3 Condo Towers With 600 Units Proposed For Greater Downtown Miami Area

Proposed Echo Brickell condos rendering, Miami, FL

MIAMI, FL -- With at least 125 new condo towers already proposed for South Florida since the real estate crash of 2007, a trio of different developers have announced plans to build three additional towers with a combined 600 more units in the Greater Downtown Miami market and the neighborhood to the north, according to a new report from CondoVultures.com.

Proposed 4300 Biscayne Boulevard Condos, Miami, FL

The newly proposed condo towers - Echo Brickell, an unnamed project near the Habitat Residences, and the 4300 Biscayne Boulevard - come at a time when a pair of development sites fronting Biscayne Bay have recently traded for at least $29 million each in the Biscayne Boulevard Corridor of Greater Downtown Miami within a two-week period, according to a new CondoVultures.com report.

Julia Tuttle Causeway, Miami, FL

In the Greater Downtown Miami market, developers are now proposing - or have recently completed - at least 25 new towers with nearly 8,300 condo units in a area that is defined as the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Downtown Miami night skyline

An additional three condo tower with a combined 325 units have been proposed for sites just north of the Greater Downtown Miami boundary of the Julia Tuttle Causeway, according to Cranespotters.com.

Overall in South Florida, developers are now proposing nearly 17,700 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of April 20, 2013, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

For a complete copy of the company’s news release, please contact:

Condo Vultures®

225 Midtown Building

 225 NE 34th St., Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.

Feeling Less Distress: CRE Lawyers Say Their Work Is Shifting Away from Troubled Assets

  

Michael Bull

 ATLANTA, GA– Commercial real estate lawyers are doing less work with distressed assets and are instead spending more hours on leases and investment sales.

 That was one of the points made by a panel of attorneys on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode provided an enlightening look at the various legal issues confronting the commercial real estate sector. Topics included loan workouts, selling and buying notes, foreclosures and the most pressing lease issues.

Andrew Litvak

  “The last few years have definitely been a turn for the better,” said Andrew Litvak, a partner with the Nelson Mullins law firm. “We’re seeing more of what I would characterize as good work: leasing activity, investment sales and purchases. There’s still a lot of pent-up distressed real estate and problems to be worked out, but it seems to be tapering off.”

Jeffrey Schneider

When faced with troubled assets, many lenders are choosing to sell notes instead of foreclosing on the underlying properties, as foreclosure can be an expensive process that exposes them to the risks and hassles of property ownership. 

Someone thinking of buying such a note should be prepared to perform rigorous due diligence, especially when, as is often the case, the loan was between a bank and a borrower who have enjoyed a long and friendly relationship, said Jeffrey Schneider, a partner with the Weissman Nowack Curry & Wilco law firm.

Michael Ward

 “You’ve got to really drill down on the loan-servicing side,” Schneider said. “Make sure there aren’t any handshake agreements to waive penalties or payments. Get as much loan-servicing information as you can get.”

 Due diligence can become especially complicated and time-consuming when buying a large portfolio of loans, because the underlying assets typically are scattered across several states, said Michael Ward, who is of counsel at the Greenberg Traurig law firm. “From a legal side, the sheer due diligence … can be fairly intensive,” Ward said.

Carter Stout

 Such large loan portfolios usually are aggressively pursued by several bidders, Ward added. “You’re going to have two, three or four large players going after that one portfolio, and they’re very competitive,” he said.

 Lenders generally are more willing to make loans these days but they also have beefed up their loan covenants, said Carter Stout, real estate practice leader at the Stout Atwood LLC law firm. By and large, borrowers don’t have much negotiating power to make those covenants less severe, Stout added.

 “The practical reality is, generally, there are very few sources of money out there, and [borrowers] are stuck with a small group of lenders who are going to insist on certain covenants,” Stout said.

