Marcus & Millichap Capital Corp. Brokers Sale of Two-Property Hotel Portfolio in Orlando, FL for $13.5 Million

Ahmed Kabani

ORLANDO, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise announced the sale of a two-property hotel portfolio in Orlando, Florida, according to Scott Lunine, regional manager of the firm’s Miami office.

The properties are a 200-room Clarion Hotel and the Econo Lodge Orlando Airport, which has 130 rooms. The two hotels sold for a total of $13.5 million.

            “The acquisition provides the new owner with a great opportunity to grow revenue in one of the largest hotel markets in Florida,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office.

“The large banquet hall, bars and meeting rooms are perfect for the Orlando market and new ownership can add a building in the land behind the property.”

Kabani represented the seller, a private investment trust, and procured the buyer, a limited liability company.

Clarion Hotel, Orlando, FL

Built in 1985 on 8.6 acres, the properties are located off State Road 528, which connects traffic from Interstate 95 to Orlando and provides easy access to the city’s main attractions, including Walt Disney World and Universal Studios. Orlando International Airport is three miles away and the Orange County Convention Center is within a 15-minute drive.

  

For more information, please contact:

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com
Follow us on:        NYSE: MMI
www.MarcusMillichap.com

OR

  Scott Lunine

Vice President / Regional Manager, Miami

(786) 522-7000

Gift of Life Marrow Registry Leases Penthouse Office Space at Sabre Centre I in Boca Raton, FL

Sabre Centre I, Boca Raton, FL

Mark Corlew

BOCA RATON, FL – Gift of Life Marrow Registry, the renowned national bone marrow registry that helps to cure patients suffering from blood cancer, has leased the 17,465 sq.-ft. penthouse Sabre Centre I in Boca Raton.

“Gift of Life is a life-changer for those who have been diagnosed with a blood cancer,” said Partner Mark Corlew. “We are honored they chose Sabre Centre I for their new headquarters location.”

Gift of Life Marrow Registry has more than 260,000 donors in the registry and has accomplished 3,100 lifesaving transplants. Donors who join the Gift of Life registry become part of the international registry database serving more than 70 countries. Donors can be searched by transplant centers and physicians around the world.

John Criddle

Sabre Centre I offers prime Class A office space and is uniquely positioned to attract notable tenants due to its high-end luxury spaces and key Boca Raton submarket location within The Park at Broken Sound, a revitalized commercial and residential hub.

The 102,351 sq.-ft., six-story Sabre Centre I office building is a Grover Corlew signature property that has undergone a high-end modernization to the lobby, common areas, elevator and new tenant spaces. 

The property sits on six acres with views of Broken Sound Golf Course, ample free surface parking and within a surrounding 700 acres of open green space and retail and business outlets.

“Sabre Centre I’s penthouse space is a one-of-a-kind corporate location in Boca Raton with scenic views of the surrounding walking trails, lakes, golf courses and waterways, yet within easy access to I-95 and downtown Boca Raton,” said leasing agent John Criddle, of Cushman & Wakefield.

John Jaspert

Just last month Grover Corlew leased 23,130 sq. ft.  to the global hair restoration and replacement giant, Hair Club for Men, which will relocate its corporate offices to Palmetto Place @ Boca Raton, another Grover Corlew signature property undergoing a multi-million-dollar renovation and rebranding. 

This is the second headquarters lease in Boca Raton this year for the real estate investment management group.

John Criddle of Cushman & Wakefield represented the landlord in the transaction. John Jaspert of CBRE represented the tenant.

For more information on leasing at Sabre Centre I contact John Criddle at 954-377-0465.

For more information, please contact:

 Samantha Van Nuys

O: 954.776.1999  ext. 115 |C: 954.648.9132

6451 North Federal Highway, Suite 1200 |Fort Lauderdale, Florida 33308

www.grovercorlew.com.

www.giftoflife.org.

          

HFF announces financing for The MARQ on Martin in Lacey, WA

The MARQ on Martin Apartments, Lacey, WA

Charles Halladay

SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for The MARQ on Martin, a newly completed, 248-unit garden-style multi-housing community in Lacey, Washington.

The HFF team worked on behalf of Security Properties to secure the 10-year, fixed-rate loan with five years of interest only through Freddie Mac’s CME – Lease-Up Program. 

 The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds were used to acquire the property.

Scott Gilson

The MARQ on Martin comprises studio, one- and two-bedroom apartment homes featuring modern finishes and amenities, including stainless steel appliances, in-unit washers and dryers, and walk-in closets. 

