Marcus & Millichap Brokers $280,000 Sale of 11-Unit Apartment Building in Zephyrhills, FL

5150 and 5122 6th Street, Zephyrhills, FL

ZEPHYRHILLS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a two-property portfolio located in Zephyrhills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $280,000.

Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Cameron Barbas

The properties are located at 5150 and 5122 6th Street in Zephyrhills, Florida and consist of two, one-story buildings and one, two-story building.

 There are five studio units with 350 rentable square feet and six, one-bedroom/one-bathroom units with a range of 450 to 950 rentable square feet.  

The buildings are located within two blocks of each other and are situated on approximately 0.37 acres and 0.15 acres of land.  Amenities include a private gated entry at 5122 6th Street.

“The transaction closed within 66 days of the initial marketing of the portfolio located in the tertiary market of Zephyrhills, says Barbas.

“We drove multiple written offers, including the eventual purchaser’s offer, within the first two weeks of marketing. The assets were only 72 percent occupied at the time of sale, as three of the 11 units were down.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa. FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Colony 900 Apartments in St. Petersburg, FL for $975,000

Colony 900 Apartments, 900 70th Street North,
St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Colony 900 Apartments, a 20-unit apartment property located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $975,000.

Joshua Teplitzky, investment associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Joshua Teplitzky

Colony 900 Apartments was built in 1974 and is located at 900 70th Street North in St. Petersburg, Florida.  This two-story building is comprised of a mix of one and two-bedroom units.  

Amenities include central heat and air-conditioning in all units, and an on-site laundry facility.  The building was repainted within the past year.

"This asset commanded a lot of interest as it was owned in a trust and not previously marketed before,” says Teplitzky.

 “We drove seven offers in the first month-and-a-half of marketing and closed earlier than the timeframe stated in the contract,” adds Teplitzky. 

“The buyer pool saw this as a value add opportunity through renovating the unit interiors, as the rents were $100 on average below the market across the floor plans.”

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa. FL

(813) 387-4700

Golden Key Awards Honor Bainbridge Management Communities, Associates

Ricardo Alicea

Orlando, FL and Wellington, FL – Several Bainbridge Management associates  and communities were recently honored for excellence by The Apartment Association of Greater Orlando (AAGO.)

The multifamily real estate trade association bestowed them with Golden Key awards, which recognize properties and individuals achieving the highest level of service and commitment to their industry. 

The award winners include:

* Key Isle at Windermere: Luxury Community of the Year, Large category

* Verona at Valencia Park: Community of the Year, Medium category

* Efrain Lebrón of Valencia Plantation: Groundskeeper of the Year, Small category

* Tracy Lesse, Enclave at Lake Underhill and Valencia Plantation senior property manager: AAGO Volunteer of the Year

Key Isle at Windermere Apartments, Ocoee, FL

“Tracy has been a huge supporter for the past 22 years, both as a supplier and a management representative,” said AAGO official Julie Smith. 

“She is an excellent ambassador for the group and more than deserves the recognition.”

Lesse serves on the AAGO board and committees, teaches classes and recruits new members.

 In addition to the Golden Key awards, she will also be recognized by the Florida Apartment Association. Lesse is senior property manager for two Bainbridge apartment communities: the newly-remodeled Enclave at Lake Underhill, and Valencia Plantation, located on Lake Porter in the heart of Orlando.

Verona at Valencia Park Apartments, Orlando, FL

Luxury Community of the Year Key Isle at Windermere in Ocoee is a walkable community with charming colorful exteriors and stylish interiors near Highway 429 and the Florida Turnpike. 

Community of the Year Verona at Valencia Park near Downtown Orlando has luxurious amenities and stunning views.

“All of us at Bainbridge are honored to receive these prestigious industry awards,” said Bainbridge Management’s Regional Vice President Ricardo Alicea. “We are very proud of our associates and these awards reinforce our belief that our people are what set Bainbridge apart.”

The awards ceremony was held Nov. 8, 2014, at the Hilton Orlando International Dr.

  

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

Terri Thornton

terri@territhornton.com

Essex Realty Group Brokers the Sale of a 36-Unit Multi-Family Building in Chicago, IL

Jim Darrow

CHICAGO, IL, Nov. 20, 2014 - Essex Realty Group, Inc. is pleased to announce the sale of 2834 W. Palmer in Chicago, Illinois.

