Adam Levin Directs $30 Million Sale of 1,777-Unit Storage Facility in Newark, NJ

 FlatRate Storage, a three-building, 1,777-unit self-storage facility with an in-house moving company at 856-882 Frelinghuysen Avenue, Newark, NJ

NEWARK, NJ– Adam Levin, Senior Managing Director of Levin Johnston of Marcus and Millichap, has successfully directed the $30 million sale of FlatRate Storage, a three-building, 1,777-unit self-storage facility with an in-house moving company in Newark, New Jersey.

“The self-storage investment market has reached more than $38 billion in annual revenue, based on increased transaction activity that reflects solid fundamentals within this property type,” says Levin. “In this case, the buyer recognized the tremendous opportunity in acquiring a stable income-producing asset in a premier metropolitan area.”

Adam Levin

Levin represented the buyer, SmartStop – a national real estate company with $1.9 billion of real estate assets under management including 129 self-storage facilities – as well as the seller, a private investor.

Situated on a 6.25-acre lot, the property is located just outside Manhattan and only 3.8 miles from Newark Liberty International Airport – the second-busiest airport in the New York metro area.

With a population of 720,600 within a five-mile radius, the facility is in close proximity to major economic drivers including major employers and several leading corporate headquarters, such as Prudential, Panasonic, Audible.com and IDT Corporation, among others.

“Self-storage properties remain in very high demand, based in large part on national occupancy rates in the sector, which are at an all-time-high at well above 90 percent,” explains Levin. “The FlatRate Storage property, which is nearly fully occupied, also benefits from ancillary income generated by an in-house moving company that is owned by the seller.”

To best leverage this, Levin worked closely with the seller and buyer to negotiate a leaseback through which the seller will continue to operate the moving company, and the buyer will benefit from additional rental income.

“By looking at the investment holistically, we were able to demonstrate the value of both business strategies and create an ideal situation for both buyer and seller,” Levin notes.

The FlatRate Storage facility recently underwent considerable capital improvements totaling more than $3 million.

 Renovations included roof replacements, upgraded fire alarms, sprinkler systems, indoor and outdoor security cameras, HVAC, heating blowers, lighting, safety signage, sidewalk and motorized gates with remote access.

Located at 856-882 Frelinghuysen Ave. in Newark, New Jersey, the facility consists of three buildings, two parking lots, 32 loading docks and five fire pumps, as well as 118 exterior portable units totaling approximately 8,761 square feet, resulting in a total of approximately 101,161 rentable square feet property wide.

  

CONTACTS:

Alex Caswell / Jenn Quader 

Brower Group

(949) 438-6262

acaswell@brower-group.com

U.S. Average Homeownership Tenure Dips to 8.05 Years and Posts Biggest Annual Increase Since Q4 2015

 Denver, Austin, Dallas and Nashville Sales Prices 50+ Percent Above Pre-Recession Peaks

Todd Teta

IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS),  released its Q1 2019 U.S. Home Sales Report, which shows that homeowners who sold in the first quarter realized an average price gain of $57,500 since purchase, representing an average 31.5 percent return on the purchase price.

Meanwhile, the report also shows that homeowners who sold in the first quarter had owned an average of 8.05 years, down slightly from a record-high average homeownership tenure of 8.17 years in Q4 2018 but still up from 7.75 years in Q1 2018.

 Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.

“We are starting to see homes sales prices and profit margins softening for the nation, and the average homeownership tenure did see a slight dip from last quarter,” said Todd Teta, chief product officer at ATTOM Data Solutions.

“However, home prices are still above pre-recession peaks in 59 percent of local markets, and as the buying season starts to kick into gear, the next few months may provide even more answers to the question of whether a lasso is indeed around the market or if the recent trend is a temporary bump in the ride.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

HFF secures financing totaling $37.85 million for Florida and Georgia apartment communities

Litchfield Place Apartments, 6301 Chief of Love, Southwest Savannah, GA

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured financing totaling $37.85 million for The Place at Alafaya in Orlando, Florida, and Litchfield Place in Savannah, Georgia.

HFF worked on behalf of the borrower, Beachwold Residential, to place two 10-year, interest-only, fixed-rate loans with Freddie Mac. 

The loans will be serviced by HFF, a Freddie Mac Optigo℠ lender.  Loan proceeds were used to refinance existing debt on The Place at Alafaya and to acquire Litchfield Place.

