Spence Hill Associates Arranges $1.4 Million Permanent Financing for Warrenton, VA Retail Center

FALLS CHURCH, VA – March 26, 2012 – Spence Hill Associates announced today that it has arranged $1,400,000 of permanent financing for North Rock Plaza (top left photo), a 9,300 square-foot retail center located at 484 Blackwell Road, Warrenton, Fauquier County, Virginia.

 Michael H. Trauberman, Managing Director of Spence Hill Associates, arranged and negotiated the financing on an exclusive basis on behalf of a Falls Church-based commercial real estate investor.

The loan was placed with a community bank, and refinanced an existing loan with a different bank.  The 78% loan-to-value financing features a fixed interest rate of 4.375%, a five-year term with a five-year extension option, 25-year amortization, and the ability to prepay without penalty.

 Mr. Trauberman commented:  “The loan drew the attention of a large number of lenders due to the property’s excellent sponsorship, location, demographics, and tenancy.  The bank that ultimately won the day offered an extremely attractive combination of pricing, structure, flexibility, and customer service.”

North Rock Plaza’s tenants include Northern Piedmont Federal Credit Union (lower left photo), MBH Settlement Group, Vocelli Pizza, and Nail Designs.

 Spence Hill Associates, a real estate investment banking firm founded in 1993, arranges the financing and sale of commercial real estate, and provides financial advisory services to real estate owners, developers, and institutions throughout the United States.  Spence Hill Associates is headquartered in Falls Church, Virginia.

For additional information, please contact:

Michael H. Trauberman

Spence Hill Associates

571-641-3050

trauberman@spencehill.com

Marcus & Millichap Sells Vacant Croydon Arms Apartment Building in Miami Beach, FL for $6.75 Million

 MIAMI BEACH, FL, March 26, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Croydon Arms (top left photo), a 96-unit vacant apartment building in Miami Beach, according to Greg Matus, Vice President/Regional Manager of the firm’s Fort Lauderdale office.

The asset commanded a sales price of $6,750,000 representing $71,809 per unit.

Vice President Investments Felipe J. Echarte (middle right photo) and Senior Associate Joseph P. Thomas (lower left photo) of the firm’s Fort Lauderdale office represented the buyer, a private investor from Miami Beach in the off-market transaction of the Croydon Arms. 

“The sale of Croydon Arms is a good indicator that investors are aggressively looking for well-located properties.  The buyer plans to make extensive renovations to restore the property to a trophy asset,” says Echarte.

Croydon Arms is a 94-unit, seven-story apartment building located on the southwest corner of Collins Avenue and 38th Street in Miami Beach, Florida.

The property is currently a concrete shell and the building has been vacant for a few years. The building was constructed in 1937 as a hotel and most units have ocean views and some have balconies.   It is located at 3720 Collins Avenue in Miami Beach.

Press Contact:

Ashley Steele,  (954) 245-3400

 Ashley.Steele@marcusmillichap.com

NAI Realvest Negotiates New Lease for Timeshare firm at SouthPark Business Center in Southwest Orlando

  

 ORLANDO, Fla. – NAI Realvest recently negotiated a new office lease agreement for 2,094 square feet at 8600 Commodity Circle, Suite 119 in South Park Business Center in Southwest Orlando.

 Tom R. Kelley II (top right photo), CCIM, principal at NAI Realvest, brokered the transaction representing the landlord Miami-based South Park, LLC.  The tenant, Vacation Innovations LLC is based in Orlando. 

For more information, please contact:

Tom R. Kelley II, CCIM, Principal, NAI Realvest, 407-875-9989, tkelley@realvest.com;

Patrick Mahoney, President, NAI Realvest, 407-875-9989 pmahoney@realvest.com;

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

Is South Florida Commercial Real Estate Making a Comeback?

ATLANTA, GA, March 26, 2012 — February 2012 marked the fewest commercial real estate foreclosures over $250,000 since November, further pulling down the average number on a monthly basis, according to an exclusive report by Off-Market RADAR, the only source for direct contact information to decision-makers on commercial real estate transactions.

