Raintree Partners Acquires Portfolio of Seven Multifamily Properties Totaling 231 Units in Glendale, CA for $79 Million

Part of  Raintree Partners' Seven-Multifamily Property Indie Collection in Glendale, CA

                GLENDALE, CA –  an Orange County, California-based private commercial real estate investment company, has acquired a portfolio of seven multifamily properties totaling 231 units located in the Los Angeles submarket of Glendale, California for $79 million.

Alex Mogharabi

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in this transaction. Wells Fargo provided the acquisition financing.

The acquisition is aligned with the firm’s investment strategy to assemble portfolios of smaller multifamily properties in submarkets of Los Angeles and other urban California locations, according to Ian Couwenberg, Director of Acquisitions for Raintree Partners.

“Over the past several years, we’ve successfully amassed economies of scale in select submarkets through targeting multifamily properties under 100 units,” explains Couwenberg.

 “This has allowed us to optimize management efficiency and build a portfolio of properties in the best urban submarkets of Los Angeles, which we could not penetrate by focusing exclusively on larger assets.”

Otto Ozen

Based on its successful implementation of the sub-100-unit investment strategy in Los Angeles, Raintree plans to roll out the same program in similar major California markets including Orange County, San Diego, and the Bay Area, according to Raintree’s Acquisitions Associate, Matt Barbiasz.

In its newly acquired Glendale properties, Raintree Partners will implement a comprehensive value-add renovation plan across the portfolio, which will include addressing deferred maintenance; upgrading exteriors, amenity areas, and unit interiors; and installing new washer-dryers at select properties.

In conjunction with the upgrades, the firm will rebrand and operate the seven properties as The Indie Collection, establishing a strong identity within the local community and enhancing resident appeal, notes Barbiasz.

Matt Barbiasz

“The city of Glendale continues to demonstrate strong market fundamentals, resulting in an influx of investment capital and new apartment deliveries in recent years,” says Barbiasz.

“The continued growth of Downtown Glendale, along with its proximity to major job centers in Downtown Los Angeles, Burbank and Pasadena make this a market that is well suited to Raintree’s localized and long-term hold investment program.”

The seven Glendale multifamily properties were acquired from a single private seller who had owned the assets for over many years. The properties include:

·      Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Avenue

·      Everett Apartments, an 8-unit community located at 138 N. Everett Street

·      Wilson Apartments, a 14-unit community located at 1458-1462 E. Wilson Avenue

·      Justin Oaks Apartments, a 54-unit community located at 1133 Justin Avenue

·      Chestnut Apartments, a 33-unit community located at 120 W. Chestnut Street

Iam Couwenberg

·      Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Avenue

·      Burchett Apartments, a 20-unit community located at 314-320 W. Burchett Street

CONTACTS:

Elisabeth Manville/Jenn Quader

Brower Group

(949) 438-6262

emanville@brower-group.com

www.mogharebi.com. 

www.raintreepartners.com.

Passco Cos. Expands Texas Portfolio with Acquisition of 380-Unit, Class A+ Multifamily Asset in San Antonio, TX

Tribute at the Rim, a 380-unit, Class A+ luxury apartment community located at 5810 Worth Parkway in San Antonio, TX

 San Antonio, TX — Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio, Texas.

Jake Niles

Tribute at the Rim, constructed in 2017, is located at 5810 Worth Parkway in San Antonio, Texas. 

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

JLL represented the seller, Kairoi Development, on the disposition, which was led by Managing Director Scott Lamontagne and Executive Vice Presidents Moses Siller and Zar Haro.

“Tribute is among the most iconic multifamily assets in San Antonio and easily the most walkable,” says Lamontagne, noting that the community is located in the city’s most dynamic submarket.

Scott Lamontague

 “JLL was thrilled to represent the seller and help bring Passco into the San Antonio market with such a marquee transaction.”

With San Antonio ranking among the top two cities in the United States forpopulation growth for the past two years, this asset is an ideal complement to Passco’s existing portfolio, in line with the firm’s strategy to acquire Class A, core multifamily properties in markets with strong growth fundamentals, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

 “Tribute at the Rim will continue to benefit from San Antonio’s strong job and population growth, as well as its unmatched positioning within the heart of The Rim, a master-planned ‘live, work, play’ community that includes the largest retail power center in Texas,” explains Niles.