The Place at Alafaya Apartments,  11600 MacKay Boulevard,
East Orlando, FL

The Place at Alafaya consists of 36 two-story buildings encompassing 400 one- and two-bedroom units. 

 Located at 11600 MacKay Boulevard, The East Orlando property is less than two miles southwest of the University of Central Florida (UCF) campus as well as multiple lifestyle amenities, parks and hospitals. 

Mona Carlton

The community features a swimming pool, basketball courts, tennis courts, volleyball courts, state-of-the-art fitness center, clubhouse, student lounge, hammocks throughout the property, business center and UCF shuttle service.

Litchfield Place consists of 76 units averaging 1,119 square feet across eight two-story buildings located at 6301 Chief of Love in the high-growth submarket of Southwest Savannah, which provides accessibility to the CBD and the suburban community of Richmond Hill. 

Elliott Throne

Additionally, the property is positioned within 15 minutes of Savannah College of Art and Design and 10 minutes from Georgia Southern University – Armstrong Campus.  The property was completed in two phases between 2008 and 2014.

Jesse Wright

The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and director Jesse Wright.

About Beachwold Residential

Through its vast operational and ownership experience, in-depth knowledge of its target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold Residential is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. 

Beachwold presently controls more than 60 properties and more than 15,000 multifamily units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia.

  

CONTACTS:

ELLIOTT THRONE

HFF Managing Director

(305) 421-6549

ethrone@hfflp.com

JESSE WRIGHT

HFF Director

(786) 532-2347

jwright@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

17th Annual Southern Lodging Summit Conference Scheduled for Aug. 27- 28 in Memphis, TN

Jane Cooper

MEMPHIS, TN —Officials of the Southern Lodging Summit (SLS), an annual hotel conference focusing on development and operations throughout the southern United States, announced it will host its annual conference August 27-28, 2019, in Memphis, Tenn. 

Mary Beth Cutshall

Confirmed Speakers include Mitch Patel, president & CEO, Vision Hospitality Group; Rick Pastorino, president, REVPAR International; Jane Cooper, president & COO, Herschend Family Entertainment; Mary Beth Cutshall, senior vice president/chief development officer, Hospitality Ventures Management Group; and Dianna Vaughanglobal head, all suites brands, Hilton.

Dianna Vaughan

Though regular entry costs $637, a discounted “Early Bird” rate of $597 runs through July 15, 2019.

“With the industry enjoying historic occupancy levels and near record rate growth, there is plenty for hoteliers to celebrate,” said Chuck Pinkowski, owner of Pinkowski & Company and conference co-founder.

Mitch Patel

 “The Southern Lodging Summit is the ideal venue for industry professionals to learn about what is hot today while simultaneously planning for tomorrow.  As we approach our 20^th year, this conference seems as germane today, if not more so, than the year we started it.”

Now in its 17^th year, the conference launches with the SLS’ signature Luncheon with the Speakers  at the world-famous Rendezvous BBQ Restaurant. 

Chuck Pinkowski

 Following the luncheon and afternoon activity, the opening day offers the “March of the Ducks” at the Peabody and an evening cocktail reception and epicurean dinner.  Day Two commences at the Memphis Cook Convention Center, kicking off with industry prognosticators STR and CBRE presenting past and current trends. 

Additional panels throughout the day will focus on CapEx, national/state legislative update, “visionary viewpoints” from industry leaders and “unbranding the brands,” where panelists will discuss independent and soft brands.

Rick Pastorino

Additionally, the conference hosts an online auction that is scheduled to run from August 1 through August 29, 2019.  Auction items include packages for hotels and resorts, trips, and unique, one-of-a-kind experiences.

Celebrating its 17^th year, the Southern Lodging Summit was co-founded by Pinkowski & Company, an independent hotel industry consulting firm headquartered in Memphis, and Metropolitan Memphis Hotel & Lodging Association.

March of the Ducks, Peabody Hotel, Memphis, TN

 The hospitality industry event brings together hotel professionals who target the southern and mid-south region of the United States for development and operations. 

 The annual event draws a diverse group of owners, operators, sales executives, financial institutions, architects, attorneys, and hotel company representatives.

CONTACT:

Chris Daly

 (703) 435-6293

 chris@dalygray.com

Coloney Group of Fort Lauderdale Joins The Keyes Company

George Coloney

MIAMI, FL and FORT LAUDERDALE, FL,  April 30, 2019 – The Keyes Company has announced that the Fort Lauderdale-based Coloney Group, led by renowned businessman George Coloney, joined the real estate firm. The union was finalized at Coloney’s headquarters on Thursday, April 25.

