Proper Title, LLC Welcomes Beth L. LaSalle as Commercial Escrow Closer

Beth LaSalle

 CHICAGO, IL (July 5, 2016) — Palatine, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced the firm has hired Beth L. LaSalle as a commercial escrow closer. LaSalle brings more than 32 years of experience in the title insurance industry to Proper Title.

“We are thrilled to welcome Beth to our team, as her expertise will help us build upon Proper Title’s exponential growth, particularly in the commercial sector,” said Ben Niernberg, executive vice president of business development and operations at Proper Title. 

“She has an incredible reputation in the industry, and will perfectly complement our deep bench of experts in the commercial and residential sectors.”

LaSalle, 56, will provide title insurance and escrow services at Proper Title, with a specialty in commercial construction escrow at the firm’s Chicago office. Over the course of her career, she has served in various escrow services roles, most recently as a senior commercial escrow officer at Chicago Title & Trust Company.

Ben Niernberg

 In that position, LaSalle managed multiple escrow accounts, working closely with lender, buyer and seller counsel, as well as underwriting teams. She earned her bachelor’s degree from Indiana University.

“My career has been singularly focused on the title industry since graduating from college, so I am excited to bring my decades-long experience to a firm that truly supports innovation and customer service,” said LaSalle. “Proper Title is poised for continued growth, and I look forward to contributing to its success.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.propertitle.com.

HFF closes $69 million sale of and arranges $47.4 million financing for premier creative office building in the heart of Portland’s North CBD Tech Cluster

Cmmonwealth Building, North CBD Tech Cluster Area, Portland, OR

Nicholas Kucha

PORTLAND, OR, July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $69 million sale of and arranged $47.4 million in financing for the Commonwealth Building, a 216,099-square-foot creative-tech office tower situated in the heart of Portland’s North CBD Tech Cluster.

HFF marketed the property on behalf of the seller, Unico Properties LLC.  KBS Capital Advisors purchased the asset on behalf of KBS Growth & Income REIT, and was assisted by HFF in securing a $47.4 million, five-year, floating-rate acquisition loan through an insurance company. 

Originally built in 1948, the Commonwealth Building was renovated between 2013 and 2015 to convert the mid-century building into a creative-tech office tower blending traditional egalitarian design and unique building amenities with timeless design.

 The property offers tenants flexible office spaces with abundant natural light and an amenity package featuring a rooftop amenity deck, building conference room, tenant lounge, basement bicycle storage and an on-site fitness center. 

Fronting the Sixth Avenue transit mall, the Commonwealth Building boasts a Walk Score© of 100 and a Bike Score© of 98.  Additionally, the 95-percent-leased property has been awarded an Energy Star rating and is certified LEED Gold from the U.S. Green Building Council. 

Nick Kassab

The HFF investment sales team representing the sellers was led by senior managing director Nick Kucha and director Nick Kassab.

HFF’s debt placement team was led by senior managing directors Tom Wilson and Kevin MacKenzie.

“The Commonwealth Building was a catalyst for the creative-tech movement to the northern central business district,” said Kucha. 

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.kbs.com.

www.unicoprop.com.

HFF arranges sale and financing for Hilton Tampa Downtown hotel

Hilton Tampa Downtown Hotel, Downtown Tampa, FL

 

Alexandra Lalos

TAMPA, FL, July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for the Hilton Tampa Downtown, a 520-room, full-service hotel in the heart of downtown Tampa, Florida.

HFF marketed the property on behalf of the seller, a partnership between Driftwood Hospitality Management, LLC and H.I.G. Realty Partners.  

CrossHarbor Capital Partners LLC purchased the asset.  Additionally on behalf of the new owner, HFF placed the floating-rate acquisition loan with a banking and financial services holding company.

Hilton Tampa Downtown was built in 1982 and fully renovated when it was converted from a Hyatt to a Hilton in 2013.  

The 18-story hotel features a rooftop sundeck, fitness center, executive lounge, business center, heated outdoor pool and spa, 30,000 square feet of meeting space and three food and beverage outlets, 211 Lounge, 211 Restaurant and a full service Starbucks. 

Situated on 5.6 acres at 211 North Tampa Street, the hotel is proximate to several demand generators, including Amalie Arena, Tampa General Hospital, Historic Ybor City, the Florida Aquarium, Port of Tampa Cruise Terminal, Raymond James Stadium and 9.7 million square feet of office space in Tampa’s central business district. 

Daniel C. Peek

The hotel is within walking distance to the planned $2 billion, six million-square-foot, mixed-use office, retail and multi-housing development being executed by Strategic Property Partners, a real estate development firm, which includes Jeff Vinik and Bill Gates’ Cascade Investments.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group, Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

The HFF debt placement team representing the borrower was led by managing director Michael Weinberg.