Moses Siller

“This location offers residents exceptional walkability, with convenient access to over 110 restaurants, premier shops, big box retailers, and services.”

Tribute at the Rim is also located in close proximity to Interstate 10 and Loop 1604, providing residents with ease-of-access to San Antonio’s two main employment hubs, the Northwest/Far Northwest and North Central/Far North Central office submarkets.

These two submarkets combined account for over 60 percent of San Antonio’s Class A office space, notes Niles.

“This property offers employees a short and convenient commute to several of San Antonio’s top companies, including Valero Energy, NuStar Energy, and USAA, which are all headquartered in the city,” says Niles.

Chris Black

“Further, the South Texas Medical Center, one of the largest employment hubs in the region, is located just seven miles from Tribute at the Rim.

The Medical Center currently employs more than 56,000 professionals and holds 290 acres of land for future development, which will drive increased demand for multifamily down the line.”

According to Niles, the community offers upscale, urban-style living well-aligned with its location in Northwest San Antonio, one of the city’s most affluent submarkets.

Niles also explains that while there was an uptick in multifamily construction in response to the recent population boom, there is little new supply currently in the pipeline despite sustained demand, and low potential for more competition in the immediate area.

Caleb Marten

 “Tribute at the Rim, due to its luxury amenities and exceptional location, overwhelmingly attracts renters-by-choice who enjoy the urban lifestyle and comprehensive resources that the community provides,” continues Niles.

“The property is also within an exceptional school system, the Northside Independent School District, further increasing its appeal to prospective residents.”

Competitive community features include an infinity pool with fire pit, a fourth-floor sky lounge, a 24-hour health club facility, virtual fitness-on-demand classes, a convenient parking garage, multiple elevators, a bark park and dog grooming station, package concierge services, a bike storage and repair room, and an electric car charging station.

Zar Haro

Tribute at the Rim also has a community backyard with hammocks and grills, a conference room, a community room, and several other meeting spaces and social areas.

The community offers units with a range of one-, two-, and three-bedroom floorplans that include polished chrome hardware and fixtures, walk-in showers, walk-in closets with built-in wood shelving, USB ports, and NEST thermostats. 

The kitchens are furnished with quartz countertops, modern high-gloss cabinetry, ceramic-top ranges, glass backsplashes, Moen gooseneck pull-down faucets, and refrigerators with water and ice dispensers.


  Contacts:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

jll.com

U.S. Century Bank Names Nicholas 'Nic' Bustle Executive Vice President and Chief Lending Officer

Nicholas 'Nic' Bustle

MIAMI, FL —— U.S. Century Bank (USCB) announced the addition of Nicholas “Nic” Bustle as executive vice president, chief lending officer. 

He will provide leadership for the commercial banking division, focusing on business development and market share growth in the commercial and industrial (C&I), commercial real estate, and small business market segments.

He will oversee the team of commercial lenders in Miami-Dade and Broward counties.

“We continue to strengthen our presence in the commercial banking sector, and Nic is the right person to lead the effort to move us to the next level,” commented Luis de la Aguilera, president and CEO. “Economic conditions and market dynamics offer tremendous growth potential, and we plan to make the most of these opportunities.”

Luis de la Aguilera

Bustle brings to U.S. Century Bank more than 35 years of South Florida banking experience, including leadership positions at City National Bank, BankUnited, and SunTrust Bank. 

Bustle was most recently at Valley Bank as Miami-Dade County market president and first senior vice president – commercial banking. In addition to specializing in commercial banking, his career spans positions in wealth management. He holds Series 24, 7, 66 and Insurance 215 licenses.

“At U.S. Century Bank, we are committed to not only servicing the needs of privately-owned businesses, but also the needs of these business owners and their families,” commented de la Aguilera. “Nic’s experience and perspectives will be valuable as we build out our plans to execute this important business priority.”

“I am proud to be part of a community bank that does as much to serve its community as it does to service its customers,” said Nic Bustle, the newly appointed executive vice president, chief lending officer. “I look forward to contributing to the growth and financial strength of U.S. Century Bank.”

Bustle holds a master’s degree in international business from Florida International University and a bachelor’s degree in business administration from the University of Wisconsin-Platteville.