Miami-Dade and Broward counties combined for 35 foreclosures in February after posting 67 in January, near a seven-month record. There have been an average of 45 foreclosure filings each month on commercial properties over $250,000 over the past seven months and this average has been drawn up by two significant spikes in August and January. Every other month has been below the average for the time period, some significantly lower.

Off-Market RADAR tracks foreclosures, loan sales, mortgages, deeds, CMBS loans and other transactions in Miami, Fort Lauderdale, Orlando, Jacksonville and Tampa Bay. The Atlanta-based firm utilizes information from public records as well as its own, independent research.

Miami-Dade County

Brian McCarthy, (top right photo) Vice President of Off-Market RADAR says, “It seems like there was an onslaught of filings in Miami-Dade County in January which really disrupted a significant downward trend in South Florida.” Prior to January, the most filings in Miami-Dade County were 45 last August. As expected, Miami-Dade has a higher number of filings on average at 27 than Broward County.

McCarthy adds, “The larger difference is that when you look at those 55 commercial foreclosure filings in Miami-Dade in January, only four were over $2 million. Our clients are primarily looking for deals over $2 million and in months like this, it can take a lot of time spent just digging through the data to uncover the four or five deals worth chasing.”

Broward County

Broward County is much more consistent in filing volume, with an average of 18 filings per month over the past seven months.  Nevertheless, with January and November having very low filing counts of 12 and 13 respectively, the trend is towards fewer commercial foreclosures.

Larger Deals

“Most of the filings for properties under $1 million are for owner-occupied properties in non-investment-grade assets which are very hard for all but the most management-intensive investors to tackle,” McCarthy continues. November was clearly the slowest month from September to January, with only two foreclosures over $2 million, but September and October were very active with a dozen in each month.

Most Active Banks

Bayview Loan Servicing was the most active foreclosing lender since August of last year. Bayview went after 22 commercial properties over $250,000, almost double the next most-active filer.

 Bayview primarily buys small-balance commercial loans from banks and other lenders, then attempts to work out those loans with borrowers. US Bank and Wells Fargo, both in second place with 14 filings, have Commercial Mortgage-Backed Securities (CMBS) Trustee divisions, which may account for a larger portion of their filings.

 

Tied for third place are Florida Community Bank, SunTrust Bank, and US Century Bank, all with 11 filings over the same time period.

Looking Forward

“There are a lot of maturities on the horizon,” says McCarthy. “We really see lots of investors chomping at the bit to scoop up deals this year before they hit the auction block in 2013 or beyond. Filings will likely start towards the middle or end of this year as borrowers find they are unable to refinance or sell above the debt levels, and opportunistic investors are looking to buy notes or judgments instead of waiting for the foreclosure to play out.

“Now that banks are generally better capitalized, the losses they’ve been ignoring over the past couple years are going to start hitting the books and at that point, there’s not a huge reason for them to wait for the drawn-out foreclosure process to play out,” adds McCarthy.

www.OffMarketRADAR.com

 The goal of Off-Market RADAR is to relentlessly pursue transparency of commercial real estate information to drastically increase the efficiency of the market, drive down transaction costs, and increase transaction probability.

For more information, contact Brian McCarthy at 404.939.7256 or brian@offmkt.com.

Marcus & Millichap Names Kevin W. Boeve Senior Director of National Retail Group in Ontario, CA

ONTARIO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Kevin W. Boeve (top right photo) senior director of the firm’s National Retail Group in Ontario, according to Bill Rose, national director of the National Retail Group.

Boeve joined Marcus & Millichap in June 1999. During his career, he has closed 188 transactions valued at more than $591 million.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Colliers International South Florida Sells Airport West Flex Unit at Miami Airport Center

MIAMI, FL- Colliers International South Florida is pleased to announce the sale of a 1,400-square-foot flex unit located at Miami Airport Center (top left photo) at 7640 NW 25th Street, Miami, FL.

Kristopher Wagner, Senior Commercial Associate, represented the seller, FVP Airport LLC in the all cash transaction. The buyer is a foreign investor from Colombia who purchased the leased unit as an investment. The property sold at a 9.2% cap rate.