For a complete copy of the company’s news release, please ontact:

Stephen Ursery

The Wilbert Group

404.965.5026

sursery@thewilbertgroup.com

Hotel Connections to Move Headquarters to 6100 Waterford at Blue Lagoon in Miami, FL

6100 Waterford at Blue Lagoon, Miami, FL

MIAMI, FL     April 19, 2013 – Hotel Connections, Ltd, a global provider of hotel accommodations for the crews of the aviation and other travel industries, has relocated their corporate headquarters in Miami to 6100 Waterford leasing 8,379 square feet, announced Jeannette Mendoza of Taylor & Mathis the property’s exclusive leasing agent.

Miami International Airport

“A location easily accessible to Miami International Airport was the driving factor in our headquarters search,” stated Hotel Connections CEO Kenneth Shanley.

.  Ryan Ackerman of CBRE co-brokered the transaction representing Hotel Connections, while Taylor & Mathis’ Jeannette Mendoza represented building owner MetLife.  

 6100 Waterford is located across from Miami International Airport within the 250-acre Waterford at Blue Lagoon corporate park. MetLife owns three buildings referred to as The Atrium Buildings: 6100, 6303 & 6505 Waterford. The properties recently underwent a million dollar renovation.

For a complete copy of the company’s news release, please contact:

Jeannette Mendoza |

(305)267-8062 |

jmendoza@taylormathis.com

www.TaylorMathis.com

www.hotelconnections.com

Berger Commercial Realty Broker Judy Dolan Closes Three Leases in Fort Lauderdale, FL and Hollywood, FL

Judy Dolan

FORT LAUDERDALE, FL- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from broker Judy Dolan. The properties are:

 3400 S.W. 26 Terrace, Suite A-5/6, Fort Lauderdale, FL 33312 Landlord: Merrill Industrial Center Inc. Tenant: Distinctive Logistics Type: Warehouse Transaction: Expansion Square Footage: 9,321

 3406 S.W. 26 Terrace, Suite C-11, Fort Lauderdale, FL 33312 Landlord: Merrill Industrial Center Inc. Tenant: State Energy Concepts Type: Warehouse Transaction: New Lease Square Footage: 4,071

 1928 Hollywood Boulevard, Hollywood, FL 33020 Landlord: Sarah Baxt, Trustee,  Tenant: Pizza Rustica Type: Retail Transaction: Lease Renewal Square Footage: 1,738

For a complete copy of the company’s news release, please contact:

 Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

www.bergercommercial.com

.

Annaly and CreXus Announce Final Results of Annaly Tender Offer

Wellington J.
Denahan

NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and CreXus Investment Corp. (NYSE:CXS) (“CreXus”) announced the final results of the tender offer (the “Offer”), which commenced on March 18, 2013 and expired at 5:00 PM ET on April 16, 2013, whereby through a newly formed subsidiary, CXS Acquisition Corporation (“Acquisition”), Annaly offered to purchase all the shares of CreXus that Annaly does not already own.

Annaly has accepted for purchase 55,225,336 shares of CreXus’ common stock at a purchase price of $13.05206 per share, for an aggregate cost of approximately $720.8 million, excluding fees and expenses relating to the Offer. 

The 55,225,336 shares accepted for purchase in the tender offer increase Annaly’s direct and indirect ownership to approximately 84.5% of CreXus’ common stock.

The final Offer price of $13.05206 per share consists of a price per share of $13.00 plus a payment in lieu of a prorated CreXus dividend of $0.05206 for the period from March 29, 2013 through April 16, 2013 (the date the Offer expired). 

The payment in lieu of a prorated dividend is based on the dividend of $0.25 per share that CreXus paid to holders of record on March 28, 2013, the calendar quarter immediately before the date the Offer expired.

“The expiration of this tender offer and anticipated subsequent closing of a merger between Annaly and CreXus is a meaningful next step in the evolution of Annaly’s capital allocation strategy,” said Wellington J. Denahan, Annaly’s Chairman and Chief Executive Officer.

 “We estimate that this acquisition will be accretive to the 2013 dividend, and the true benefits to the Annaly shareholder will be further realized as we continue to build upon our existing commercial real estate platform.”

