Acordis Technology & Solutions Relocates Corporate Headquarters to Miramar Park of Commerce in Miramar, FL

Lauren Pace

MIRAMAR, FL (May 13, 2019) – Acordis Technology & Solutions, a leading provider of IT solutions, has relocated its corporate headquarters to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Acordis has leased 24,200 sq. ft. of space in MPC-11C at 2785 N. Commerce Parkway, which is more than double the square footage of its previous location.

Acordis currently provides more than 2,000 clients with IT solutions and services for data management, infrastructure management, digital collaboration, data and enterprise networks, digital signage, digital security, multi-functioning printer products and more.

The company, which recently renewed a multi-year contract as the official host sponsor and document management/business service provider for the Miami Open, also is the official IT solutions provider of HEAT NATION and has been consistently ranked among the fastest growing companies in the Inc. 5000, CRN’s Fast Growth 150 and the South Florida Business Journal.

Maridee Bell

“In the last year, we were faced with the challenge of finding a place that would suit our current needs and provide for potential future expansion,” said Rehan Khan, president and CEO of Acordis Technology & Solutions.

“We chose the Miramar Park of Commerce due to its flexibility and its central location. In the Park, we can easily prepare for growth and better service our clients in Broward, Palm Beach and Miami-Dade counties.”

Acordis employs 40 at the Park and anticipates expanding its workforce by 12 to 15 percent by 2020. Through the implementation of new services and the acquisition of new clients, the company also forecasts an increase in revenue by 15 to 25 percent by 2020.

Rehan Khan

“At the Park, we offer an inventory of almost 2 million sq. ft. of existing flex and office space, more than 3.5 million sq. ft. of industrial space, and built-to-suit options for tenants with a specific vision for their company’s current and future business needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction.

 “We have the discretion and capability to meet the unique needs and exceed the expectations of a diverse array of tenants. It’s why industry-leading companies such as Acordis continue to lease, renew and grow with us.”

The Miramar Park of Commerce was also represented by Carlos Velasquez of Vivo Real Estate Group in the transaction.

Carlos Velasquez

For more information, please contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

Contacts:

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

ACORDIS CONTACTS:

Alexandra Porben, Acordis Technology & Solutions, aporben@acordiscorp.com 

www.acordiscorp.com.

Passco Companies Reaches $3.5 Billion in Multifamily Transaction Volume

Jeff Olshan

Irvine, CA (May 13, 2019) – Passco Companies, a privately-held California-based real estate company that specializes in acquisition, development and property and asset management throughout the U.S., has announced a milestone: the firm has reached $3.5 billion in multifamily transaction volume.

“Passco is extremely deliberate in implementing our real estate strategies,” says Jeff Olshan, Senior Vice President, Multifamily Investments at Passco. “We continue to be active buyers of real estate as we seek out the right multifamily opportunities in growth markets across the country.”

On the disposition side, Passco sold six multifamily assets in 2018, capitalizing on demand that delivered profitable prices ahead of initial projections.

Larry Sullivan

“Passco’s success in the dynamic multifamily market over the past 15 years can be credited to our team’s ability to identify opportunities in submarkets poised for growth, to operate these assets in a way that strategically and consistently targets maximum performance, while keeping our finger on the market pulse to determine the opportune time to sell,” says Olshan.

Passco’s investment strategy is broad-based among all markets but recently has primarily centered on secondary and tertiary markets with high-growth demand drivers and measureable competition.

“As demand rises in these secondary and tertiary markets, we continue to attract a highly competitive field of potential buyers and secure pricing levels that deliver strong overall returns,” says Olshan.

Passco’s President Larry Sullivan adds, “Our $3.5 billion milestone in multifamily transaction volume to date strengthens our position as a major player in the market.

"Looking ahead, Passco will continue to expand our multifamily portfolio, while also diversifying into other sectors where strong growth fundamentals are present, including self-storage, active adult seniors housing, and niche-opportunity retail.”

Contacts:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

Avanath Launches Proactive Health and Wellness Program at Two Maryland Active Adult Communities

  

Alicia Bramble Sr.

  

Upper Marlboro, MD and Temple Hills, MD (May 13, 2019) — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has launched Activate, a health and wellness program being rolled out at two senior communities: Vistas at Lake Largo in Upper Marlboro, Maryland, and Manor at Victoria Park in Temple Hills, Maryland.