For further information, please contact:  

 Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Crossman & Co. Names Amanda Steidtmann senior associate for new Atlanta office

 

ORLANDO, FL and ATLANTA, GA. --- Crossman & Company, the Orlando and Atlanta commercial property firm that ranks as one of the largest retail leasing and management firms in the Southeast, has named Amanda Steidtmann (top right photo) senior associate.

John Zielinski (lower left photo), who heads the Atlanta office of Crossman & Company, said Steidtmann has 10 years of experience as a commercial real estate executive.  She was formerly a regional leasing director for Equity One, Inc. and most recently a partner with DART Retail Advisors -- both in the metro Atlanta area.

Steidtmann attended the College of Charleston and graduated with a Bachelor of Arts Degree in International Affairs, concentration on International Business.

For more information, contact:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

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

Cantor Fitzgerald Makes Investment in EL Media Company

PHOENIX, AZ,  March 26, 2012.-- EL Media, a division of Phoenix-based Ellman Companies, announced today that Cantor Fitzgerald, L.P., a leading financial services firm, purchased a stake in EL Media and all of its subsidiary media entities (EL Media) for an undisclosed sum.

The transaction follows last year’s venture that EL Media entered with a division of Panasonic Corporation to help further a massive network of digital signage throughout North America.

 EL Media's current outdoor signage business includes operations in Los Angeles, Las Vegas, Phoenix, Denver and San Jose in the United States and its joint venture with Clear Channel Outdoor in Canada with operations in Toronto, Montreal, Ottawa, Edmonton, Vancouver and Winnipeg.

EL Media has an exclusive digital venture with Panasonic throughout the U.S., Canada and Mexico and a venture with Swift Transportation in Truckside Media for exclusive advertising rights on their 47,000 truck trailers.

 “Today’s announcement involving a renowned Wall Street firm like Cantor Fitzgerald, and last year’s affiliation with Panasonic, provides EL Media with significant capital to grow and establish a global outdoor media network,” said Steve Ellman (top right photo), Founder and CEO of EL Media.

 “We plan to continue to grow our media presence through both acquisitions and organic development,” he said.  EL Media currently has over 2,000 billboards in its portfolio.

Steven Kantor (middle left photo), Global Head of Investment Banking at Cantor Fitzgerald stated, “We were attracted to EL Media’s near debt-free balance sheet, goal to create one of the largest digital networks in North America, its growth opportunities and technological market advantages due to its exclusive venture with Panasonic.”

 Under the terms of the agreement, Ellman will continue to be responsible for all day-to-day operations of EL Media and its subsidiaries.

 Ellman has been involved in the outdoor signage business since the mid-1990s.  Ellman bought Clear Channel Outdoor's majority interest in Clear Channel Branded Cities in October 2010 after being a partner with Clear Channel Outdoor in the U.S. for several years.  Ellman remains a partner with Clear Channel Outdoor throughout Canada.

 EL Media will deploy Panasonic cloud technology to distribute specialized, targeted advertising and information content to digital signs across North America, offering customers the ability to advertise in major city centers seamlessly.

Contact:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.cantor.com

$25 Million in Walgreens Sales Closed by Marcus & Millichap

 ENCINO, CA – Lior Regenstreif (middle right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four separate net-leased Walgreens drugstores throughout the United States totaling $24.93 million.

The properties are located in Pennsylvania, Louisiana, Minnesota and Georgia.

Regenstreif, a vice president investments in the Encino office of Marcus & Millichap, represented the private sellers of these separate transactions.

Also providing representation were Spencer Yablon (middle left photo), vice president in Marcus & Millichap’s Philadelphia office; Adam Schlosser (middle right photo), the firm’s broker of record in Minnesota; William Hoffpauir,  a senior associate in the Lafayette, La., office; and John Leonard, (lower left photo), a first vice president in the firm’s Atlanta office.

“Two of the buyers were in a 1031 exchange, coming out of management-intensive properties, and found triple-net leases to be very attractive and stress free,” says Regenstreif. “Another utilized this investment to continue estate building for his children, and the last buyer was a foreign investor seeking to establish a foothold in the United States,” he notes.