For a complete copy of the company’s news release, please contact:

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

www.annaly.com

Beech Street Capital Closes $8.6 Million Fannie Mae Loan to Refinance Florida Apartments

                                                           

                                  Enclave at St. Lucie West Apartments, Port St. Lucie, FL

BETHESDA, MD – Beech Street Capital, LLC announced it closed an $8.6 million Fannie Mae conventional loan to refinance the Enclave at St. Lucie West, a 90-unit property in Port St. Lucie, Florida.

Mitch Sinberg

Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction.  

 The deal was complicated by the fact that the property was originally planned and developed as a condominium.

  When the first phase was completed in 2007 and only two of the 28 units were sold, it was clear to the principals that the property would be more successful as a Class A rental community. 

As a result, all the apartments in the remaining three phases were marketed as rentals.  The Beech Street team determined that Fannie Mae financing would be the most advantageous approach for the client.

Michael Wallace

“Working in Florida, Michael and I have had extensive experience dealing with fractured condos,” Sinberg says.  “We were able to help the client put in place a structure that increased Fannie Mae’s comfort level with the deal.” 

They stressed that the borrowers had full control over the HOA and the right of first refusal if the two units owned by third parties were sold.

 “Mitch, Michael, and the entire Beech Street team were a pleasure to work with,” says Jerry Rich, one of the principals.  “The level of expertise and experience they brought to the transaction helped ensure that it proceeded as smoothly and as quickly as possible.”

 The Enclave at St. Lucie West is located in a desirable Port St. Lucie area.  Its neighbors include two of the city’s most popular attractions: PGA Golf Village and New York Mets spring training center.

 The property itself is in excellent condition and is attractively landscaped.  Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, nine-foot ceilings, walk-in closets, double sinks in master bathrooms, patios, and private one- or two-car garages.

The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.

 For a complete copy of the company’s news release, please contact:

Courtney Lewis at

 240-507-1948

Jenifer Bernardi

240-507-1946.

 www.beechstcap.com

Marcus & Millichap Sells Six-Unit Apartment Building for $1.1 Million on Isle of Venice in Fort Lauderdale, FL

                                                          

86 Isle of Venice Apartments, Isle of Venice, Fort Lauderdale, FL

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 86 Isle of Venice, a six-unit apartment property located in Fort Lauderdale, FL. The asset commanded a sales price of $1,100,000 representing $183,333 per unit.

Joseph P. Thomas

Associate Vice President Investments Joseph P. Thomas in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a private investor from Fort Lauderdale, FL. 

The buyer, a limited liability company from Pompano Beach, FL, was secured and represented by Joseph Thomas and Adam Duncan, an investment specialist also in the firm’s Ft. Lauderdale office. 

86 Isle of Venice is a six-unit apartment building with 60 feet of canal frontage and four rental boat slips located just north of Las Olas Boulevard.

Adam Duncan

The surrounding area is comprised of high-end single-family homes, condominiums and townhomes, along with a few scattered apartment buildings and hotels. The unit mix consists of one studio, two one-bedroom/one-bath apartments, one one-bedroom/two-bath apartment, one two-bedroom/two-bath apartment and one two-bedroom/two-bath townhouse.

 For a complete copy of the company’s news release, please contact:

Gregory Matus

Regional Manager / Vice President,

Fort Lauderdale, FL

(954) 245-3400

HFF closes sale of two Class A residential towers in Manhattan’s Upper West Side

The Aldyn, Upper West Side, Manhattan

NEW YORK, NY – HFF announced today that it has closed the sale of The Aldyn and The Ashley, two newly-developed, Class A residential towers totaling 345 rental units in Manhattan’s Upper West Side.

        The Ashley, Upper West Side, Manhattan

                HFF marketed the properties exclusively on behalf of the seller, a joint venture between a global investment management firm and The Carlyle Group.  GID purchased the offering for an undisclosed amount free and clear of existing debt.

Andrew
Scandalios

                The towers are located along Riverside Boulevard between 62nd and 63rd Streets in the River South neighborhood on the Upper West Side.  Completed in 2010, the towers include a mixture of studio, one-, two-, three- and four-bedroom units averaging 1,002 square feet each.

