1001 Gainesboro Highway, Southern Oaks Apartments is comprised of eight resident buildings and a clubhouse. Community amenities include a laundry facility, computer center, playground and picnic area.

Southern Oaks Apartments is available to families with incomes at 50 percent and 60 percent of the area’s median household income level.

CMS Real Estate Development LLC served as the developer for the renovation project.

 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

 www.wncinc.com.

Shopoff Realty Investments Invests in a Ground Lease in Carson, CA

 Carson, CA, May 16, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has invested in the entity that holds the ground lease for the Links at Victoria Golf Course. 

The County of Los Angeles-owned 170+ acre property is located at 340 East 192nd Street in the city of Carson, California.

“The Links at Victoria Golf Course acquisition fits in well with our overall portfolio, as we focus on properties in core infill locations with value-add components,” said Shopoff Realty Investments CEO William Shopoff. “We are thrilled to invest in this property, and will continue to seek similar investment opportunities that align with our company acquisition strategy.”

The golf course is in close proximity to the major employers and residential areas of South L.A. County.  The current golf course management by Greenway Golf and the cash infusion provided by Shopoff will allow the facility to return to operational soundness.

“Current plans for the golf course include increasing operational income through enhanced golf course facilities and food and beverage operations,” said John Santry, executive vice president of Shopoff Realty Investments Land Division. 

“Plans also include creating a better overall visitor experience for local golfers, including a completely redesigned driving range, which will also increase the number of rounds played and the top line revenue.”

The opening for the new driving range is scheduled for June 2017 in anticipation of the extended summer playing hours.  A beverage cart with on-course service will commence in the coming weeks. Additional course enhancements including environmentally friendly turf reductions are planned for the future as well.

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

Shopoff Realty Investments Sells 18 Acres of Land Entitled for Home Development Near Future Los Angeles NFL Stadium

William Shopoff

INGLEWOOD, CA – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has sold 18 acres of land it previously entitled for the ground-up development of 310 for-sale residential units.

 The site is currently occupied by the former Daniel Freeman Hospital and is located at 333 North Prairie Avenue in Inglewood, California.

“Finding opportunities like this full-cycle investment that have a value-add execution and benefit the surrounding community is the focus of our land entitlement business plan,” said Shopoff Realty Investments CEO William Shopoff.

“Inglewood is currently going through a massive revitalization that is helping to drive the Southern California economy. The potential development of 310 homes would help to create much needed additional housing for local residents.”

The site was purchased at the end of 2013 and is located a mile north of the future home of the NFL’s Los Angeles Rams, the LA Stadium at Hollywood Park.

In addition to the stadium, 800,000 square feet of retail and commercial space and for-rent residential units will be built with the NFL stadium in this up-and-coming submarket.

John Santry

333 North Prairie Avenue is also located two blocks from the under construction, Florence/La Brea Metro transit station, which will allow commuting options for future residents.

“Though unrelated to the stadium development, this for sale residential development will accentuate the benefits to the local community and economy,” said John Santry, executive vice president of Shopoff Realty Investments Land Division. 

“We were pleased to execute on this business plan and contribute to the overall improvement of the Inglewood area, while also developing new relationships with the City of Inglewood.”

During the entitlement process, operating income was generated by leasing facilities for location feature film shoots and television show productions.

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