“In step with the economic recovery, national drugstore chains stand as strong passive investment vehicle opportunities which has and continues to outpace investment alternatives in return and reliability,” says Regenstreif.

“Not surprisingly, more private buyers and exchange investors are increasing their acquisition efforts in secondary and even tertiary markets.  In fact, we’ve seen an 18 percent jump in transaction activity in the last 12 months, driven primarily by investors fleeing the stock market for the less-risky net-leased drugstores,” he adds.

In McMurray, Pa., Regenstrief arranged the largest of these sales: An $8.32 million transaction for a Walgreens at 100 East McMurray Rd.

The newly constructed, 14,640 square-foot net-leased asset is located in an affluent region where average household incomes within a mile of the site exceed $146,000 annually. The property is an out pad to Donaldson’s Crossroads, the largest power center in the region with nearly 51,000 vehicles per day passing by the area.

The second-largest transaction closed in Willmar, Minn. Regenstreif arranged the sale of a 14,900 square-foot Walgreens drugstore at 301 First Street South for $6,494,400.

In Ruston, LA., a 14,550 square-foot Walgreens (top left photo) at 108 West California Ave. traded for $5,774,500. The region has shown significant growth due to the implementation of local and state initiatives that are benefiting both retailers and developers.

In his final Walgreens sale of the quarter, Regenstreif sold a 15,120 square-foot drugstore located at 1855 Hudson Bridge Rd. in Stockbridge, Ga. for $4,342,000, an Atlanta suburb.           

Regenstreif predicts that for 2012, “We will continue to see pricing compress, and if interest rates remain low, we can anticipate that the investment market will begin to resemble that of 2006.”

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Mercantile Capital Corp.Reports Busiest Month Ever in February; March Shaping Up to Smash another Record

ORLANDO, FL --- Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire or develop their own facilities, reports it closed a record volume of loans in February.

Chris Hurn (top right photo) chief executive officer of Mercantile Capital Corporation, said the firm closed 11 new loans to finance projects valued at $31.2 million in six states: Florida, North Carolina, Texas, Illinois, California and Colorado.

Hurn said the largest single loan during the month will finance the $9.5 million acquisition of a hotel in Aberdeen, N.C.

Geof Longstaff (middle left photo), chairman of Mercantile Capital Corporation, said the surge in new business can be attributed to improved economic conditions and further awareness of Mercantile’s specialty: the SBA 504 loan program.

“We are seeing a marked increase in loan inquires, as more business owners project growth in the coming year and want to purchase still-discounted real estate, before values increase from here,” Longstaff said.

Hurn said loan applications in various stages of approval point to an equally strong volume in March.

“We may very well break another record for us in March,” Hurn said.

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, ChrisHurn@MercantileCC.com, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040 Glongstaff@Mercantilecc.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Rachel Wein Named 2012 Outstanding Young Alumnus at University of Florida College of Design, Construction and Planning

St. Petersburg, FL. --- Rachel Elias Wein (top right photo), the St. Petersburg consultant who heads WeinPlus Real Estate Advisory Services, was recently named an Outstanding Young Alumnus of the University of Florida’s College of Design, Construction and Planning (lower right photo).

Wein, who earned a Bachelor’s Degree, Master of Architecture and Master of Business in Real Estate from the University of Florida and serves on the advisory board of the Bergstrom Center for Real Estate Studies, is a member of Florida Blue Key and the University of Florida Hall of Fame.

The former Development Manager with The Sembler Company in St. Petersburg and Senior Associate with Ernst & Young’s Construction and Real Estate Advisory Services practice in Philadelphia said prior commitments prevent her attending the Outstanding Alumnus Awards presentation in Gainesville April 7.

The Outstanding Young Alumnus awards were established to honor young alumni who have distinguished themselves in the areas of business, community involvement and public service.

Wein currently serves as the construction chairman for the Pinellas Education Foundation’s Savings for the Classroom initiative.