  

CONTACT:

Teresa Estefan

EvClay Public Relations

+1 (305) 261-6222

Toll Free +1 (877) 261-6222

testefan@evclay.com

www.uscentury.com.

(305) 715-5200

NAI Realvest Closes $1 Million Sale of Commercial Land for Wetlands Mitigation and Retail Development in Southwest Orlando, FL

Jason G. Toll

ORLANDO, FL – NAI Realvest recently closed on the sale of 72.52 acres at 12329 Winter Garden Rd. in southwest Orlando ’s tourism corridor. 

Buyer WMG Development of Effingham, IL paid $1,000,000.00 for the property.  

Jason G. Toll, MiCP, Director at NAI Realvest negotiated the transaction representing the seller Hojosaki, LLC of Newton , MA

Toll said the buyer is a nationally recognized retail developer who will use the property for onsite wetlands mitigation to restore, preserve and enhance the acreage while developing the adjacent 12 acres fronting on Winter Garden Vineland Road that also includes environmentally sensitive land a/k/a/wetlands.  

Jared Ettinger

Jared Ettinger and John Park of Berkshire Realty, LLC represented the buyer.

About NAI Realvest 

NAI Realvest, serving all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

 NAI Global is an international commercial real estate network with over 400 offices spanning the globe.  

Since 1978, clients have built businesses on the power of NAI Global’s expanding network. 

John Park

 Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. 

To learn more, please visit www.NAIRealvest.com.

CONTACTS:

Jason G. Toll, MiCP, Director, NAI Realvest, 407-875-9989 JToll@realvest.com

                                                                                                                               

Patrick Mahoney, President / CEO  NAI Realvest, 

407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com  orbeth@larryvershel.com

CHMWarnick Names Chad Sorensen Chief Operating Officer

  

Chad Sorensen

BOSTON, MA (June 6, 2019) – CHMWarnick, the leading hotel asset management and owner advisory services company, today announced managing director Chad Sorensen (CHAM, ISHC) has been named chief operating officer.

  In his new role, Sorensen will be responsible for overseeing the company’s asset management operations, with a focus on continued improvement in business practices, while leveraging cutting-edge technology to benefit the company’s clients.

“Our company has more than doubled in size over the last few years, and adding Chad as our COO is one more way we will continue to bring the most comprehensive and impactful asset management services to our clients,” said Chad Crandell, CEO and managing director, CHMWarnick. 

“A 25-year hospitality industry veteran, Chad is a highly accomplished asset manager and leader who in his new role as COO will build on the growth and incredible momentum we have as a company. 

Chad Crandell

"We continue to deepen our bench strength with a series of promotions and new hires to accommodate the nationwide expansion of our client portfolio.  Chad has been instrumental in helping us get to where we are today, and I have no doubt he will continue to fuel our growth.”

With nearly three decades of experience, Sorensen has worked in virtually every aspect of the lodging industry, from asset management to guiding owners on a wide variety of lodging investment issues. 

A regular speaker at industry events, Sorensen also is Chair Emeritus and current Membership Chair of the International Society of Hospitality Consultants (ISHC), serves on the Hotel Asset Management Association (HAMA) Marketing and Finance Committees, sits on the Michigan State Real Estate Investment Management Advisory Committee and was one of the first 25 designees of the coveted Certified Hotel Asset Management (CHAM) worldwide.

Additionally, after years of contribution, he served as co-chair of ISHC CapEx 2018: A Study of Capital Expenditures in the Hotel Industry, the industry’s exclusive resource on hotel capital expenditures and lectures regularly at Michigan State’s esteemed School of Hospitality Business. 

Sorensen received his Bachelor of Science in Hotel Restaurant and Institutional Management from Iowa State University and his Master of Business Administration from the University of Illinois.

  

“As COO, I look forward to overseeing our expanding portfolio and supporting our world-class team of professionals as we continue to define the gold-standard for asset management in the hospitality industry,“ said Sorensen. “I’m confident in the strategy we have developed, and in our dedicated team, to deliver the most comprehensive and effective hotel asset management services available today.”

