Thursday, September 20, 2018

Palm Beach, FL-Based The Fite Group Luxury Homes Partners with William Raveis Real Estate to Expand Network Between Florida and the Northeast



Nadine Fite

PALM BEACH, FL -- The Fite Group Luxury Homes, the market-leading luxury real estate firm headquartered in Palm Beach, is pleased to announce it has partnered with William Raveis Real Estate (WRRE), the ninth largest real estate company in the United States.

This strategic partnership secures a competitive edge to The Fite Group further broadening their high-end network to the luxury markets in the Northeast, like the upscale communities of Nantucket, Wellesley, Greenwich, Westchester and Manhattan.

“We’re proud to partner with such an outstanding team with a strong global reputation,” said David Fite, founder and principal of The Fite Group Luxury Homes.

David Fite

“At The Fite Group, we constantly transform to be the best for our agents and clients. This partnership with Raveis expands our network for our clientele, gives our agents access to cutting edge technology and combines the high-levels of service and luxury market positions for which both companies are known."

As 85 percent of home buyers in Palm Beach County come from the Northeast -- parts of New York, New Jersey, Connecticut and Massachusetts, where WRRE leads the industry -- this partnership optimizes and broadens The Fite Group's exposure to potential buyers interested in purchasing homes in South Florida.

Bill Raveis
 David Fite believes their strong local expertise, coupled with the global luxury brand cache of WRRE, provides his agents the opportunity to tap into an even wider network, which will drive growth and expansion not only of The Fite Group’s current markets but also future markets.

“We have great respect for The Fite Group’s expertise and commitment to the discerning communities of Palm Beach County, demonstrated by David and Nadine Fite’s strong leadership,” said Chairman and CEO Bill Raveis, who founded WRRE 44 years ago.

“They have leveraged their extensive experience in finance and marketing to create a uniquely branded firm with a flair for innovation that is equally focused on business fundamentals and a strong culture of collaboration.



"As two family-owned businesses joining forces, together we will become the luxury real estate powerhouse in Florida.”

“This partnership will make us an even stronger company, while ensuring the same family values and market expertise that we’ve honed over the last decade,” added Nadine Fite, Chief Marketing Officer, The Fite Group Luxury Homes.

“We have cultivated a brand that prioritizes relationships over transactions and people over properties -- an ethos we share with Raveis.”
 
 
CONTACTS:

David Fite, dfite@FiteGroup.com

 

Tuesday, September 18, 2018

Property Genius Harnesses Big Data to Help Investors Capitalize on Foreclosures


Jason Bryant

DENVER, CO -- Property Genius announces the launch of its proprietary, end-to-end research and marketing platform which harnesses big data to streamline the entire process of finding and investing in Off-market and Wholesale real estate.

 Built specifically with the real estate professional and investor in mind, Property Genius aims to solve a long-standing problem for the industry by organizing extensive amounts of assessor data from numerous sources into one convenient and customizable dashboard to improve investment opportunities.



The company’s initial launch utilizes property data in Colorado – with more states soon to follow – helping investors find, purchase, and reap the rewards on opportunistic properties including foreclosures, absentee owners, and otherdistressed properties.


Denver Map

“From pre-foreclosure through auction, our goal is straightforward: to simplify real estate investment research through easy access to reliable, accurate data that helps turn searches into profitable investments,” said Jason Bryant, CEO and
Co-Founder of Property Genius.


 “Property Genius saves investors and professionals time finding the right foreclosures and then provides a real estate specific CRM to pinpoint leads and implement targeted marketing campaigns.”

Denver Detail Page
Built on the industry-leading Amazon Web Services, Property Genius goes beyond the initial foreclosure filing data found on most other industry tools, tracking every foreclosure in real time through the entire process, ensuring
professionals don’t waste time on a property with a postponed or canceled sale.

Beyond the platform’s AI-driven search functionality, Property Genius allows agents and investors to manage searches through tagging and personalized document uploads, track leads, and execute marketing campaigns all within the easy-to-use CRM feature.

“Major real estate websites have primarily targeted and benefited retail consumers, all but ignoring the business needs of agents and investors,” said Brandon Bazemore, President and Co-Founder of Property Genius.



Brandon Bazemore

“Having experienced all of these frustrations ourselves, we created our entire
system to keep real estate professionals engaged with countless sellers and increase profits. There really hasn’t been a tool that combines all of these features and modern functionality in once place until now.”

Property Genius launches with access to extensive data on properties located in Colorado’s largest counties including Denver, El Paso, and Arapahoe, with Jefferson and Boulder coming online within weeks.


Property Genius’ highly scalable platform will enable the company to rapidly grow across Western states including Utah, Oregon, Idaho and Arizona, providing investors and their agents a widening pool of opportunities.