Coloney Group has a dynamic and diverse team of about 30 agents who produce more than $70 million in annual sales volume. The team generates substantial transaction velocity on both the residential and commercial real estate side, specializing in Fort Lauderdale neighborhoods including Victoria Park.

Beth Patterson

As part of Keyes’ Fort Lauderdale office, led by District Sales Manager Beth Patterson, Coloney Group plans to move into the firm’s 1520 E. Sunrise Blvd. location. Until then, it continues to operate out of its existing office at 606 E. Broward Blvd.

“We are thrilled to welcome the talented agents of Coloney Group to our family,” said Keyes CEO Mike Pappas. “George has assembled and developed an incredible team that will undoubtedly add tremendous value to our Fort Lauderdale operation.”

Coloney has a five-decade history of building businesses nationally and internationally. Following his decorated service in the U.S. Marine Corps, Coloney embarked on a successful career in the life and health insurance industries, becoming a perennial leader for several major life insurance companies. In 1984, he created the largest privately held telecommunications company in the U.S.

Steve Reibel

Leveraging his unparalleled track record in sales and entrepreneurship, Coloney ventured into real estate and found success in land aggregation, commercial redevelopment and preconstruction opportunities.

“I have a deep admiration for the leadership at Keyes,” said Coloney. “I felt the firm’s independence and passion for serving its customers would fit perfectly with our team’s approach. Keyes provides substantial technology, marketing support and additional tools that our agents will greatly benefit from.”

The addition of Coloney Group continues a period of significant growth for Keyes. The firm continues to pursue opportunities to expand with top producers and independent brokerages seeking to benefit from its cutting-edge technology and integrated services.

Mike Pappas

“We remain active in looking for talented agents and strategic partners throughout South Florida,” said Steve Reibel, SVP of Keyes. “We are fortunate to have the infrastructure in place to help our agents thrive.”  

Keyes is the largest independently owned real estate firm in Florida and a Top 30-ranked firm in the entire United States, and is extremely active in luxury residential real estate. In 2018, Keyes generated $6.7 billion in real estate services across its Family of Companies.

CONTACT:

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

Lincoln Property Closes on Long-Term Lease for Georgia Logistics Firm in Atlas Commerce Park in South Orlando, FL

Sean DuPree

ORLANDO , FL – Lincoln Property Company Southeast, a full service commercial real estate firm, recently closed a new long-term lease of the 9,300 square foot, free-standing warehouse building at 11262 Boggy Creek Rd. off Tradeport Drive by Orlando International Airport  

LPC Broker Sean DuPree, CCIM, negotiated the transaction on behalf of the tenant, International Auto Logistics, LLC, based in Saint Simons Island, Ga.

The fully fenced and gated facility on 2.53 acres within Atlas Commerce Park will be another IAL location for the vehicle shipping and long-term storage and maintenance services they provide to U.S. military and Dept. of Defense Personnel across the globe.

Paul G. Straubinger Jr.

Landlord Taft Holdings, Inc. of Seminole, Fla. was represented in the transaction by Paul Straubinger of Straubcos, LLC. 

CONTACTS:

Sean DuPree, CCIM, Broker, Lincoln Property Company

407-872-3500 sdupree@lpc.com

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

407-644-4142 or beth@larryvershel.com 407-461-3781

Most Expensive Apartments in Washington, DC

The Louis Apartments, U Street Corridor,
 Northwest Washington, DC

                                                                Photos courtesy of The Louis

                                                                                    Text by Michael Hochman

  

WASHINGTON, DC -- Washington D.C. is inhabited by titans of government and some of the most influential people in the world … temporarily. It's a city of transients and uprooted politicians living election to election.

But if you’re a high-priced power player looking for the best place to live for the duration of your stay in town, where would one find the most expensive Washington D.C. apartment?

Just north of the White House and Capitol Hill near the swanky neighborhoods of Dupont and Logan Circles and just off the nightlife enclave of Adams Morgan is The Louis, an upscale, amenity-laden apartment building along the trendy U Street Corridor.

There you’ll find Apartment 912, a two-bedroom, two-bath, 1,078-square-foot, E22-style open floor plan stunner that runs for as little as $8,655 per month to start bare-bones, but can be upgraded to as much as $31,434.

Republicans and Democrats can agree that’s a big slice of the deficit, so what do you get for that kind of mint?