 In addition, common area amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong, outdoor dining and grilling area, 24-hour fitness center, clubhouse with fireplace and billiards and entertainment kitchen.

  Completed earlier this year, the community is located at 8545 Litt Drive SE to the south of Interstate 5 and approximately eight miles northeast of Olympia’s CBD.

Robert Bova

 The HFF debt placement team representing the borrower included senior managing director Charles Halladay, director Scott Gilson and analyst Robert Bova.

 “This deal qualified for Freddie Mac’s Lease-Up Program, which is a very competitive product in the market,” Gilson said.  “This loan structure allowed the borrower to close on the acquisition with an aggressive rate prior to the property reaching stabilization.”

  For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

www.securityproperties.com.

HFF announces $20.95 milion financing for luxury residential development in Chicago’s Lincoln Park

Rendering of planned Norweta Row luxury apartments, Lincoln Park Neighborhood, Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood.

Christopher Knight

The HFF team worked on behalf of Broder to secure the construction loan through Citizens Bank.  Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.

Norweta Row will be located at 2611 North Hermitage southeast of the intersection of W. Diversey Parkway and N. Clybourn Avenue in Lincoln Park. 

The apartment phase of the project is due for completion in the spring of 2019 and will encompass a four and a half-story building with 42 rentable apartment units totaling 79,000 square feet. 

 The 31 for-sale condominium units will total 83,900 square feet. Both phases of the project will be constructed to LEED Platinum specifications and will include smart-home technology, pre-wired surround sound, hardwood floors, quartz countertops, Sub-Zero refrigerators and Wolf appliances, and full-size washers and dryers. 

Greg LaBine

Community amenities will include nearly an acre of outdoor space, a resort-style pool, fire pit, outdoor dining and grilling area, private courtyards, 30-foot sport court, pet concierge service, dog wash station and electric car charging stations.

The HFF debt placement team representing the borrower included director Christopher Knight and managing director Greg LaBine.

“Norweta Row’s attention to detail, thoughtful unit layouts and breadth of amenities in the highly desirable Lincoln Park neighborhood is unique to the market and will be very well received by renters and buyers alike,” Knight said. 

 For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

Trion Properties Acquires Multifamily Community in Aloha, OR

Springbrook Gardens Apartments, Aloha, OR

ALOHA, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired Springbrook Gardens, an 84-unit multifamily property in the Portland submarket of Aloha, Oregon.

This is Trion’s fifth acquisition in the greater Portland area this year and 11th in just over three years, making the firm the most active buyer in the market based on number of transactions, according to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

“The acquisition of Springbrook Gardens is perfectly in line with our strategy to acquire well-located communities in Portland submarkets demonstrating strong growth fundamentals,” says Sharkansky.

“We have been particularly bullish on Washington County, which boasts the highest median income in the state of Oregon and has seen an ongoing influx and expansion of several major employers.”

The asset’s location off of major thoroughfare Farmington Road and in close proximity to 217 Highway Corridor, also known as the ‘Silicon Forest,’ offers residents convenient commutes to several local employers as well as Downtown Portland, notes Sharkansky.

The property is centrally located between Hillsboro and Beaverton, two of the main job centers in the state of Oregon, and is just two miles from Intel’s Aloha Campus, which currently employs over 20,000 people.

Mitch Paskover

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate, Inc. represented both the buyer and the seller in this transaction. Continental Partners arranged a $5.4 million loan at a starting rate of 3.72% to finance the acquisition.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

          Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast.

Trion has completed more than $300 million in transactions, with a portfolio of over $315 million in assets, generating an average internal rate of return in excess of 30 percent. With its fully built-out operator platform,

For more information, please contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

http://www.trion-properties.com/

ATTOM Data Solutions Finds U.S. Median Home Price Appreciation Decelerates in Q2 2018 to Slowest Pace in Two Years

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database, released its Q2 2018 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $255,000 in the second quarter, up 6.3 percent from a year ago to a new all-time high but the slowest annual appreciation since Q2 2016.

“Annual home price appreciation nationwide has now slowed for five consecutive quarters following a post-election spike to double-digit appreciation in the first quarter of 2017,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

“Although home sellers are still in the driver’s seat of this housing market, moderating home price appreciation is good news for prospective homebuyers and signals that rising mortgage rates and other housing headwinds are cooling red-hot home price appreciation in some areas.”

Annual home price appreciation in Q2 2018 decelerated from the previous quarter in 80 of the 122 metros (66 percent) analyzed for median home prices, including Los Angeles, Chicago, Dallas-Fort Worth, Houston and Philadelphia.