  

CONTACT

 Chris Daly

 Daly Gray Public Relations

Email: chris@dalygray.com

Phone: 703-435-6293

Actress Anne Heche Selling Her Los Angeles, CA Home for $3.95 Million

Heche has been living in an Old World-style home that was built in 2009 in the Hancock Park-Wilshire area of Los Angeles, CA

Photo credit: The Agency                               Source: theagencyre.com

Anne Heche

 HANCOCK PARK, LOS ANGELES, CA -- According to TopTenRealEstateDeals.com, Celebrity actress and author Anne Heche is selling her private and gated 2009 house in Hancock Park, Los Angeles which is listed at $3.95 million.

Anne and Ellen DeGeneres

The property is listed by Billy Rose of The Agency, Beverly Hills.

Born near Cleveland, Ohio into a struggling family with five children and moving often, including some time in an Amish community, Anne Heche got her start in acting right out of high school in the television soap opera Another World.

Billy Rose

 Cast in a dual role as evil twins, from 1987 through 1991 Anne was one of daytime tv’s most popular stars winning an Emmy and a Soap Opera DIgest Award.

Anne and Coleman Laffoon

Since that time, she has appeared in film, on television sitcoms and written her autobiography, Call Me Crazy, which was released in 2001.

Anne and James Tupper

Heche has been living in an Old World-style home that was built in 2009 in the Hancock Park-Wilshire area of Los Angeles.

Antonio Banderas

Loaded with character from its barrel-tiled roof to its wood-and-dark-beamed ceilings, the 4,652-square-foot house contains five bedrooms and five baths with a dramatic open-plan family room with kitchen and two-story ceiling, fireplace and French doors that open to the entertainment terrace.

Melanie Griffith

There is a formal living room with wood-burning fireplace, formal dining room, a den-media room, combination guest-suite office, and a butler’s pantry with wine cooler and ice maker.

Nat King Cole

Family bedrooms are located on the second floor with high-beamed ceilings, large closets and balconies.

Natalie Cole

The master includes three closets, a steam shower and freestanding tub. In addition, the house has a laundry room and two-car garage.

Maxine Waters

Outside is a pool, cabana, an entertaining loggia with wood-burning fireplace, outdoor dining and lawn.

In 1998, Heche was chosen by People magazine as one of the 50 most beautiful people in the world.

David Schwimmer

Her most notable film was Six Days and Seven Nights, made in 1998 and her most notable relationship was with Ellen DeGeneres which lasted from 1997 until 2000.

She moved on to marry cameraman Coleman Laffoon, with whom she had a son in 2002, and after their divorce, had another son with partner James Tupper, with whom she co-starred in the film Men in Trees.

 In 2004 she was nominated for a Tony Award for Best Actress in a play for a revival of Twentieth Century.

Prince William and Princess Catherine

The Hancock Park neighborhood has an interesting history, many celebrities have called it home including Antonio Banderas and Melanie Griffith, Nat King Cole and daughter Natalie, politician Maxine Waters and actor David Schwimmer.

When Prince William and Princess Catherine visited the U.S. in 2001, they stayed at the residence of the Los Angeles British Consuls-General, which abuts the nearby Wilshire Country Club.

CONTACT

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

Meta Housing Breaks Ground on 65-Unit Affordable Mixed-Use Community with Social Services Programs in Roseville, CA

From left: Danielle Foster, City of Roseville; Scott Alvord, City of Roseville; John Nunn, California Department of Housing and Community Development; Caitlin Lanctot, California Public Finance Authority; Graham Espley-Jones, Western Community Housing;

Supervisor Bonnie Gore, County of Placer; Sean Johnson, CalVet;

Mayor John B. Allard II, City of Roseville; Loren Messeri, Meta Housing;

Aaron Mandel, Meta Housing.

Meta Housing breaks ground on Main Street Plaza Apartmentsin Roseville, California. The project consists of a 44-unit mixed-use affordable housing complex with 3,000 square feet of community-integrated commercial space, a 21-unit affordable housing complex and a public pedestrian paseo.

Roseville, CA – Meta Housing Corporation, a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, Inc., a Southern California-based non-profit public benefit corporation, has announced the development of Main Street Plaza Apartments, consisting of a 44-unit mixed-use affordable housing complex with 3,000 square feet of community-integrated commercial space, a 21-unit affordable housing complex and a public pedestrian paseo in Roseville, California.

The $32.8 million project will provide affordable housing for low-income families, veterans, and special needs individuals.