 All Property Genius subscriptions levels offer access to the entire growing database of states and counties, with no extra fees for additional locations. More information on subscription pricing is available at propertygenius.com/pricing.

Denver Parcel

Co-Founders Jason Bryant and Brandon Bazemore bring deep experience both in real estate and technology to the development of the Property Genius platform.


The duo previously created MyRealtyHub, a leading white-label foreclosure tool with more than 5,000 users and 100% market share of foreclosure auction brokers across the Pacific Northwest.

A real estate professional for more than 16 years, Bryant has worked directly with some of the nation’s largest hedge funds, overseen thousands of foreclosures, and personally turned over hundreds of distressed homes.

As Property Genius looks to scale widely across the U.S. with further investment, Bazemore brings a strong background of technology and entrepreneurial growth as CEO of Audian, a software company reinventing the telecom industry.
CONTACT:
Jaime Quick
ChangeUp Advisors
jq@changeupadvisors.com
206-229-5183

Travelers Hotel Group Starts Construction on new Comfort Inn & Suites Near Miami International Airport


Boaz Ashbel

MIAMI SPRINGS, FL  (Sept.18, 2018) – Travelers Hotel Group has started construction on a new 120-room Comfort Inn & Suites that will cater to leisure and business travelers seeking modern, affordable accommodations just minutes from Miami International Airport.

  The eight-story building, located at 665 Mokena Drive in Miami Springs, is expected to be completed sometime next summer. Aztec Group’s managing director, Boaz Ashbel, arranged a $15.2 million dollar construction loan.

“We’re delivering a fresh product to the limited-service market at the airport,” said Steven Marin, a principal of Travelers Hotel Group, which acquires, develops and manages hospitality properties in South Florida. “We feel this category is underserved as most of the new hotels here are select-service."

665 Mokena Drive, Miami Springs, FL
 Site of planned Comfort Inn & Suites
by Travelers Hotel Group

Michael Pfeffer, a company principal, said they are trying to keep pace with increasing demand from air travelers.   

“For the past seven years, Miami International Airport has broken its record for passenger growth,” said Pfeffer. “That translates to a need for new development in the area.  We see nothing but upside going forward.”  

 Travelers Hotel Group (THG) is a privately owned hotel acquisition, development and management company with roots dating back to the 1970s with the purchase and development of its first hotel in South Florida near Miami International Airport.  

For more information, please visit www.travelershotelgroup.com.

 CONTACT:

Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
Bank of America Plaza | 1776 N Pine Island Rd
Suite 320 | Fort Lauderdale, FL 33322

Voit Real Estate Services Directs Sale of Newly-Developed 154,451-SF San Bernardino, CA Industrial Building to Global Manufacturer



154,451-SF Industrial Warehouse Building, San Bernardino, CA

Frank Geraci

San Bernardino, CA (Sept. 18, 2018) – Voit Real Estate Services has successfully directed the sale of a newly developed 154,451 square-foot industrial warehouse building in San Bernardino, California for a total consideration of $18.23 million.
Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the seller, a partnership between Hartford, Connecticut-based Penwood Select Industrial Partners III, L.P., and Newport Beach, California-based Shaw Development Partners, LLC. 
 The buyer, a global consumer products company, plans to use the property for its own operational and distribution needs.

Juan Gutierrez
            “The development of this property was exceptionally well-timed in this highly competitive industrial market,” says Geraci, Executive Vice President at Voit. 
“With vacancy at a record low and little to no for-sale industrial inventory, Shaw and Penwood recognized the opportunity to develop a property on spec that would meet the needs of a wide variety of users.”
            Voit represented the Shaw/Penwood partnership in the 2015 acquisition of the property, which consisted of a vacant 197,000 square-foot industrial manufacturing building on 7.59 acres, together with an adjacent 7.12-acre parcel of vacant land on which the subject building was entitled and developed.
“The opportunity in that original acquisition was clear - secure a long-term lease for the existing building and elevate the vacant land to its highest and best use by bringing an in-demand product to market,” explains Geraci.

Adam Geiger
“As extremely sophisticated owners and operators, Shaw and Penwood developed the state-of-the-art asset from the ground-up, which offers the functionality and design that today’s buyers and tenants are seeking.”
            The newly developed property features 2,200 square feet of high-quality office space, an ESFR fire sprinkler system, a secured fully-concrete truck court, and ample electrical service of 1,200 amps.
“We were successful in generating tremendous buyer interest in the sale, ultimately securing a buyer that was capable of closing escrow in less than 60 days,” says Geraci.  “The speed of this transaction speaks to the deeper health of the local industrial market. As demand continues to outpace supply, we will continue to see rapid transaction velocity that will support ongoing growth in the market.”
The property is located at 2705 Lexington Avenue in San Bernardino, California.

