Berger Commercial Realty Named Exclusive Leasing Agent for 60,000-Square-Foot Office Building in Fort Lauderdale, FL

John Forman

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice President Keith Graves and Sales Associate John Forman were recently appointed by 2601 M L Fund, LLC as the exclusive leasing agent for 2601 E. Oakland Park Blvd., a 59,878-square-foot, six-story office building located in Fort Lauderdale.

Located adjacent to Coral Ridge Mall, which is anchored by Publix and Target, just east of the Oakland Park Blvd. and Federal Highway intersection, the multi-tenant office building offers ocean views, surface and garage parking and recently upgraded common areas.

“The building accommodates a mix of professional service firms and financial tenants and offers outstanding visibility and a convenient location in the heart of east Fort Lauderdale,” Graves said. “It’s also within walking distance of many local restaurants and shops.”

For more information about Berger Commercial Realty’s leasing 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

Arbor Funds $15.4M in Fannie Mae Deal in Charlotte, NC

Pressley Ridge Apartment Homes, Southwest Charlotte, NC

 UNIONDALE, NY -- 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 $15,400,000 for the acquisition of Pressley Ridge Apartment Homes, located in Charlotte, NC under the Fannie Mae Standard DUS® Loan program.

James Fiesel

James Fiesel, Originator, based in Arbor’s New York office, originated the deal.

“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside, and the new owners have a long track record of successful execution.” Fiesel said.

The 7/6 ARM acquisition loan represents 80% of the purchase price and features a 24-month interest-only term. 

                                             

Pressley Ridge Apartment Homes, located in Southwest Charlotte, is a two-story, 504-unit multifamily property that was built in 1969. Located on a Charlotte Area Transit System (CATS) bus line, the property is in close proximity to the uptown area and its dining and shopping.

The property currently consists of one-, two- and three-bedroom apartments with a unit mix of 176 one-bedroom units, 224 two-bedroom units, and 104 three-bedroom units. Amenities include on-site management, picnic grills, washer/dryer in every unit, and access to the new community center, playgrounds and soccer fields.

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

Arbor Realty Trust, Inc.

 Bonnie Habyan

333 Earle Ovington Blvd, Suite 900                                                 516.506.4615

Uniondale, NY 11553                                                                       bhabyan@arbor.com

800.ARBOR.10

www.arbor.com

Olive Hill Group Announces $1.5 Million Redevelopment of Creative Office campus in Dynamic Silicon Beach, CA Market

Tim Lee

LOS ANGELES, CA  – Olive Hill Group, a Los Angeles-based private investor, operator and developer of commercial real estate, has announced a $1.5 million redevelopment of its 205,135 square-foot creative office campus in the emerging Culver City submarket of Silicon Beach.

The firm is rebranding the property to the Courtyard at Culver Pointe, according to Michael Cho, President of Olive Hill Group.

Located in one of the fastest growing and most dynamic creative markets in California, the Class A office property features a 30,000 square-foot central courtyard which Olive Hill Group plans to redevelop into a campus-like setting with outdoor amenity areas.

“The Silicon Beach office market is experiencing explosive growth,” explains Cho. “Fueled by the creative synergies of tech giants such as Google and Facebook, Silicon Beach continues to attract major players in the digital media, entertainment, and technology industries seeking creative workspaces to support their growth and expansion.

“Our strategy is to capitalize on this momentum by converting this property into a creative office campus, thereby delivering a true live/work/play experience that today’s tenants are demanding.”

Silicon Beach, CA

Olive Hill Group plans to activate and modernize the courtyard by incorporating the latest amenities that will attract creative users. 

The proposed redevelopment plan will include a food truck loading zone, upgraded seating areas throughout the courtyard, hammocks within a lounge setting, bike-friendly pathways, and a bocce ball court, among others.

“The property’s campus orientation presents a unique value-add opportunity to expand the on-site amenities by optimizing the outdoor courtyard space,” continues Cho. “By integrating amenities such as shaded dining areas, we are cultivating an environment that will foster socialization and relaxation, enabling us to attract and retain quality tenants. In doing so, we will be able to drive tenant retention and long-term value for this asset.”

“As the office sector continues to evolve, tenants are increasingly demanding flexible, creative workspaces that encourage collaboration and innovation,” notes Tim Lee, Vice President of Corporate Development and Legal Affairs at Olive Hill Group. “In order to attract and retain today’s millennial workforce, employers are seeking work/play environments with outdoor gathering spaces and the latest lifestyle amenities, and are willing to pay a premium for creative spaces that support this lifestyle.”