The property is a 36-unit corridor style building located in Chicago’s Logan Square neighborhood.  It is situated on the north side of Palmer Street around the corner from California Avenue.

This prime tree lined side street location in Logan Square is rarely available. The masonry and terra cotta façade contributes to the building’s curb appeal and presence on the Street.

 The property is steps to the California Blue Line “L” stop, the Revolution Brewery, Logan Bar, Masada restaurant and one blocks east of Palmer Square. The California Blue line station is receiving major upgrades which will further the appeal of this excellent location.  

Jordan Gottlieb

The sale price was approximately $2,900,000.

Jim Darrow and Jordan Gottlieb were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Crossman & Co. Brokers $8.8 Million Publix-Anchored West Jackson Crossing Near Atlanta, GA

    

West Jackson Shopping Center, Hoschton, GA

HOSCHTON, GA – Anchored by Publix, the 68,649 square foot West Jackson Crossing, was sold on November 14th.

 Located Northeast of Atlanta along the I-85 corridor, the center finds itself in a solid demographic and is well positioned to maintain its current marketing leading sales volume status for years to come. 

  Notable tenants include Publix, Verizon Wireless, Pizza Hut and Great Clips.

John Zielinski

Crossman & Company’s Senior Vice President, John Zielinski, and Managing Director, Mark Thompson, exclusively represented the seller to the market.

Mark Thompson states, “The property saw tremendous activity from both the regional and international buyers.”

John Crossman, President of Crossman & Company adds, “This is the 11th Publix anchored center that we have sold this year in the Southeast US.  I am proud of our team and the service they provide to clients."

  

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

Sydnie Cobb

Crossman & Company

marketing@crossmanco.com

 407.423.5400

U.S. Commercial Real Estate Recovery Strengthens in Q3 2014

Jon Southard

Los Angeles, CA --  The U.S. commercial real estate market strengthened strongly across all property types in the third quarter of 2014 (Q3 2014), with the office sector delivering its best performance in eight years, according to the latest analysis from CBRE Group, Inc.

The office vacancy rate declined by 40 basis points (bps) from the previous quarter to reach 14.1% in Q3 2014 – the sharpest drop since Q2 2006.

In Q3 2014, national industrial availability declined 20 bps from the previous quarter to 10.6%.

Retail availability fell to 11.5%, a 20 bps decrease for the quarter.

“The real estate recovery clearly gained in strength in the third quarter as all property types saw notably improved demand trends,” said Jon Southard, Managing Director of CBRE’s Econometric Advisors group.

 “Especially important, office tenants showed greater confidence in expanding their footprint and finally appear to be shaking off the lingering effects of the recession.”

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

Ronald J. Rogg, CCIM

Executive Vice President

T +1 407 839 3194

ron.rogg@cbre.com

Stirling Sotheby's International Realty Names Andrea Byrge International Marketing Specialist at Lake Nona Real Estate Gallery in Orlando, FL

 ORLANDO, FL– Stirling Sotheby’s International Realty has named Andrea Byrge an International Marketing Specialist with the firm’s Lake Nona real estate gallery located on Narcoossee Rd. serving the Lake Nona/St. Cloud/Medical City area.

Andrea Byrge

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Byrge was formerly an educator who taught both elementary and high school for 22 years in the Orange County Schools system and several private schools.

Byrge is heavily into volunteer work and was a project leader with the World Changers Mission, a fundraiser for American Cancer Society and mentor for small business start ups.

 The long-time St. Cloud resident is currently on the board of directors of Lake Lizzie Homeowners Assn.  

Byrge is also a board member of the St. Cloud-Greater Osceola Chamber of Commerce and on the Chamber’s Lake Nona Area Council, its Marketing Committee and the St. Cloud Life Co-Chair. 

John Crossman

“Andrea’s experience and contacts in the St. Cloud-Lake Nona area will be an asset to her success in meeting the needs of discerning buyers and sellers,” Soderstrom said.

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

Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142 lvershelco@aol.com

Access Point Financial Reaches $500 Million Hotel Loan Threshold

Jon S. Wright

 ATLANTA, GA —Access Point Financial, Inc. (APF), a direct full-service lending and advisory firm focused on the hospitality industry, announced that it will surpass the $500 million hotel loan threshold based on loans scheduled for closing this month. 