HFF’s Hotel Team continues to be extremely active throughout the state of Florida, having closed 56 hotel-related transactions in the last 24 months, including Hilton Clearwater Beach, La Playa Beach & Golf Resort, Naples Grande Beach Resort, Sheraton Sand Key Resort, Embassy Suites Downtown Orlando, Hilton Key Largo and, locally in Tampa, the Sheraton Tampa Riverwalk Hotel and the Sheraton Suites Tampa Airport Westshore.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.crossharborcapital.com.

http://higrealty.com/.

www.driftwoodhospitality.com.

KTGY Architecture + Planning’s Chicago/Midwest Office Welcomes Two New Job Captains

Ralitsa Todorova

CHICAGO, IL (July 5, 2016) — KTGY Architecture + Planning, an award-winning national architecture and planning firm, announced it has hired Joy DeWitt and Ralitsa Todorova as job captains at the firm’s Chicago/Midwest office.

Together, DeWitt and Todorova bring more than 14 years of architecture and design experience in the healthcare, mixed-use and senior housing sectors, among others.

“Joy and Ralitsa perfectly complement the team at our growing Chicago office, as they both have extensive experience within the sectors in which KTGY specializes,” said David M. Kennedy, AIA, LEED AP, principal at KTGY Architecture + Planning’s Chicago/Midwest office.

 “We’re excited to leverage their exceptional talents and continue the firm’s Midwestern expansion into the healthcare, mixed-use, senior housing and retail space.”

As job captains, DeWitt and Todorova, both 31, will oversee construction document production and building coordination for a number of national projects out of KTGY’s Chicago/Midwest office. Both will also manage design solutions, code analysis and space planning on behalf of the firm.

Joy DeWitt

Prior to joining KTGY, DeWitt worked at Chicago-based PFB Architects as a project manager, specializing in healthcare and senior living developments. During that time, she was involved in a number of medical projects at The University of Chicago Medical Center.

 Prior to that, DeWitt also spent several years in Tianjin, China, working on master-planning competitions, high-rise housing and several commercial projects. She earned a master’s degree in architecture and a bachelor’s degree in design architectural studies from the University of Nebraska. 

Additionally, DeWitt is a certified Construction Documents Technologist (CDT) through the Construction Specifications Institute.

Todorova comes to KTGY from Chicago-based FitzGerald Associates Architects, where she spent two years working alongside architects to develop feasibility studies and designs for multiple mixed-use, mid-rise residential and single-family housing developments.

She previously served in a junior architect role at SAS Architects & Planners, where she led designs for healthcare and senior living facilities. Prior to that, Todorova managed commercial tenant build-out projects, focusing primarily on restaurant and foodservice design, for Chipman Design Architecture.

She graduated with honors from the Illinois Institute of Technology in Chicago with a bachelor’s degree in architecture.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

 www.KTGY.com.

Lincoln Announces Anchor Tenant for Tremont Plaza in Orlando, FL

Nan McCormick

ORLANDO, FL (July 5, 2016) – Lincoln Property Company (Lincoln), the developer for the 28-story Tremont Plaza in downtown Orlando, Florida, is pleased to announce its anchor tenant, FAIRWINDS Credit Union, the largest Orlando-based financial institution with $2 billion in assets.

Nan McCormick of CBRE represented FAIRWINDS in the transaction.

“We’re pleased to be growing as a financial institution and expanding our presence in downtown Orlando,” said Larry Tobin, president and CEO of FAIRWINDS Credit Union. “We look forward to the development that Tremont Plaza will bring to our beautiful city, including jobs, local business, and tourism.”

Tremont Plaza, a mixed-use high-rise located on the “gateway corner” of Garland Ave. and South St., will include retail, restaurant, and banking space in the lobby, approximately 650 parking spaces in 10 levels of structured parking, seven levels of office space totaling more than 200,000 square feet, and an eight-story, 180-room AC Hotel by Marriott.

Scott Stahley

“Tremont Plaza will offer a prime location in an office market that has been experiencing a wealth of leasing activity, but hasn’t had new office space since Lincoln built 111 North Magnolia almost a decade ago,” said Scott Stahley, senior vice president of Lincoln.

The plans also include incorporating a new Sunrail platform for Church Street Station inside the building, providing for a ‘Grand Central Station’ type of feel and arrival, which will offer future access to Orlando International Airport and connectivity to Miami CBD via All-Aboard Florida’s high-speed train.

“It’s become apparent that this unprecedented transit-oriented development, centrally located in the CBD, coupled with its lifestyle hotel as an amenity, will make the property very appealing to not only start-up and tech companies who are seeking to attract and retain top talent, but typical office tenants and hotel guests as well,” Stahley added.   