Lee notes that the Courtyard at Culver Pointe will offer tenants a true value-oriented alternative to office space in neighboring Venice or Santa Monica, while still providing the same quality amenities and features that will attract talent.

Tenants at the creative office campus, which is currently 95 percent occupied by a diverse range of businesses, include global companies such as Ipsos Insight, Omnia Media, as well as DataScience Inc., Paychex and Shiseido Cosmetics, among others.

The property is located at 200-300 Corporate Pointe in Culver City, California. AKA Architecture, based in downtown Los Angeles, has been commissioned as the architect for this redevelopment project. The estimated completion date of the project is September 2017.

  

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

Katie Kea

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

KKea@browermillercole.com

Marcus & Millichap Brokers $7.98 Million Sale of Three Florida Wendy locations

Ronnie Issenberg

MIAMI, 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 three Florida Wendy’s located in the cities of Ocala, Dunnellon and Tamarac, according to Kirk A. Felici, regional manager of the firm’s Miami office. The portfolio sold for $7,981,907.

Ronnie Issenberg and Gabriel Britti, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listings to market the properties on behalf of the sellers, limited liability companies from Florida.

“We had multiple backup offers at ask price for these assets, which shows the demand, not only for South Florida Real Estate, but also for fast food assets” says Issenberg.

 “In an economy where most investors are afraid of the internet and Amazon hurting their retail investments, fast food net-leased assets really stick out. As of now, you cannot order a hamburger and fries on Amazon.”

Gabriel Britti

“In our opinion, QSR net-leased assets will continue to be the most favorable for investors, which will lead to cap rates holding steady throughout the next few quarters” adds Britti.

“We have followed our gut instinct, have listed, and will continue to list fast food net-leased assets to fulfill the demand we are seeing from net-leased investors” adds Issenberg.

According to Marcus & Millichap, Britti and Issenberg are two of the top net-leased brokers in the United States.

.

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

Ronnie Issenberg / Gabriel Britti

First Vice Presidents, Miami

(786) 522-7000

HFF closes $57.8 million sale of and arranges $46 million financing for 312-unit multi-housing community in suburban Denver, CO

  

Silver Cliff Apartments, 5725 South Delaware Street, Englewood, CO

 

Jordan Robbins

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $57.8 million sale of and arranged $46 million in acquisition financing for Silver Cliff, a 312-unit, garden-style multi-housing community in the south Denver suburb of Englewood, Colorado.

HFF marketed the asset exclusively on behalf of Weidner Apartment Homes.  Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased the unencumbered property jointly with a third-party family office and discretionary-affiliated investment vehicle. 

Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate loan with three years of interest only amortization with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loan allows flexible prepayment in year six to seven and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Silver Cliff is situated on approximately 10.6 acres at 5275 South Delaware Street just west of the intersection of South Broadway and Belleview Avenue.  Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton, the community is proximate to numerous parks, major retailers, the South Broadway corridor and RTD Light Rail service. 

Anna Stevens

Silver Cliff has nine residential buildings consisting of one- and two-bedroom units averaging 815 square feet along with a full suite of amenities, including a swimming pool, dog run, playground, 24-hour fitness center, garages and carports and sweeping views of the Rocky Mountains.  The property was 97 percent leased at closing.

Jeff Haag

 The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate directors Jeff Haag and Anna Stevens.

HFF’s debt placement team representing the new owner was led by managing director Josh Simon.

Weidner Apartment Homes was founded in 1977 by Dean Weidner.  With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 17th on NMHC’s top 50 list of apartment management companies and has 48,000 units throughout the U.S. and Canada

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

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 |www.hfflp.com

ohennessey@hfflp.com

Strategic Student & Senior Housing Trust Acquires The District at University of Arkansas for $57 Million

H. Michael Schwartz

Fayetteville, AR – Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC, announced its acquisition of The District, a 198-unit, 592-bed student housing property adjacent to the University of Arkansas in Fayetteville. The purchase price for the building was $57 million.

Formerly known as Sterling District, the 2.3-acre student housing property is located at 376 W. Watson St. and includes one-, two-, three- and four-bedroom, fully furnished floor plans. The District is currently 95 percent pre-leased for the 2017-2018 academic year.

“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust.

John Strockis

“Completed in 2016, The District is an amenities-rich and modern urban wrap-design property that is consistent with our acquisition strategy of acquiring stabilized and purpose-built student housing assets adjacent to Tier 1 universities.

“The property includes many safety features, such as gated access, pass-key systems, on-site management with regular security patrols and an on-site, six-story controlled access parking garage.

“In addition, we have retained Asset Campus Housing, one of the nation’s premier third-party student housing managers, to provide on-site management.”