For more information, contact

Rachel Elias Wein, AIA, Principal, WeinPlus, 727-386-9346, www.weinplusassociates.com

 Larry Vershel, Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com

Marcus & Millichap Cites Top Producers

  Greg Harris of Institutional Property Advisors Ranks No. 2 Agent Nationwide

CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2011.

Gregory S. Harris (top right photo), an executive vice president investments and senior director of Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has ranked as the firm’s No. 2 agent out of more than 1,000 investment specialists nationwide.

            “We are proud of Greg’s achievements, and happy to recognize him as the firm’s No. 2 agent nationwide,” says John J. Kerin (top left photo), president and chief executive officer of Marcus & Millichap.

 “His outstanding accomplishments in the multifamily sector and as an institutional property advisor are a testament to his superior transaction expertise and unwavering commitment to client service.”

Harris joined Marcus & Millichap in August 1994 and was promoted to executive vice president investments in January 2008. He has been a Marcus & Millichap Top Agent every year since 1999. In 2011, Harris brokered transactions valued at more than $347 million.

Sheppard Named Top Agent for Third Consecutive Year; Armand Tiberio and Spencer Hurst Also Honored

 CALABASAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2011.

 Robert Sheppard (middle right photo), a senior vice president investments and national director of the Tax Credit Group (TCG) of Marcus & Millichap, has ranked as the firm’s top-performing agent out of more than 1,000 investment specialists nationwide.

This marks the third consecutive year in which Sheppard has earned the company’s highest ranking, according to John J. Kerin, president and chief executive officer of Marcus & Millichap.

Armand Tiberio (lower left photo), a first vice president investments, and Spencer Hurst (lower right photo), a vice president investments, both senior directors of the TCG, ranked No. 7 and No. 13 in the firm, respectively. Sheppard, Tiberio and Hurst are based in Marcus & Millichap’s Seattle office.

 

Sheppard is also the firm’s top multifamily investment specialist nationwide, a position he has attained for the past four consecutive years.

“We are proud of Robert’s exceptional achievements, and happy to recognize him as the firm’s top agent nationwide for the fourth year in a row,” says Kerin. “His outstanding accomplishments in the multifamily sector and specialization in tax credit properties are a testament to his superior transaction expertise and unwavering commitment to client service.”

Sheppard joined Marcus & Millichap in December 1993 and was promoted to senior vice president investments in January 2008. He is the national director of the TCG, which is the leading specialty group dedicated exclusively to the disposition and structure finance of low-income housing tax-credit (LIHTC) multifamily assets throughout the Unites States. In 2011, the group closed transactions valued in excess of $798 million.

Tiberio, a first vice president investments, has been a TCG member since its inception in 2001. Tiberio joined Marcus & Millichap in July 2001 and was promoted to vice president investments in July 2008.

Hurst, a vice president investments, has also been a member of the TCG from the outset. Hurst joined Marcus & Millichap in April 2001 and was promoted to vice president investments in July 2008.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

McCarthy Tops Out Construction of New $110 Million Math and Science Building at San Diego Mesa College

SAN DIEGO, CA– McCarthy Building Companies, Inc. (www.mccarthy.com), one of the nation’s leading education facility builders, has topped out steel construction for the new 206,000-gross-square-foot, four-story Math and Science Building in the heart of San Diego Mesa College, located at 7250 Mesa College Dr. in the Clairemont area of San Diego, Calif.

 

 San Diego Community College District representatives, San Diego Mesa College faculty members, and project team members gathered recently to commemorate the milestone with a traditional topping out ceremony. 

 "Students and faculty members can look forward to this being an exceptional facility, representing the largest and one of the most complex projects being built on the San Diego Mesa College campus with Proposition S and N construction bond funds,” said David Umstot, vice chancellor of facilities management for the San Diego Community College District. “Construction is going smoothly, and we’re on target for completion in August of next year.”

The $110 million Math and Science Building occupies the area immediately east of the existing Learning and Resource Building and south of the I-300 Building.

McCarthy construction crews disassembled three older buildings on the site before breaking ground for the new facility in August of 2011.  Construction has required careful monitoring and managing to minimize disruption to regular campus activities.