Activate is a free on-site proactive program focused on increasing health awareness and education while promoting the health advantages of an active lifestyle.

Through Activate, Avanath is partnering with the University of Maryland Capital Region Health to offer vital health screenings such as, blood sugar testing, cholesterol and blood pressure.

From left  – Laura Richardson, Toni Harris, Camille Longino, Daryl Carter, Rick Villegas, Tonya Barnes, Alicia Bramble

 The program will also offer health education classes on such topics as cholesterol management, medication management, diabetes management, fall prevention and balancing, and establishing healthy eating habits.

In conjunction to the health services, the Activate program will also offer wellness services that will include a range of fitness and exercise classes, healthy cooking classes, and quarterly social events focused on encouraging resident interaction.

For the wellness programs, Avanath has partnered with Cor Community Development Corporation, which serves as a nonprofit managing general partner for Avanath properties in California and Washington State.

 As part of investing in its resident’s health and wellness, Avanath has converted previously unutilized community space into a state-of-the-art wellness facility that includes screening rooms complete with exam tables, medical supplies, medical exam equipment and other necessary components that allow providers to administer health exams.

Ada Arevalo

“These health services are invaluable to our residents’ overall well-being,” says Alicia Bramble, Sr. Asset Manager and Impact Investment Committee Vice-Chair.

“The response we have received from our residents and on-site teams has been very positive and we look forward to a successful program.”

“Wellness is a key component leading to healthy residents at Avanath’s active-adult communities,” says John Williams, President & CIO.

John R. Williams

“Seniors thrive in communities that offer holistic wellness programs like Activate. In addition to providing the physical activity that so many residents need and desire at these communities, Activate’s wellness programs will also enhance their state of mind and social relationships in their living environments by providing them with opportunities to engage with fellow residents.”

Williams notes that the health and wellness program provides tangible benefits to Avanath investors and its residents.

Daryl J. Carter

“Activate fulfills Avanath’s social-impact fiduciary duties, which is a significant factor to our company’s mission and that of many of our investors,” says Ada Arevalo, VP Fund Management and Impact Investing Committee Chair.

“The program also fulfills a commitment to our residents to promote their health, allowing them to remain in these communities longer and reducing their need to transfer to an assisted living facility.”

Avanath launched Activate at Manor at Victoria Park on May 2 and at Vistas at Lake Largo on May 8 with special events on-site that featured guest speakers and healthy refreshments.

Typical Avanath gym facility

The Vistas at Lake Largo event also revealed recently completed major improvements to the property, including renovations to its first floor that included the updated wellness facility retrofitted by University of Maryland Capital Region Health to meet ADA requirements. 

About Avanath Capital Management

Avanath Capital Management is a privately-held, vertically integrated investment firm managing real estate and real estate-related investments generating attractive risk-adjusted returns through current income and capital appreciation from its investments.

Typical Avanath Medical quarters

The firm is also a Registered Investment Adviser and provides property management services through Avanath Realty, Inc.

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities and delivering attractive returns.

Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional and national sponsors that can access investment opportunities aligned with Avanath's initiatives.

More information is available at www.avanath.com.

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

Clever Real Estate reveals the true costs of homeownership; Millennials Hurting

Thomas O'Shaughnessy

 ST. LOUIS, MO – Two new studies from Clever Real Estate reveal the true costs of homeownership. Thomas O'Shaughnessy, Head of Research, Clever Real Estate, St. Louis, MO, authored the studies.

The first study shows that the average homeowner spends $2,676 on maintenance and repairs, $6,649 on home improvements, $2,600 on property taxes and $1,228 on homeowners insurance every year.

However, these numbers don’t tell the whole story.

Millennials are feeling the pressure of homeownership more than any generation, and a full report that compares millennial and Baby Boomer homeowners can be found here.

Key Insights:

●     59% of homeowners making renovations are using some combination of credit cards, personal loans, and home equity loans to fund their projects

●     1 in 4 homeowners have less than $500 saved for home repairs

●     In spite of the costs, 65% of homeowners said they’ve never felt home buyer’s remorse

●     Where you live matters: On average, New Jersey homeowners pay five times more in property taxes on a $206,000 home than they would if they lived in Alabama

Millennial Insights:

●     Millennials are twice as likely to be stressed about homeownership than Baby Boomers

●     67% of millennials put less than 20% down, leading to higher mortgage payments

●     Millennials are three times as likely to use a personal loan and twice as likely to use a credit card to finance their renovations than Baby Boomers

●     43% of millennials were surprised by the cost of maintaining their homes

Almost every homeowner (75%) is planning renovations in the next five years, but millennials are planning 50% more renovations than Baby Boomers. Unfortunately, they’re also three times as likely to use a personal loan, and twice as likely to use a credit card to finance their renovations.