 In addition to its 136 rental units, the Aldyn includes 150 condominium units, which are not included in this transaction.

Jose Cruz

The two towers have a total of 11,959 square feet of retail space and feature amenities such as a 24-hour doorman, concierge services, resident lounges, landscaped interior courtyard with sun decks and a parking garage. 

The properties also include LA PALESTRA, a 40,000-square-foot athletic club and spa offering state-of-the-art fitness equipment, indoor pool, game room, bowling alley, rock climbing wall, basketball court, golf simulator, squash court and spa service rooms.

Jeffrey Julien

                 The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O’Hearn and executive managing director Matthew Lawton.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 113 funds and 67 fund of fund vehicles as of December 31, 2012. 

Kevin O'Hearn

Carlyle’s purpose is to invest wisely and create value.  Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. 

Carlyle has expertise in various industries including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation.  The Carlyle Group employs 1,400 people in 33 offices across six continents.

Matthew Lawton

GID is a privately-held, globally diversified and fully-integrated real estate organization founded in 1960 that employs more than 650 real estate professionals in multiple offices throughout the United States.

 During its 52-year history the company has acquired or developed more than 54,000 residential units and in excess of 13 million square feet of commercial space. 

As of December 31, 2012, GID controls a real estate portfolio consisting of 94 properties located in 17 states, and totaling more than 35 million square feet comprised of more than 19,000 residential units (including 466,315 square feet of commercial and retail space) and more than 3.9 million square feet of commercial space.

 In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Mary Jane Olhasso Named Assistant Executive Officer of Finance and Administration for the County of San Bernardino; Kelly Reenders, deputy director, Economic Development Department, Tapped to Succeed Ms. Olhasso as EDA Administrator

  

Kelly Reenders

 County of San Bernardino, CA-- Mary Jane Olhasso, the County of San Bernardino’s Economic Development Agency Administrator, will be promoted to the position of Assistant Executive Officer of Finance and Administration as announced by County Chief Executive Officer Greg Devereaux.

 Ms. Olhasso came to the County of San Bernardino in April 2010. 

As the administrator for the Economic Development Agency, Ms. Olhasso has worked to fulfill the Countywide Vision, focusing on those programs and efforts that support and build a vibrant economy with a skilled workforce. 

MJ Olhasso

During her tenure she and her team have brought millions of dollars in new revenue to the county, overseen a nationally-recognized Workforce Development Department, and guided critical resources to revitalize local communities.

Mr. Devereaux has appointed Kelly Reenders, deputy director, Economic Development Department, to succeed Ms. Olhasso as EDA Administrator. 

Ms. Reenders has been responsible for developing and implementing the County’s economic development strategy and encouraging investment in the County’s communities. 

Greg Devereaux

Previously, Ms. Reenders held the positions of Redevelopment Manager and Economic Development Manager for the City of Ontario.  

Ms. Reenders has been working in economic development for more than eight years.  She currently serves on the CoreNet Global Southern California board as Chair-Elect.

 Ms. Olhasso and Ms. Reenders, as part of their leadership roles, will continue to play a significant role in fulfilling the Countywide Vision. County of San Bernardino Government worked closely with the County’s 24 cities and towns, residents, and community leaders to create a Countywide Vision (www.sbcounty.gov/vision) that envisions a complete county designed to capitalize on the diversity of its people, its geography, and its economy.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.SBCountyAdvantage.com

.

Carter Awarded Three New Higher Education Projects

  

.                                         Agnes Scott College, Decatur, GA

 ATLANTA, GA – Carter, one of the nation’s leading real estate investment, development and advisory firms, has been selected to provide program/project management services for three colleges in Georgia — Agnes Scott College, Berry College and Spelman College.

The Girls of Berry College, Rome, GA

The company will provide a range of services including design and construction management, site selection, and furniture, fixtures and equipment coordination.

 “There continues to be a strong demand for traditional program management services within the higher-education sector,” said John Jokerst, senior vice president of development at Carter.

 “With ever-changing and evolving project types, as well as the shift in how higher education projects are funded, Carter’s ability to adapt to changes and provide the same level of service to our clients enables us to maintain our trusted partnerships with these institutions. In fact, 80 percent of our higher education clients are repeat clients, including the three named here.”