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Lincoln Property Company to Provide Technical Services for Brookside I and II in Alpharetta, GA

Jeff Clayton

ATLANTA, GA (July 5, 2016) – Lincoln Property Company (Lincoln) has been retained to provide technical maintenance services for Brookside I and II, two Class A office buildings located in Alpharetta, Georgia.

The new ownership group, IPX Brookside Investors, LLC, which is managed by BPG Management Company, LP, selected Lincoln Property Company Commercial, Inc. to continue its day-to-day technical management services.

“The quality of the buildings and their location make Brookside I and II perfect for tenants looking to expand or open new offices in the north Fulton submarket,” said Jeff Clayton, director of engineering. “Our attention to detail and programmed maintenance optimizes operations while reducing operating expenses.”

Located off Old Milton Parkway near Interstate 400, the property offers suites ranging from 1,835 to 6,445 square feet, surface parking and immediate proximity to hotels, banks and dining.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

RealtyTrac Ranks Best Bargain Beach Towns for Summer 2016

  

Daren Blomquist

IRVINE, CA -- RealtyTrac® (www.realtytrac.com) the nation’s leading source for comprehensive housing data, released a special report ranking the best bargain beach towns for summer 2016 based on median home prices, average summer temperatures, air quality and density of registered criminal offenders.

For the report RealtyTrac analyzed more than 1,400 cities in coastal counties as defined by the U.S. Census Bureau. The list was narrowed all the way down to the top ranking bargain beach town in each of the 15 states with a city matching the final criteria for a bargain beach town.

“Buying a second home or investment property in a beach town can help families save on summer vacations for years to come and also potentially generate vacation rental income,” said Daren Blomquist, senior vice president at RealtyTrac.

“While real estate close to the ocean tends to be pricier, bargains are still available particularly smaller towns off the beaten path where home prices have been slower to bounce back from the housing downturn.

“ We picked the highest-ranked bargain beach town from each state to provide a good sampling of the diverse beach town experiences available across the country.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Real Estate Capital Institute Reports Hot Summer for Debt and Equity Markets

Jeanne Peck

CHICAGO, IL  -The summer remains hot for the real estate

debt and equity markets, despite some cooling on the coasts. Even as prices

have peaked in some of the major primary markets, much of the country still

on track with record sales and financing volumes. Low rates, lack of quality

investment opportunities and overall strong cash flow performances keep

investors in the game at a frenzied pace.

After the surprising results of Brexit plunged rates to record-low territory

late last month, the Fed may abandon any efforts to raise rates and even

lower rates.  Even as the British European Union issues subside, overall

global malaise should continue to keep yields low with foreign investors

flocking to US treasuries for safety.

Persistently low interest rates assure that capitalization rates will also

remain low, translating to peak pricing with less attractive yields.

However, some markets are starting to see pricing levels stabilize, as

investors find minimal yield differences between various property sectors.

For instance in the case various types of "bed" properties, student housing,

senior facilities and traditional multifamily assets trade at much tighter

yield spreads than in the past. Any type of institutional quality

investments, longer-term internal rate of return benchmarks are in the

middle to higher single-digit range for core properties.

Will real estate investors flock to other more profitable investment

categories?  More opportunistic investments are advertising yields in the

lower to middle teens, also at historical lows, but not low enough to

discourage investing.  In other words, real estate yield risks are still

perceived to be lower in comparison to alternative stock market investments,

since deals are backed by "real" assets.

Now more than ever, borrowers are ambivalent to fixed-versus-floating-rate

debt. Overall mortgage rates dipped below 3% for shorter-term debt of five

years or less; longer-term fixed-rate debt is priced in the higher 3% to

lower 4% range. Due to a variety of factors relating to risk aversion and

regulatory concerns, many lenders favor "safety versus yield philosophy,"

offering lower rates as opposed to higher leverage (e.g. more than 65%

loan-to-value).

Jeanne Peck of the Real Estate Capital Institute(r) suggests, "Lenders are

accustomed to providing lower leveraged loans."  She adds "Just the same,

investors are becoming accustomed to keeping more cash in properties since

fewer other yield opportunities exist and prices stay at peak thresholds."

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

Jeanne Peck

Executive Director 

director@reci.com

www.reci.com

Blue Atlantic Partners Buys Two Luxury Properties in Georgia

Greg Ward

ATLANTA, GA – Atlantic | Pacific Companies (A|P) and Blue Arch Advisors, via their fund, Blue Atlantic Partners, have purchased two properties in Georgia: Rock Creek at Vinings and Rock Creek at Ashford.