This represents over 275 loans and more than $1.0 billion in hotel asset valuations since inception.  The company said demand continues to build and its current pre-screened pipeline is approaching another $400 million. 

“We were the first hotel-vertical lender to open our doors for new loan transactions in 2011, ahead of the curve,” said Jon S. Wright, president and CEO of Access Point Financial.

 “Our focus has always been as a lender only, with no interest in hotel ownership or management, which enhances our relationships with borrowers.  The last thing we want is to foreclose and/or replace management of an asset.

“This was a welcome respite from exclusively overseeing and successfully liquidating our nearly $2 billion loan portfolio assembled from 2005-2008,” he noted.  “We concentrated on servicing our loans from 2009-2011, resulting in a current pay rate of 98.5 percent due to the strength and expertise of our client base and stringent risk management.  Because we work only with experienced owners and top tier brands, we historically have enjoyed a solid credit rating.”

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

Jerry Daly

(703) 435-6293

jerry@dalygray.com

RealtyTrac Analyzes Test Scores for Nearly 25,000 Elementary Schools in U.S.

IRVINE, CA -- RealtyTrac analyzed school test scores for nearly 25,000 elementary schools in more than 7,500 U.S. ZIP codes, along with home price affordability in those same zip codes to identify the top zip codes with the ideal combination of good schools and affordable home prices — and also with low unemployment rates below the national average.

 RealtyTrac also looked at zip codes with good schools and the least affordable home prices.

 Markets with Good Schools and Affordable Homes

• There were 489 zip codes with elementary schools where 2013 test scores were at least one-third higher than their respective state average and where the average price of a residential property required one-third or less of the median household income. These zip codes also had a maximum unemployment rate of 5.9 percent in September.
•  

• Cities with the highest amount of affordable zip codes with good schools were led by Orlando, Fla., (9), Raleigh, N.C. (8), Phoenix, Ariz., (6), followed by five cities each with five affordable zip codes with good schools: Chandler, Ariz., Colorado Springs, Colo., Grand Rapids, Mich., Lexington, Ky., and Wilmington, N.C.
•  
• States with the most affordable zip codes with good schools were New York (105), North Carolina (66), Florida (62), Illinois (50), and Michigan (40).
•  
• The average test score for the best elementary schools in these 359 zip codes was 49 percent higher than their state average.

Top 20 Most Affordable Zips with Good Schools

School Name	City, State	Zip Code	2013 Test Score	Avg Home Price Nov 13 to Oct 14	Affordability: House Payment Pct of Median Income
Trenton Elementary School	Trenton, IL	62293	1.39	$97,480	9.10%
OAKRIDGE ELEMENTARY SCHOOL	OKLAHOMA CITY, OK	73115	1.34	$61,246	10.40%
LAKEVIEW FUNDAMENTAL ELEMENTARY	ST PETERSBURG    , FL	33712	1.40	$56,163	10.82%
Homestead Elementary School	Aurora, IL	60503	1.35	$172,723	11.96%
PINEHURST ELEMENTARY SCHOOL	LAKE VIEW, NY	14085	1.52	$153,143	12.98%
PINE BROOK ELEMENTARY SCHOOL	ROCHESTER, NY	14616	1.51	$89,326	13.34%

BRIARWOOD SCHOOL	ROCHESTER, NY	14617	1.94	$114,562	13.90%
MONICA B LEARY ELEMENTARY SCHOOL	RUSH, NY	14543	1.34	$161,252	14.05%
DEERFIELD ELEMENTARY SCHOOL	UTICA, NY	13502	1.62	$79,197	14.34%
NORTH POINTE ELEMENTARY SCHOOL	Hebron, KY	41048	1.54	$190,429	14.44%
Landmark Elementary School	McHenry, IL	60050	1.37	$134,143	14.55%
WEEDSPORT ELEMENTARY SCHOOL	WEEDSPORT, NY	13166	1.33	$106,471	14.66%
DONALD E CLINE ELEMENTARY SCHOOL	Cold Spring, KY	41076	1.53	$119,423	14.77%
Greenmont Elementary School	Vienna, WV	26105	1.60	$96,812	14.97%
WOODCREST ELEMENTARY SCHOOL	MIDLAND, MI	48640	1.50	$114,348	15.03%
LOCKWOOD ELEMENTARY SCHOOL	EATON RAPIDS, MI	48827	1.45	$115,438	15.08%
Chatham Charter	Siler City, NC	27344	1.40	$86,018	15.09%
JOHN A SCIOLE ELEMENTARY SCHOOL	DEPEW, NY	14043	1.51	$105,086	15.14%
JOHN W REILEY ELEMENTARY SCHOOL	Alexandria, KY	41001	1.46	$148,203	15.16%
FOSTER ELEMENTARY SCHOOL	Pittsburgh, PA	15234	1.34	$122,815	15.19%