CONTACTS:

Lisa James / Jenn Quader
Brower Group
(949) 955-7940

Capital Square 1031 Acquires Newly Constructed Class A Memory Care Facility Near Houston , TX


Village Green Alzheimer’s Care Home 
Spring, TX
HOUSTON, TX – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced its acquisition of a newly-constructed, 10,000-square-foot memory care facility located in the Houston suburb of Spring, Texas.

The Class A facility has 16 beds and was completed in June 2018. The property is leased for 15 years on an absolute net basis to Village Green Alzheimer’s Care Home with a personal guarantee from the owners of the practice for the entire term of the lease.

“This memory care facility was purchased in an all-cash transaction for a Delaware statutory trust offering, providing investors with the opportunity to own the real estate without any mortgage debt,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

Louis Rogers
 “Additionally, because Texas does not have an income tax, investors in the DST will not pay any state income taxes.”

Located at the intersection of Spring Cypress Road and Champion Forest Drive, Village Green Alzheimer’s Care Home includes 16 private suites, designed to create a home-like setting that promotes a higher quality of life. 

The property was constructed to provide greater security for residents and deliver specialized care, tailored to each resident, and permits residents to age in place.

Rogers added, “Village Green Alzheimer’s Care Home is well-located near several dense residential developments in Greater Houston, the fifth largest metropolitan area in the country.

"The property’s strong location coupled with the current growing demand for assisted living and memory care facilities in the country position it as an opportunity for capital appreciation and a valuable addition to our national real estate portfolio.”

Village Green Alzheimer’s Care Home specializes in the care of seniors who have Alzheimer’s, dementia and other memory impairments. The facility was constructed with secure exterior doorways, increased space for activities inside and outside the community, as well as a courtyard and independent areas.

Additional community amenities include security, a 24-hour staff, wheelchair accessible showers, swimming pool, hot tub and more.

Matt Bear
Houston is home to approximately 6.89 million residents and ranks as the 6th lowest cost of living among the twenty largest US metropolitan areas.

Capital Square was represented in its acquisition of the property by Matt Bear, founder and chief executive officer of Bear Real Estate Advisors.

Rogers said, “Capital Square would like to thank Matt and Bear Real Estate Advisors for sourcing another high-quality, newly-constructed medical property that closed in record time without any issues.”

CONTACT:

Julie Leber
Spotlight Marketing Communications
949.427.1391
julie@spotlightmarcom.com 


Monday, September 17, 2018

HFF announces $113.5 million financing for San Francisco multi-housing portfolio

245 Leavenworth Apartments, San Francisco, CA

Peter Smyslowski

SAN FRANCISCO, CA,  Sept. 17, 2018 – HFF announces $113.5 million in financing for a 12-property, 455-unit multi-housing portfolio with 13 ground-floor retail suites in San Francisco, California.

The HFF team worked on behalf of the borrower, Mosser Capital (Mosser), to secure the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital, L.L.C.  The loan included interest-only payments through the first five years of the term.

The properties in the portfolio are: 775 Geary (36 units), 1029 Geary (58 units), 17 Decatur (8 units), 840 Van Ness (50 units), 2360 Van Ness (21 units), 245 Leavenworth (48 units), 305 Hyde (38 units), 347 Eddy (40 units), 371 Turk (25 units), 575 O’Farrell (47 units), 618 Bush (38 units) and 891 Post (46 units). 

All properties are near mass transit, employment and retail amenities in the highly desirable Civic Center, South of Market, Chinatown and Russian Hill submarkets.

The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski and associate Bercut Smith.

Bercut Smith
“The sound economic fundamentals of this multi-housing portfolio and the San Francisco market attracted a diverse array of domestic and foreign capital providers,” Smyslowski said.  “Mosser could not have been more impressed by Walton Street’s expert loan execution.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

CONTACTS:

PETER SMYSLOWSKI
CA Lic. #01301231
HFF Senior Managing Director
(415) 276-6300

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500



Hospitality Ventures Management Group (HVMG) Appoints Cody Feaster Regional Vice President of Operations


Cody Feaster

ATLANTA, GA,  Sept.17, 2018—Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today appointed Cody Feaster as regional vice president of operations. 

 In his new role, Feaster will oversee the management of a portion of HVMG’s portfolio of 44 owned and operated hotels under the Hilton, Marriott, Hyatt, and IHG brands, throughout the United States.
           
Richard Jones
 “In his two decades of hospitality experience, Cody has excelled in all facets of leadership and hotel operations, from executing on conversion and acquisition strategies, to repositioning assets, to helping associates achieve their highest potential,” said Richard Jones, HVMG’s SVP and Chief Operating Officer. 

 “Cody has earned a reputation as a confident decision maker who brings out the best in the people with whom he supports.  