Matthew Gardner

“Home prices in the greater Seattle region continue to grow at well above long-term averages for several reasons,” said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market.

 “Firstly, the area’s booming economy continues to add jobs, driving up demand for housing. Compounding this demand is a lack of new construction housing, which puts substantial upward pressure on home prices in the resale market. 

"Housing affordability is unquestionably a major issue in Seattle; however, ironically enough, the many California buyers relocating to the Seattle area actually think our home prices are a bargain!”

For more information, please contact:

Christine Stricker

Sr. Marketing Manager, Projects

Mobile: 714.873.4275

Email: christine.stricker@attomdata.com

The Preiss Company/TH Real Estate Joint Venture Acquires 450-Bed Student Housing Complex, The Forum at Sam Houston in Huntsville, TX

Donna Preiss

HUNTSVILLE, TX and RALEIGH, N.C. — Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, announced the acquisition of the 450-bed student housing complex The Forum at Sam Houston.  

Located at 3019 Sam Houston Ave., in Huntsville, Texas, the garden-style community on nearly 12 acres is less than a mile from Sam Houston State University. 

Rendering of The Forum
at Sam Houston, Huntsville, TX

The property will begin a substantial renovation this fall, including upgrades to the clubhouse, as well as exterior and interior painting.  Units will receive new furniture, flooring and kitchen backsplashes.  TPCO will manage the property and oversee the renovation.

“This is our second joint venture acquisition with TH Real Estate in the past two months, and we seek other opportunities to build on our relationship with them,” said Donna Preiss, founder and CEO, TPCO.  “We believe the renovation, new management and energy we bring to The Forum at Sam Houston will allow us to increase occupancy for the 2018/2019 school year by as much as 10 percent above current levels with a target in the mid- to high-90 percent leasing range.”

Built in 2011, the property features some of the markets’ largest units in studio, one-, two- and three-bedroom floor plans.  All units include private bedrooms and bathrooms, as well as walk-in closets.  The gated community features a resort-style swimming pool, basketball court, sand volleyball court and 24-hour clubhouse, cyber cafe and fitness center.  An outdoor lounge with fireplace and two pet parks round out amenities.

The property is within easy biking distance to all university classrooms and athletic facilities, as well as a large offering of nearby retail and restaurant outlets.  In addition, the property provides private bus service to and from campus.

Rendering of The Forum at Sam Houston
Student Housing, Huntsvile, TX

      “We are well versed in this market, having acquired a property in Huntsville with another joint venture partner last year, which is performing quite well,” Preiss said.  “Sam Houston State University’s enrollment has enjoyed an average of 2.7 percent annual expansion since 2007, and today boasts more than 20,000 students, with strong growth expected to continue.  The supply/demand dynamics for this market are quite positive.

            “Based on our current acquisition pipeline, we expect the second half to be much more active than the first half,” she noted.  “We remain quite positive on the outlook for the industry, especially in our acquisition profiles of newer, well performing properties; upgrade opportunities, like the Forum at Sam Houston, and deep turnaround/repositioning situations for properties 10 years and older.”

operator. 
                                                      

For more information, please contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com | www.dalygray.com

or

Amy Barger, Vice President of Public Relations

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

www.tpco.com

Rhodes+Brito Architects Hires Three New Members in Orlando, FL

Liliana Nino

ORLANDO, FL – Rhodes+Brito Architects based in downtown Orlando has appointed Kevin Chea as Project Coordinator III and Liliana Nino and Levy Castaneda as Managers.

Nino holds a Master of Architecture from the University of South Florida in Tampa.  She has more than 15 years of experience in technical and project management in charge of multiple retail, restaurant and mixed-use projects at various stages.

Levy Castaneda

Chea holds a Master of Architecture from Northeastern University in Boston.  During his career of 10+ years Chea worked on design and management of residential and multifamily projects, sports clubs, resorts and microbreweries.  He also developed and evolved all elements of the brand for a start-up spa company.  

Kevin Chea

Castaneda graduated from Los Andes University School of Architecture in Bogota, Columbia.  He has 20 years of experience in project development and construction administration with prestigious South Florida firms involved in highrise residential projects, schools, universities, courthouses and other public institutions.

“We are pleased to have these three talented professionals join our staff.   They share our values and will help us realize our vision to serve our clients’ best interests while creating a positive impact on our community,” said Ruffin Rhodes, principal.

For more information, please contact:

Beth Payan, Larry Vershel Communications

 407-644-4142 Lvershelco@aol.com