Asset Campus Housing, which is a member of The Institute of Real Estate Management and is recognized as an Accredited Management Organization, currently manages in excess of 210 properties and 118,500 beds.

“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” said John Strockis, senior vice president of acquisitions of the REIT.

“The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”

University of Arkansas, Fayetteville, AR

Each apartment unit is fully furnished with state-of-the-art amenities and energy efficient appliance packages. 

Community amenities include a computer lab and business center; study rooms; an expansive pool, spa and courtyard; and a fitness facility with a separate yoga room.

The District is certified by the U.S. Green Building Council as LEED-Gold, the second-highest certification level that recognizes properties that use less water and energy, and reduce greenhouse gas emissions.

In addition to its energy efficient appliances and other amenities, the property also provides preferred parking for fuel efficient vehicles, a bike-sharing program, increased natural light and close proximity to mass transit for ride-sharing.

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

Julie Leber, Damon Elder

Spotlight Marketing Communications

 (949) 427-5172, ext. 703

(949) 427-5172, ext. 702

julie@spotlightmarcom.com

 damon@spotlightmarcom.com

www.smartstop.ca

.

WNC Closes $85 Million California Institutional LIHTC Fund

Michael Gaber

 IRVINE, CA, June 30, 2017 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), an $85 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. 

Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply.  Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.

“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”

CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.

 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

Key City of Miami Board Approves Verzasca Group’s Rental Project in Edgewater Neighborhood

Robert Behar

MIAMI, FL – Developer Verzasca Group has obtained a critical approval from the City of Miami’s Urban Development Review Board for its 2000 Biscayne rental apartment project in the Edgewater neighborhood.

The board, which was created by the city to review all urban projects of more than 200,000 square feet in accordance with the Miami 21 zoning code, unanimously supported the development during its Thursday, June 29 meeting. 

The next step is approval from the city’s Planning and Zoning Department, followed by a 15-day appeal period.

Verzasca proposes to build a 36-story high-rise tower with 393 studio, one, two and three-bedroom apartment units totaling nearly 360,000 square feet of living space on the 2000 Biscayne Boulevard site. Dorsky + Yue International Architecture is the building designer.

Gerald Marsten

During the meeting, board Chair Robert Behar praised the project design, which accounted for the configuration of the site. The project is located on a portion of Biscayne Boulevard that is considered a transit corridor of the city and zoned for increased density.

Board member Gerald Marsten cited the landscaping plan and synergy between the project and surrounding urban environment.

“We are thrilled to get the support for our Edgewater project from this pivotal city board,” said Verzasca Managing Director Tim Lobanov. 

“The Edgewater neighborhood has experienced an incredible transformation into one of Miami’s most desirable urban areas to live in – particularly for renters. We are big long-term believers in the neighborhood.”

 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

Marcus & Millichap Brokers $6.25 Million Howell Branch Corners in Casselberry, FL

Douglas K. Mandel

CASSELBERRY, FL, June 30, 2017 – 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 Howell Branch Corners, a 14,765-square foot retail property located in Casselberry, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office.

The asset was 77 percent occupied at the time of sale and sold for $6,525,000 or $442 PSF.

Douglas K. Mandel, Senior Managing Director Investments, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, Associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured and represented the buyer, a limited liability company.

Mandel states, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

Nicholas Hanson

Howell Branch Corners is located at 2525 Howell Branch Road in Casselberry, FL.  Shadow-anchored by a Casselberry Commons, the property is located at the signalized corner of Howell Branch and Semoran Boulevard, one of the busiest thoroughfares in the Orland, offering tenants excellent exposure.

Howell Branch Corners is a 14,765-square foot, premium retail plaza boasting national tenants such as Starbucks, BB&T and T-Mobile. 

“Buyers are seeking premium assets in  nontraditional-class A locations where they can achieve strong returns with the opportunity to add value,” continues Hanson

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

 Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Bull Realty's Website Debuts to Buy Commercial Real Estate Online

Michael Bull

ATLANTA, GA (June 28, 2017) — Atlanta based commercial real estate asset and occupancy services firm Bull Realty, Inc has created a new website to buy commercial properties, apartments, and land online.

Users can see available properties and execute purchase offers online with DocuSign, right on the website. For properties with more sensitive documents, users can sign confidentiality agreements online.

The home page features dramatic video of Downtown, Midtown, Buckhead, and Perimeter skyline sunset views.

Steve Barnes, President of Barnes Creative Studios, filmed the homepage video footage for the site in a helicopter. Of the website, Barnes said, “It’s refreshing to see a commercial real estate website that is highly functional and actually helps you get business done.”