The coolest street in The District

Located in Northwest Washington, the U Street Corridor is a stretch of trendy shops and fashionable restaurants along U Street from 9th to 18th Street NW designated a “Great Street” by the American Planning Association.

Smack in the middle is The Louis, built in 2014 with 268 units and access to a host of specialty stores, grocery stores, pubs, eateries and nightlife spots.

In the early part of the 20th century, U Street’s “Black Broadway” was the heart of Black Culture in America, teeming with jazz clubs, soul food joints, historically-black theaters and hotels.

In recent years, U Street’s demographics have diversified. But the corridor remains one of the coolest in the city while gaining an upscale appeal.

Today, the area is populated by some of the best music clubs in the nation, including the 9:30 Club, the Black Cat, DC9, U Street Music Hall and the Velvet Lounge.

Dozens of popular restaurants are available in walking distance, but none stand out more than Ben’s Chili Bowl, a D.C. “must go” that luminaries from Redd Foxx to Martin Luther King, Jr. to Barack Obama named as a favorite spot.

Also along the street are Restaurant Marvin, Busboys and Poets, Ice Cream Jubilee and authentic cuisine in “Little Ethiopia.”

The area also features both upscale and vintage clothing shops, brewpubs, galleries, cafés, pocket parks, the century-old Lincoln Theatre, the African-American Civil War Museum, the outdoor 14&U Farmers’ Market and even the longest cascading fountain in America in Meridian Hill Park.

While back in the comforts of home, what exactly do you get for eight grand a month? A fantastic living space and enough high-end amenities to rival the White House itself.

The unit is a sleek marble-inspired open space featuring a large living area flanked by two large, airy bedrooms. The spacious living and dining room is lined with grayscale hardwood floors and a plethora of natural light thanks to a full wall of floor-to-ceiling windows.

The modern kitchen contains a built-in oven and microwave, two-tone wood cabinetry and a stainless-steel refrigerator across from a minimalist granite countertop kitchen island.

Redd Foxx

Two nearly-matching bedrooms are accessed from either side of the living space via a sliding door, where the hardwood floors continue and offer two walls of floor-to-ceiling windows overlooking the neighborhood for an abundance of sunlight.

The unit contains two baths with modern fixtures, one in the main bedroom and the other off of the living area.

But as exciting as the interior space is, the killer feature of this apartment is a gigantic terrace running the length of the entire unit accessible from the living room and both bedrooms.

Not only does the terrace offer a full-length stone patio ready for lounge chairs and al fresco dining, but it also features a private stone-landscaped green roof along the city-view edge, perfect for both human and canine frolicking like a garden apartment in the sky.

However, with all the amenities The Louis offers residents, you may do nothing in your apartment but sleep. The elegant rooftop features a pleasant swimming pool and patio sundeck, an outdoor projection movie space and fire pit lounge and outdoor intimate and group picnic spaces overlooking U Street with three separate grilling stations.

Inside, the building provides a party-display kitchen, meeting lounge and business center, game room with shuffleboard tables and a fitness center with free weights and group exercise programs.

There’s even a Trader Joe’s, neighborhood coffee shop and a James Beard Award-fronted bistro right downstairs on the lobby level.

A lot of dead Presidents

Yes, $103,860 a year is a large percentage of the U.S. Treasury for a nice apartment. Add in the full upgrades and that price goes up to about $375,000 a year.

Budget experts suggest spending no more than a third of your pre-tax income on your living space, so all you need to be pulling down to snag this deluxe Cardozo unit is a cool 311,583 Georges. What else could you afford in this government town for $8,655 a month?

If you don’t run the Treasury Department

We can’t all add a budget line in a bill to fund our apartment rent or throw a fastball like Stephen Strasburg or Max Scherzer, so you’re probably not pulling down the GDP of a small nation on Embassy Row. Fortunately, there are plenty of other gorgeous — and affordable — rental units around D.C. that might be a little more your style.

• Mass Court — $25,325 (max)/month
• 5117 MacArthur Blvd NW — $24,050 (max)/month
• The Woodley — $16,734 (max)/month
• Arris — $12,5557 (max)/month
• Residences on the Avenue — $10,461 (max)/month

Or, if you’ve got your heart truly set on The Louis, snag a studio for $2,358.

The rent information included in this article is based on April 2019 rental property inventory on ApartmentGuide.com and rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing or availability guarantee for any apartment.

CONTACT:

Jennifer Dunaway 
dunawayjl@gmail.com