Main Street Plaza Apartments will be located at the northeast corner of Washington Boulevard and Main Street'  The project is expected to be completed in Fall 2020. 

 Of the 65 apartment units to be built at the property, 19 will serve veterans receiving HUD VASH rental subsidy, while 11 units will serve low income households through the Housing Choice Voucher program; both rental subsidy contracts were awarded to the project and contracted through the Roseville Housing Authority.

Supportive services funding and development assistance through the Placer County MHSA program, will ensure that 10 of the 11 general voucher units will serve households with special needs.

Kasey M. Burke

The remaining 34 affordable units will serve low-income families, including veteran families and the local workforce.

“The City of Roseville is making affordable housing a priority for households at all income levels throughout the city,” says Kasey Burke, President of Meta Housing.

“We’re excited to be contributing to this goal through the development of Main Street Plaza Apartments, which will provide attractive new homes for families earning between 30 percent and 60 percent of area median income, as well as for veterans and individuals living with mental illness.”

Burke notes that the project’s resident service coordinator, LifeSTEPS, will provide life-improving services to all residents at Main Street Plaza Apartments.

The veteran population will receive specialized service coordination, education, case management, health services, transportation, counseling, and advocacy on-site and through the VA Sierra Nevada Health Care System.

MHSA residents will receive intensive case management services from Placer County.

Roseville, CA Mayor John B. Allard II

“One of the City of Roseville’s main initiatives is reinvestment into the city’s core neighborhoods," says John B. Allard, II, Mayor of Roseville..

"Here we are doing this through affordable housing and economic development principles.

"As a partner in providing land and financing to this project, the City is sparking revitalization in the Historic Old Town and supporting the neighborhood economy by providing affordable housing options for a range of community needs through the increase of residents in the district.

 “We view the Main Street Plaza Apartments development as a significant contributor towards multiple city goals and, since the project will also serve our veterans, local workforce, and residents with special needs, it is also a point of pride for our city.” 

           Main Street Plaza Apartments will offer 27 one-bedroom, 19 two-bedroom, and 17 three-bedroom units, along with two two-bedroom manager’s units. In addition, the development will include 3,000 square feet of ground-floor retail space and a public pedestrian paseo.

  

CONTACTS:

Micaela Fehrenbach/Lexi Astfalk

Brower Group

mfehrenbach@brower-group.com

(949) 438-6262

www.metahousing.com.

HFF arranges $220 million financing for 1144 15th Street in Denver, CO

1144 15^th Street, a 40-story, 673,852-SF, trophy
Class AA office building in Denver, CO

 DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $220 million in financing for 1144 15^th Street, a 673,852-square-foot, trophy Class AA office building in Denver, Colorado.

The HFF team worked on behalf of the borrower, Hines and their equity partner, to secure a 17-year, fixed-rate permanent loan through a national life insurance company.  HFF arranged construction financing for the project on behalf of Hines in 2015. 

Eric Tupler

Completed in 2018, the 40-story core office tower comprises 673,852 square feet with 5,770 square feet of ground level retail and 13 stories of parking for a total of 858 parking spaces. 

The property represents the first high-rise office development in more than 30 years in Denver and has transformed the Denver skyline. 

Tenants at the stabilized property include Gates Industrial Corporation, Optiv Security Inc. and Faegre Baker Daniels. 

 Located in Denver’s Central Business District within the Midtown West micro-market, 1144 15^th Street is convenient to the Convention Center Station light rail stop and the Free MallRide on the 16^th Street Mall, providing access throughout the CBD. 

Additionally, the property is proximate to the Colorado Convention Center, the Denver Center for Performing Arts, Larimer Square and the 16^th Street Pedestrian Mall.

Jay Despard

The HFF debt placement team representing the borrower included senior managing director Eric Tupler.

“Our partnership set out with a long-range view in developing and owning this asset,” Jay Despard, Senior Managing Director for Hines in Colorado, said. 

“The permanent financing we recently obtained is a testament to the building’s position in the marketplace and to the core nature of the finished product and tenant roster.  We are pleased with the outcome on multiple levels.”  

CONTACTS:

ERIC TUPLER

HFF Senior Managing Director

(303) 515-8000

etupler@hfflp.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

hines.com