Spelman College, Atlanta, GA

At Agnes Scott College in Decatur, Ga., Carter has been selected to provide program management to guide the design and construction for the renovation of Campbell Hall, a four-story former science building.

 The 51,450-square-foot building will be transformed into an innovative living and learning center, which will include student housing, academic classrooms and collaborative meeting spaces. 

John Jokerst

Carter has partnered with Agnes Scott for more than 15 years, managing more than $150 million in capital improvements and delivering every project on schedule and under budget.

 For Berry College in Rome, Ga., Carter is currently working on project management for the renovation of the Richards Memorial Gymnasium, which will include offices for Berry College athletic teams, a 4,000-square-foot weight room, a 3,000-square-foot locker room, grass practice fields and an indoor practice/training facility. 

Scott Taylor

Carter has also been working with Berry on an athletic stadium for its new NCAA Division III football program. 

Carter has provided program/project management services for several different kinds of projects at the college, including student housing, a student recreation center, dining and academic facilities.

 In Atlanta, Spelman College selected Carter as a program manager to oversee the redevelopment of the 53,000-square-foot Read Hall into a wellness center. 

 Carter’s higher-education group has managed over $2.5 billion in new projects and capital improvements on more than 70 projects at 30 different campuses.

  For a complete copy of the company’s news release, please contact:

Tony Wilbert

The Wilbert Group

404-888-3091

twilbert@thewilbertgroup.com

www.carterusa.com

Lawson Dann of Morrison Commercial Real Estate Completes 23,000-SF Industrial Warehouse Sale for $825,000

  

Lawson Dann

 ORLANDO, FL --  Morrison Commercial Real Estate announced the completion of a 23,000 SF industrial warehouse sale for $825,000.

 Lawson Dann of Morrison Commercial Real Estate closed a 23,000 SF industrial warehouse sale for $825,000 ($35.87 per SF) last month.  The sale consisted of a 23,000 SF showroom/warehouse and an additional 9,000 SF open overhang.

 The property, 12475 W. Colonial Drive, is located on Highway 50, near the intersection of the Florida Turnpike and State Road 429 in Winter Garden.  Dann represented both Cody Company, Inc. (Seller) and US Tire Imports, Inc. (Buyer).

 For a complete copy of the company’s news release, please contact:

 Jennifer Eubanks

Phone: 407.219.3500

Email:  jeubanks@morrisoncre.com

PCCP LLC Provides Loan to East River Partners LLC for Purchase and Renovation of Three Buildings in Upper West Side of New York, NY

                                          272, 274 and 276 West 86th Street,
                                          Upper West Side of New York, NY 

 New York, NY, April 19, 2013 - PCCP, LLC announced today it has provided a senior loan to an affiliate of East River Partners, LLC for the acquisition and renovation of three multifamily buildings.

John Randall

The buildings total approximately 21,500 square feet and are located in the Upper West Side of New York, NY at 272, 274 and 276 West 86th Street.

“East River Partners is an experienced real estate investment and development firm focused on purchasing existing buildings in New York City and rehabbing them into rental or condominium homes,” said John Randall, senior vice president with PCCP, LLC out of the firm’s New York City office.

 “The opportunity is a good match with our lending appetite, and this loan represents a favorable basis for PCCP in the highly desirable Upper West Side where there is a scarce amount of newer housing product.”

The property consists of three architecturally attractive, contiguous mid‐block buildings built in 1909. The buildings are situated between Broadway and West End Avenue on the south side of the two‐way West 86th Street. Two of the three buildings are currently vacant and the third building has minimal occupancy.

Morrison & Foerster LLP represented PCCP, LLC.  Cooper-Horowitz arranged the financing.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.pccpllc.com.

Charles Dunn Co. Completes $1.95 Million Sale Multifamily Property in Los Angeles

                                    1616 South Bundy Street, West Los Angeles, CA

Kimberly Roberts Stepp

LOS ANGELES, CA, April 19, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.95 million sale of a 7-unit multifamily property located at 1616 South Bundy near the major cross street of Santa Monica Blvd. in West Los Angeles.