"He is sure to be an invaluable resource at both the corporate level and in the field as HVMG continues its aggressive growth strategy.”

Most recently, Feaster served as regional vice president at White Lodging where he had responsibility and oversaw 18 hotels. 

Prior to that, he held a number of increasingly more responsible positions with Hyatt Hotels culminating in regional vice president where he directed the operations and sales for a 12-hotel portfolio. 

He received his Bachelor of Arts degree in Hotel and Restaurant Management from Northern Arizona University.  

Additionally, he studied at Les Roches Culinary Academy in Bluche, Switzerland, as well as the Hanzehogeschool in Groningen, Netherlands.

  He was the recipient of the first ever Hotel/GM of the year for Hyatt Place Hotels in 2008.

“HVMG is recognized as a major industry owner/operator that promotes a culture that attracts some of the best talent in the industry,” Feaster said.  “I look forward to working collaboratively with this group of highly committed and motivated leaders to drive hotel profitability and guest satisfaction scores.”

 CONTACT:

CHRIS DALY
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553


Bryan Sharp to lead Florida Mobile Home Park Team in Marcus & Millichap’s Orlando Office


Bryan Sharp

Orlando, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has hired Bryan Sharp, an experienced mobile home investment sales professional, according to Justin W. West, vice president/regional manager.
                “We are excited to welcome Bryan to the Marcus & Millichap family,” says West.

 “His experience and success with mobile home investment property sales will only be enhanced as he assimilates to our firm’s collaborative culture and becomes familiar with Marcus & Millichap’s unique, industry-leading marketing platform. Sharp’s addition to our firm will be a great benefit to our clients.”

Justin West
“I am excited to join the industry leader with a strong collaborative environment and I am confident that the Marcus & Millichap platform will help me maximize value for my clients” says Sharp.

 Prior to joining the firm, Sharp was an investment advisor at Capstone Apartment Partners where he was an integral part of more than $60 million transactions in 13 states.

He brings three years of investment property sales experience. Sharp holds a Master’s of Business Administration degree from the University of Central Florida and a Bachelor’s degree from the Stetson University.

  
Contact:

Ocea Huggins
Operations Manager – Orlando and Jacksonville
Marcus & Millichap
300 South Orange Avenue
Suite 700
Orlando, FL 32801
(407) 557-3840 direct
(407) 557-3800 main
(407) 927-0313 mobile
(407) 557-3810 fax
ocea.huggins@marcusmillichap.com

Sunday, September 16, 2018

American Realty Advisors Acquires 329-Unit Luxury High-Rise Apartment Community in Midtown Atlanta, GA


Azure on the Park Apartments,
 Midtown Atlanta, GA

ATLANTA, GA  American Realty Advisors (“ARA”) an institutional fund manager with more than $8.7 billion in assets under management, has acquired Azure on the Park, a 329-unit, Class A, luxury high-rise apartment community in Midtown Atlanta, Georgia.

Glen Weisberg
“We believe Azure on the Park is a best-in-class asset with a best-in-market location,” says Glen Weisberg, Executive Vice President, Portfolio Management at ARA.

“Our core strategy is to acquire properties that are strategically positioned to perform, and are expected to provide long-term value to our investors.

"We look for high-density markets with elevated levels of technology-centric job growth and elevated education levels. Atlanta, in particular Midtown Atlanta, is one of those markets.”

Midtown Atlanta has a diverse and growing base of Fortune 500 companies, along with a rising number of tech startups bringing more than 17,000 new jobs to the region in the last three years.

 “Delta, Boeing, Honeywell, and NCR, among many other major corporations have all taken up residence in Midtown,” says Weisberg.

David Willett
“There is an influx of new office development such as the $375 million CODA mixed-use project that will add an additional 645,000 square feet, serving the expanding tech and science industries as part of Midtown’s Tech Square.

"Tenants include WeWork and Georgia Tech, as well as and multiple other design and tech companies. Also, the recent announcement from Starbucks Corp. on their corporate hub expansion to be located in the heart of Midtown is set to add over 500 jobs, further attracting new residents to the region.”

Azure on the Park is located at 1020 Piedmont Avenue NE in Atlanta, Georgia. The seller was represented by Kris Mikkelsen and the Atlanta team at Walker & Dunlop.

Kris Mikkelsen
“These universities serve a combined total of more than 100,000 students and 175,000 employees,” explains David Willett, Senior Director, Investment Group at ARA. “This drives long-term demand and stability for the asset, which can maximize returns for our investors.”

He adds, “Piedmont Park serves as a central urban green space and cultural resource to local residents. It is a vital part of the Midtown landscape and major attraction to the area, all adding to the long-term value of the Azure asset."



Contact:

Lexi Astfalk for American Realty Advisors
Brower Group
(949) 955-7940