Combined with higher than average mortgage premiums due to putting less down, Millennials are twice as likely to be stressed by homeownership. It’s no surprise (to us) that 43% of Millennials were surprised by the cost of maintaining their homes.

The full reports contain additional data, shareable graphics, our methodology, and much more.

●     The True Cost of Homeownership study can be found here

●     The Millennial vs. Baby Boomer Homeowner study can be found here

CONTACT:

Thomas O'Shaughnessy
Head of Research - Clever Real Estate
314-322-8630

Beatles Guitarist George Harrison's Son, Musician Dhani Harrison, Selling His Venice Beach, CA Home for $4 Million

Dhani Harrison's Home, Venice Beach, CA
Photo by The Agency

VENICE BEACH, CA --  According to TopTenRealEstateDeals.com, California hot spot Venice Beach has drawn celebrities, surfers, bohemians and sun worshipers since the beginning of the 20th century.

Beatles guitarist George Harrison

Starting out as a sedate seaside-resort town, today it’s a whirlwind of activity attracting those who enjoy having the party atmosphere always available around the corner.

Dhani Harrison
son of Beatles guitarist George Harrison and wife, Olivia

A recent addition to the Venice market is the sophisticated home of Dhani Harrison, the son of Beatles guitarist George Harrison, priced at $3.99 million.

Abbott Kinney

Never a dull moment in Venice with its wide beach, surfing and exploring the Ocean Front Walk with its two-and-a-half-mile promenade filled with a buffet of vendors, art and quirky performers.

Muscle Beach Venice was largely responsible for the booming interest in weight training beginning in the 1950s and the Vic Tanny gym chain began in Venice.

Paul Hicks

 Beach sports gained huge popularity on Venice Beach from handball courts, volleyball, paddle tennis, a bike trail and a skate-dancing pavillion. After a day at the beach there is an array of upscale restaurants, bars, art galleries and shops for every taste, interest and pocketbook.

Originally called the Venice of America due to the drainage canals dug in the 1920s by the town’s original developer, tobacco-baron Abbott Kinney, a wide-range of plush residences line them today, as was Kenney’s original goal. Many are used as year-round homes and others as vacation getaways.

Musician Dhani Harrison has recently decided to sell his glamorous canal home that enjoys the sunrise from the rear balcony, the sunset from the west, 360-degree views from the rooftop terrace and water views from the canal-side terrace and decks.

Nicholas Sandler

Measuring in at 2,826 square feet, the two-bedroom, three-bath home has an open floor plan with soaring ceilings. Second-level glass walls and open first-floor ceilings bathe the interior with sunlight as does the large skylight above the wide spiral stair.

Updated in crisp contemporary style, the home offers multiple choices for entertaining on all three levels and has recently appeared in Architectural Digest.

Dhani, the only child of George and Olivia Harrison, has been writing and singing professionally since 2001. He has completed a number of albums and since 2013 has been composing film scores with his writing partner Paul Hicks.

They have written the scores for Netflix’s Dogs and HBO’s four-part documentary series The Case Against Adnan Syed.He has recently decided to sell his Venice home, priced at $3.99 million.

 Co-listing agents are Nicholas Sandler and Bennett Hirsch of The Agency, Beverly Hills.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

theagencyre.com

ATTOM Data Solutions Finds Seriously Underwater U.S. Properties Increase from a Year ago

 

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 Equity & Underwater Report, which shows that at the end of the first quarter of 2019, more than 5.2 million (5,223,524) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.

The 5.2 million seriously underwater properties at the end of Q1 2019 represented 9.1 percent of all U.S. properties with a mortgage, up from 8.8 percent in the previous quarter but down from 9.5 percent in Q1 2018.

“With home prices increasing at a slower pace in 2018, than in previous years, the potential for people to climb out from mortgages that are underwater or advance into equity-rich territory, tends to be reduced,” said Todd Teta, chief product officer at ATTOM Data Solutions.

 “However, only one in 11 mortgages are seriously underwater today, compared to nearly one in three during the depths of the recession.