Kimberly Roberts Stepp of Charles Dunn Company represented the seller, 1616 South Bundy, LLC from Los Angeles. The buyer was Judmarc, LLC from Los Angeles and was represented by Hamid Soroudi. The closing cap rate was 4.8 percent. 

“This property was on the market for just one week,” said Soroudi. “With current rental vacancy rates at two to three percent and very little inventory on the Westside, pricing for multifamily properties is very strong and available properties are hotly contested.”

Hamid Soroudi

Soroudi and Stepp are part of Charles Dunn Company’s Soroudi Group, the most successful and active group of brokers involved in selling and exchanging of prime Westside properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

$19 Million Luxury Apartment Complex Sale Brokered by IPA in La Habra, CA

                                      Il Pompeii Apartments, La Habra, Orange County, CA

LA HABRA, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Il Pompeii Apartments, a 111-unit luxury apartment complex in La Habra, Orange County, Calif.

Stewart I. Weston

The $19,000,000 sales price equates to approximately $171,000 per unit and $204 per square foot.

IPA senior director Stewart I. Weston, IPA associate director W. Michael Cavner and Marcus & Millichap vice president investments John L. Nguyen advised the seller. The buyer is a local capital buyer.

“Il Pompeii Apartments is atypical of many properties within its vintage,” says Weston. “The seller and original developer incorporated a number of forward-thinking key amenities and construction features into the original plan.” 

W. Michael
Cavner

“The investment appeal of this asset is driven by strong submarket occupancy and rental growth trends,” adds Nguyen. “All units in this community are commanding market-rate rents.”

“The property has been delivered free and clear, allowing the new owner to take advantage of historically low interest rates,” Cavner concludes.

Situated on five acres and consisting of 11 separate buildings, the two-story residential community is made up of one-, two- and three-bedroom townhouse-style apartment homes.

John L. Nguyen

Constructed in 1969, Il Pompeii Apartments is accentuated with a stucco siding and pitched tile roofs.  Amenities include a swimming pool with sundeck, a community room, large grass courtyards and greenbelts, beautiful fountains and water features, and barbecue and picnic areas. Select units have been renovated with new flooring, two-tone paint, new appliances, cabinetry, lighting and faucet fixtures.

Key amenities and construction features that were incorporated into the original plan include central air conditioning and heating, copper piping throughout, lead-free paint inside and out, and building materials manufactured without asbestos.

For a complete copy of the company’s news release, please contact:

.Ben Johnson

 Marketing Director

(925) 953-1736

324-Unit Luxury Multifamily Complex Trades Hands in Northern San Antonio, TX

The View at Encino Commons, San Antonio, TX

SAN ANTONIO, April 18, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The View at Encino Commons, a 324-unit luxury multifamily community in northern San Antonio.

Will Balthrope

            Will Balthrope, an IPA executive director, and Scott Lamontagne, an IPA associate director, advised the seller. The buyer is McCann Realty Partners.

            “The View at Encino Commons has many unique features that distinguish it from the nearby rental competition,” says Balthrope, “including its trademarked ‘big house’ design with large units; private, ground-level entries; no breezeways or exterior stairways, and 50 percent attached direct-access garages.” 

Scott
 Lamontagne

“This distinctive property is in an irreplaceable, highly visible location in one of the most prolific growth corridors in the city,” adds Lamontagne. 

Built in 2001 on 21 acres, the property is located just northeast of the U.S. Highway 281 and Evans Road interchange at 21303 Encino Commons in San Antonio.

The View at Encino Commons’ apartment units feature fully equipped kitchens with microwave ovens, ceramic tile entries, private patios or  balconies with French doors, bay windows and fireplaces with stone mantles, nine-foot ceilings with designer crown molding, computer niche, ceiling fans in all bedrooms, private first-level entries, and outside storage units.

For a complete copy of the company’s news release, please contact:

.Ben Johnson

 Marketing Director

(925) 953-1736