This is the third major project McCarthy has worked on at San Diego Mesa College on behalf of the San Diego Community College District.

The company also built the new three-story, 50,000-square-foot Allied Health Building, which was completed in August of 2009 and awarded LEED Gold Certification by the USGBC.  McCarthy also built the new the Miramar College parking structure and police substation, which was completed in August of 2011 and is expected to receive LEED Platinum Certification by the USGBC.

 Contact:

Bonnie Kutch

Director

619-299-1010

Kutch & Company

3904 Groton Street | Suite 203 | San Diego, California 92110

www.kutchco.com

www.mccarthy.com

at www.sdmesa.edu

.

Beech Street Capital Provides $14.6 Million for Affordable Apartment Portfolio in Nashville, TN

BETHESDA, MD – Beech Street Capital, LLC, announced that it provided $14.6 million in Fannie Mae DUS loans to refinance a portfolio of three affordable apartment complexes totaling 402 units in the Nashville, Tennessee MSA.

 The borrower, CAPREIT, wished to close on two of the properties—Cedar Ridge and Green Wood—as quickly as possible due to an impending maturity, while closing Meadow Wood on a more standard timeframe.

Beech Street was able to meet both these directives, closing on the first two properties in just 35 days. The transaction was originated by Jacob Katz of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. 

Beech Street refinanced a smaller portfolio for the borrower in 2011.  “Our familiarity with the company combined with its reputation surrounding affordable properties helped us move the process along quickly,” says Matt Legge, senior vice president of credit.  “We could have closed all three properties in 35 days if that had been what the borrower wanted.”

The three properties are Section 42 Low Income Housing Tax Credit (“LIHTC”) communities and were purchased by the borrower in 2006.

Richard Kadish (top right photo), CAPREIT’s president, praised Beech Street for its prompt execution.  “Beech Street’s hard work and diligence in getting the refinancing closed in such a timely fashion were greatly appreciated,” he says. Since 1993, CAPREIT has been involved in over 200 multifamily communities, containing over 30,000 rental and condominium apartment homes.

 The fixed-rate loans have 10-year terms with 9.5 years yield maintenance and amortization of 30 years payable on an actual/360 basis.

 For additional information, contact:

Courtney Lewis

240-507-1948

clewis@beechstcap.com

  

www.meridiancapital.com

www.beechstcap.com

  

$42 Million California Central Coast Multifamily Property Sale Closes

 SANTA MARIA, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of La Vista Apartments (top left photo), a 460-unit apartment community located in the Santa Barbara County city of Santa Maria.

 The sales price of $42 million equates to $91,304 per unit and $142 per square foot.

Stan Jones (middle right photo), executive vice president investments, Stewart I. Weston (middle left photo), senior vice president investments, Sal Saglimbeni (middle right photo), vice president investments and Phil Saglimbeni (lower left photo), vice president investments, represented the seller, Security Properties.

The buyer is an investment partnership led by Kennedy Wilson Multifamily.

“Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Jones. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.” 

 “La Vista Apartments’ operation is well positioned for future rent growth given its amenities, renovation potential and the expected economic upturn in California,” says Weston. “During the past three years, the previous owner invested approximately $2.4 million in capital improvements.”

“As with past sales, we are extremely pleased with IPA’s execution of this transaction,” adds David Dufenhorst (bottom right photo), Security Properties’ chief investment officer. “IPA provides excellent transaction knowledge and outstanding client service.”     

The 296,800-square foot property is located on 32 acres at 740 South Western Ave. in close proximity to Santa Maria’s newer retail, dining and entertainment centers, including Santa Maria Town Center and the Costco Power Center.

Built between 1978 and 1988, La Vista Apartments is situated in a serene park-like setting among single-family homes. The 26 two-story residential buildings are accentuated with a combination of wood and stucco siding and pitched composition shingle roofs. The community offers studio, loft, one-, two- and three-bedroom floor plans.

The community’s amenity package includes two swimming pools, two game rooms, playgrounds, a community room, a soccer field, a dog park and barbecue and picnic areas.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

 www.InstitutionalPropertyAdvisors.com