The site can also send users alerts when properties become available that match their chosen property type, price range, and location of interest.

Steve Barnes

“It’s pretty awesome …You know about new available properties in the exact property type, price range and area you want, as soon as they hit the market. Review due diligence, DocuSign a purchase offer, email a friend, all from the convenience of any device, including your phone,” said CEO, Michael Bull.

The site is online now at www.BullRealty.com.

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com - Bull Realty, Inc. (www.BullRealty.com) is a commercial real estate asset and occupancy solutions provider headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services.

 The firm also produces and hosts America’s Commercial Real Estate Show (www.CREshow.com) and Atlanta’s Commercial Real Estate Show (www.ATLCREShow.com).

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

BullRealty.com

CREshow.com

ATLCREshow.com

George Smith Partners Secures $26.5 Million in Financing for Gershwin Apartments and Adjacent Multifamily Community in Hollywood, CA

Gershwin Apartments, Hollywood Boulevard, Hollywood, CA

LOS ANGELES, CA (June 27, 2017) – Commercial real estate investment banking firm George Smith Partners has successfully secured $26.5 million in refinancing for Gershwin Apartments, a 163-unit apartment community with 10,500 square feet of ground-floor retail space, along with acquisition financing for an adjacent nine-unit multifamily asset located in Hollywood, California.

The financing was arranged by George Smith Partners’ Managing Director Shahin Yazdi.

Shahin Yazdi

“East Hollywood is the next up-and-coming neighborhood in Los Angeles,” says Yazdi. “The submarket’s central location, diverse array of cultural icons and entertainment venues, and explosive growth are driving an influx of residents and investment capital to this region, making it poised for tremendous revitalization and ongoing urbanization.”

Located on Hollywood Boulevard, the Gershwin Apartments was acquired by Massie Capital and Glenn & Shannon Dellimore in 2015.

 George Smith Partners arranged a competitive loan for that acquisition at a time when east Hollywood was just beginning to emerge as the next growth area of Los Angeles.

Two years later, after successfully executing the first phase of its renovation plan and exceeding its NOI expectations, the Sponsor requested another loan to refinance the existing loan and complete Phase II of the renovation, while simultaneously purchasing an adjacent multifamily property, bringing the property’s total unit count to 172.

Gershwin Apartments is located at 5533 Hollywood Boulevard, and Gershwin Villas is located at 1714 Garfield Place in Los Angeles, California.

“By merging the two assets, the Sponsor will be able to manage the two parcels as one, resulting in strong investment potential and opportunities for deep value creation,” explains Yazdi. “This investment strategy enables the sponsor to expand its presence as a multifamily owner in the region while leveraging existing demand for urban living in the east Hollywood submarket.”

  

The Sponsor will also reposition and rebrand the nine-unit multifamily asset as the Gershwin Bungalows, which will feature private patios and share the same resort-style amenities offered at The Gershwin Apartments.

  

Brian Massie

Brian Massie, Founder of Massie Capital, asserts that his team immediately recognized the value in this expansion opportunity.

“Gershwin Apartments is a unique asset with historic value and deep ties to the local community,” notes Massie. 

“This 1920s art deco building was formerly a hotel and was later redeveloped into an apartment community in 2013 by the previous owner, CIM Group. 

"We plan to further redevelop this property into a luxury apartment community with shared common areas and high-tech features, while also preserving the integrity of its Hollywood charm and historic character.”

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

Miki (Conant) Akil / Katie Kea

Brower, Miller & Cole

(949) 955-7940

makil@browermillercole.com

www.GSPartners.com

Rhodes+Brito Architects Earn Contract to Design Volusia County Schools’ First New Elementary in Years

Ruffin Rhodes

New Smyrna Beach, FL and Orlando, FL --- Rhodes+Brito Architects in Orlando was selected to design a brand new Chisholm Elementary, replacing the original building erected in the 1940s on Ronnoc Lane off of Wayne Ave. and Hwy. A1A in New Smyrna Beach. 

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said his firm is currently underway with the planning and design of the new 85,000 square foot school to accommodate 750 students, implementing 21st century design concepts that enhance the learning experience and student interaction.

The extra one-half cent sales tax in Volusia County finally raised enough funds to cover the much needed project that will revitalize the entire neighborhood of this historic Westside District of New Smyrna Beach, according to Rhodes.

The design phase will be completed by May of 2018 and construction, at an estimated cost of $17 million, will get underway in June of next year.    