"Although, if the latest trend continues, it will raise another clear signal of a market slowdown, which will be good for buyers, but not so good for sellers. But if the pattern of the past few years takes hold – with levels of underwater and equity rich mortgages turning around - it will mean the market remains strong for sellers, with fewer needing to get out from under financial distress.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

Chatham Lodging Announces Monthly Dividend

 

WEST PALM BEACH, FL — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 137 hotels wholly or through joint ventures, announced that its board of trustees has declared a monthly common share dividend of $0.11 for May 2019.

 The common dividend is payable June 28, 2019, to shareholders of record on May 31, 2019.

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

chathamlodgingtrust.com.

Arbor Funds $6.4 Million Freddie Mac SBL Deal in Marietta, GA

Robert Mendeles

                                

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac Small Balance Loan (SBL) in Marietta, GA.

Balfour Marietta, a 98-unit multifamily property, received $6.4M in refinance funding through the transaction. The hybrid loan provides a five year, fixed-rate term.

Balfour Marietta Apartments, Marietta, GA

Robert Mendeles of Arbor’s Englewood Cliffs office originated the loan.

“This borrower has closed in excess of 20 loans with Arbor across the full spectrum of our product lines," said Mendeles.  "Balfour Marietta represents a refinance of a previous bridge loan the customer used to purchase the property and upgrade the units.

“The borrower is a very active buyer in the Marietta market and the bridge to permanent execution is the perfect financing solution.”

Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

HFF secures $192 million financing for Bryant Street development in Washington, D.C.

Rendering of Phase I of Bryant Street, a planned mixed-use, transit-oriented development in northeast Washington, DC

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint venture equity and construction financing totaling $191.8 million for the development of Phase I of Bryant Street, a mixed-use, transit-oriented development in northeast Washington, D.C.

John Begert

HFF worked on behalf of the developer, MRP Realty, to arrange a $59.8 million joint venture equity partnership with FRP Development Corp.

Working on behalf of the new partners, HFF also secured $132 million in construction financing through a national bank.

Bryant Street is being developed near the intersection of Rhode Island Avenue and Fourth Street adjacent to the Rhode Island Metro Station (Red Line) and the Metropolitan Branch Trail, a multiuse pedestrian/cycling path that is used by more than 1,200 commuting cyclists daily. 

 The project is situated within the high-barrier-to-entry neighborhood of Edgewood between the established and rapidly growing neighborhoods of Eckington and Brookland.

Stephen Conley

  In addition to the neighborhood restaurants, breweries and other local nightlife, Bryant Street is easily accessible to Ivy City, Union Market, a newly opened Trader Joe’s and hotspots such Red Hen and Big Bear Café. 

Phase I of the development will feature three mid-rise buildings comprising 487 multi-housing units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail. 

At full build out, the 13-acre, LEED-certified project will feature 1,500 residential units, 250,000 square feet of retail, 1.5 acres of green space and up to 2,000 below-grade parking spaces for residents and visitors.  Construction commenced in February and Phase I is due for completion in spring 2021.

Walter Coker

The HFF debt and equity placement team was led by Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod.

“Edgewood and the surrounding communities near Bryant Street have a rich history and we hope we can build on the great offerings that already exist,” MRP Principal John Begert said.  “We are very excited to have the financing in place to bring this multi-modal neighborhood to life.”

About MRP Realty

Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania and New York City. 

Brian Crivella

 MRP provides to its institutional capital partners a full array of real estate services, including acquisition/disposition, development/construction management, property management, asset management and financial reporting services. 

Since the company’s inception, MRP has deployed over $4.6 billion in total capitalization.  

MRP’s combined development assets total more than 25 million square feet, with an additional 10 million square feet under management.

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

About FRP Development Corp.

Along with its sister company, Florida Rock Properties, Inc. (FRP) is a Maryland-based, full-service development company specializing in commercial, mixed-use and industrial real estate. 

John Owendoff

Incorporated in May of 1989, the company is a wholly-owned subsidiary of FRP Holdings, Inc., a Florida-based company, publicly traded on the NASDAQ Stock Exchange under the symbol “FRPH.” 

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

Cary Abod

CONTACTS:

WALTER COKER

DC Lic. #SP98361589

HFF Managing Director

(202) 533-2500

Daniel McIntyre

wcoker@hfflp.com

BRIAN CRIVELLA

DC Lic. #SP98368957

HFF Senior Director

(202) 533-2500

bcrivella@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com