School Name

Markets with Good Schools and Unaffordable Homes

School Name

• There were 127 zip codes with elementary schools where 2013 test scores were at least one-third higher than the state average and where the average price of a residential property required two-thirds or more of the median household income. These zip codes also had a maximum unemployment rate of 5.9 percent in September.

·         Cities with the most unaffordable zip codes with good schools were New York, N.Y. (22), San Francisco, Calif., (8), Flushing, N.Y., (4), Newport Beach, Calif., (4) Oakland, Calif., (4),  San Jose, Calif., (4), and Portland, Ore., (3).

·         States with the most unaffordable zip codes with good schools were California (69) and New York (44). No other states had more than three unaffordable zip codes with good schools.

·         The average test score in these 91 zip codes was 60 percent higher than their state average.

Top 20 Least Affordable Zips with Good Schools

School Name	City, State	Zip Code	2013 Test Score	Avg Home Price Nov 13 to Oct 14	Affordability: House Payment Pct of Median Income
PUBLIC SCHOOL 130 HERNANDO DESOTO SCHOOL	NEW YORK, NY	10013	1.83	$3,192,779	333.64%
PUBLIC SCHOOL 184 SHUANG WEN SCHOOL	NEW YORK, NY	10002	2.28	$1,016,878	226.55%
Newport Elementary	Newport Beach, CA	92661	1.36	$2,458,129	200.81%
Ross Elementary	Ross, CA	94957	1.45	$3,289,655	186.90%
AMAGANSETT SCHOOL	AMAGANSETT, NY	11930	1.70	$1,958,438	183.16%
TAG YOUNG SCHOLARS JUNIOR HIGH SCHOOL	NEW YORK, NY	10029	2.32	$791,354	182.01%
Chin (John Yehall) Elementary	San Francisco, CA	94133	1.64	$1,128,933	169.98%
PUBLIC SCHOOL 33 CHELSEA PREP	NEW YORK, NY	10001	1.38	$1,786,165	168.64%
North Hillsborough	Hillsborough, CA	94010	1.59	$2,159,023	164.99%
HARLEM SUCCESS ACADEMY CHARTER SCHOOL	NEW YORK, NY	10026	2.17	$853,792	145.93%
EAST VILLAGE COMMUNITY SCHOOL	NEW YORK, NY	10009	1.33	$1,164,649	141.82%
Harbor View Elementary	Corona Del Mar, CA	92625	1.46	$2,285,957	140.88%
Top of the World Elementary	Laguna Beach, CA	92651	1.45	$1,816,130	139.56%

PUBLIC SCHOOL 3 CHARRETTE SCHOOL	NEW YORK, NY	10014	1.87	$1,966,927	134.47%
SPRUCE STREET SCHOOL	NEW YORK, NY	10018	1.78	$1,599,824	130.96%
PUBLIC SCHOOL 212 MIDTOWN WEST SCHOOL	NEW YORK, NY	10036	1.96	$1,160,448	130.31%
R. Roger Rowe Elementary	Rancho Santa Fe, CA	92067	1.53	$2,605,798	129.64%
Newport Heights Elementary	Newport Beach, CA	92663	1.35	$1,540,617	128.66%
PUBLIC SCHOOL 40 AUGUSTUS STREET GARDENS	NEW YORK, NY	10003	2.01	$1,630,859	127.75%
Sherman Elementary	San Francisco, CA	94123	1.42	$1,937,922	127.47%

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

Ginny Walker

Office: 949.502.8300 ext. 268

Mobile: 323-317-5852  

ginny.walker@realtytrac.com