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

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

Lincoln Property Co negotiates Leases at Airport Business Center in Orlando, FL for more than 6,391 Square Feet of Office / Flex Space

Sean Dupree

ORLANDO, Fla. – Lincoln Property Company Southeast, a full service commercial real estate firm based in Orlando, recently completed two new and one renewal lease for 6,391 rentable square feet at Airport Business Center, 5730-5892 S. Semoran Blvd. in Orlando.

Sean DuPree, Broker at Lincoln Property, negotiated the transactions on behalf of the Landlord Ros-Orlando Airport 371 LLC. 

Menzie’s Aviation, Inc, (www.menziesaviation.com) a global company providing outsourced airport services leased Suite 5842 with 3,500 square feet;

Green Mile, LLC. (www.greenmile.com) a logistics and route management software company,  leased Suite 5736 with 2,191 square feet; and

Excelsior Defense (www.excelsiordefense.com), a provider of uniformed security officers for government entities and private enterprises, renewed their lease of Suite 5840A with 768 square feet.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. Lvershelco@aol.com

 407-644-4142

Marcus & Millichap Arranges $4.85 Million Sale of Applebee’s Site in Fort Myers FL

James Medefind

FORT MYERS, FLORIDA, June 27, 2017 – 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 Applebee's, a 4,942-square foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,852,000.

James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The trophy location, 1.33 acre parcel, massive traffic count of over 79,000 cars per day and the fact that the restaurant is operated by a regional powerhouse franchisee were the rare attributes that this Applebee’s location possessed. 

“We accessed and leveraged Marcus and Millichap’s platform of the nation’s largest buyer pool and paired it with our knowledge of the local Southwest Florida market,” says Shiebler.

“The buyer, a private investor from Connecticut, was also secured and represented by our investment team member, James Weldon. He was attracted to the investment because he recognized that this restaurant property is uniquely positioned in a very affluent area in one of the densest retail corridors in all of Southwest Florida,”

Applebee's is located at 8043 Dani Drive in Fort Myers, Florida. The property was built to suit for Applebee’s in 2005, recently went through a $450,000 modernization plan and had over 15 years remaining on its lease. The area is also one of the fastest growing areas in the country and was voted Top 10 Hottest Real Estate Markets to Watch in 2017 by Forbes Magazine.

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

    

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Gelt, Inc. Acquires 472-Unit Mountain Run Apartments in Albuquerque, NM

Keith Wasserman

Los Angeles, CA - Marking the firm's foray into New Mexico, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Mountain Run Apartments, a 472-unit community in Albuquerque. The seller was Chartwell Capital Partners.

"With this acquisition, Gelt has acquired more than 6,000 units valued at $940 million and we are pleased to have entered a new market with this buy. We now have a portfolio that spans eight Western states," said Keith Wasserman, partner with Gelt.

 "Albuquerque has shown consistent multifamily fundamentals for many years, mainly due to a lack of new supply. While other major cities saw significant rent declines in the last recession, Albuquerque remained stable, and we like that story."

Jeff Harris, COO with Gelt, added: "We are seeking cash-flowing, stable investments for the long term, and the supply-constrained Albuquerque multifamily market is conducive to that strategy.  Our goal is to own and operate at least 1,000 units here over the next 18 months."

Built in 1985, the community offers a tranquil, park-like setting on nearly 16 acres of land and is located at 5800 Eubank Blvd. NE. It includes 312 one-bedroom units and 160 two-bedroom units within 35 two- and three-story buildings.

Jeff Harris

In 2012 a major renovation occurred and included unit enhancements such as the addition of stainless steel appliances, granite counter tops in some units, custom maple cabinetry, washer/dryers in every unit, upgraded lighting, and faux wood flooring in kitchens and dining areas.

 On-site amenities include a heated swimming pool, business center, indoor spa, fitness center, basketball courts, movie theater, and resident lounge.

In order to further enhance the value and appeal of the property, Gelt will renovate the leasing office, clubhouse and fitness center, as well as conduct upgrades to the sport court, and add barbecue/gazebo areas and a bike room.

Mountain Run is located in the highly coveted Far Northeast Heights market of Albuquerque.  The region boasts a highly-rated school district, and proximity to major employment corridors.  Additionally, the area is extremely supply constrained which is driving tremendous multifamily fundamentals. 

The asset is immediately adjacent to Mountain Run Shopping Center, which has a Smith's Grocery Store, a Walgreens, Wells Fargo banking center, and a U.S. Postal Service branch, amongst others.  The community is also located across the street from Academy Hills Park, which is a recently renovated 13.4-acre park adding a convenient amenity for Mountain Run's residents.

David Eagle, Billy Eagle and Ryan Mills of CBRE represented both the buyer and the seller in the transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE represented Gelt in originating the financing.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

http://www.geltinc.com/