The purchase marks A|P’s 17th acquisition in the metro-Atlanta area, bringing the size of their portfolio in Atlanta to approximately 4,500 units.

Greg Ward, Chief Investment Officer of the fund, remarked “We are excited to add these properties to our growing Atlanta portfolio.  

"They represent a continuation of our strategy to acquire assets in locations with strong demographics and high barriers to entry.  We plan to implement an extensive interior and exterior renovation program across the properties.”

Rock Creek at Vinings, located in Smyrna, which is historically one of the fastest growing cities in Georgia, sits on 33 acres on the northwest side of Atlanta Road SE.  The property has 403 units consisting of one, two and three bedrooms. Rock Creek at Ashford is located on 13 acres in the city of Brookhaven, GA and consists of studio, one and two bedroom units. The community features a dog park, resident garden, BBQ grills areas, and gated entry.

 For more information about A|P and its array of real estate services including development, property management, affordable housing, and construction, visit www.apcompanies.com  or call (800) 918–1145. Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

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

Jessica Wade Pfeffer | jessica@jessicawadeinc.com | Jessica Wade Inc. | 7100 Biscayne Blvd | Miami, FL - Florida 33138

American Realty Advisors Acquires Highly Sought-After Class A Core Office Asset in Chicago’s Growing Fulton Marketplace for $257 Million

  

1K Fulton Office Building, River West Fulton Marketplace Submarket, Chicago, IL

 Chicago, IL, July 1, 2016 – American Realty Advisors announced the acquisition of 1K Fulton, a Class A office asset located in the heart of Chicago’s highly sought-after amenity rich River West Fulton Marketplace submarket.

 The complex consists of a 531,190 sf creative office and ground floor retail building, including a ten-story fully re-developed cold storage facility annexed to a newly built six-story building.

Martha Shelley

1K Fulton, which opened in late 2015, is currently 97% leased to a number of high profile tenants, including Google, which has leased approximately two-thirds of the office space.

According to Martha Shelley, American’s Senior Portfolio Manager, securing an asset of this nature with long-term leases to high quality tenants in one of the most vibrant submarkets of Chicago is a significant accomplishment, and furthers the firm’s investment objectives.

“American has continued to position its portfolios defensively, investing in true core assets in major markets and highly dynamic submarkets across the country.  

"We believe that this is the most effective approach at this point in the market cycle, and the 1K Fulton acquisition is reflective of our strategy,” noted Ms. Shelley.

 “We were attracted to this asset because it has long-term leases with quality tenants, such as Google.  We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels, and housing adjacent to this asset.”

Shelley continues, “This burgeoning submarket is attracting a diverse base of tenants, including technology companies drawn to the area’s unique and highly appealing nature.

Ray Kivett

“We expect that it will continue to be attractive to future tenants and generate stable returns for our investors. We are focused on making sure that our tenants and their employees have the most attractive amenities within and around the building as we continue to partner with companies to attract strategic employee talent. The Fulton Marketplace area is in the early stage of a major transformation into one of Chicago’s premiere live-work-play neighborhoods.”

Ray Kivett, American’s Managing Director, Investments, stated, “This acquisition fulfills all of our criteria: superior location, great tenants, and high-quality construction and amenities. In addition, average current in-place rents are approximately 15 percent below market, which supports the purchase price of $257 million, providing the opportunity for American to increase cash flow and returns for investors.” 

 “1K Fulton represents the acquisition of a high quality cornerstone asset within one of Chicago’s most vibrant areas which is only in its formative period. 

"Over the long run, we anticipate that this asset and its immediate Fulton Marketplace neighborhood will continue to grow its prominence in the overall fabric of the Chicago market,” noted Kivett.  “The recent news about McDonald’s corporate headquarters relocation to this area in order to attract high quality employee talent, coupled with the new boutique hotels under construction nearby, and the area’s thriving restaurant, retail, and nightlife business all support the thesis that this is an 18-hour location.” 

“The strength of this growing submarket, along with the investment grade anchor tenant at 1K Fulton, creates an opportunity for long-term stabilized value for our investors,” Kivett added.

The seller, Sterling Bay, was represented by David Knapp and Stephen Livaditis of Eastdil Secured. 

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

Lexi Astfalk / Jenn Quader for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940, LAstfalk@browermillercole.com

www.americanreal.com.

29th Street Capital Acquires Student Housing Property at Texas State University in San Marcos, TX

 

Villagio Apartments, Near Texas State University campus in San Marcos, TX

John Price

San Marcos, TX (June 30, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Villagio Apartments, a 180-unit, 492-bed luxury student housing community near Texas State University (TSU) in San Marcos, 

Texas. 29SC’s strategy is to invest $2 million to significantly upgrade the apartment interiors, exteriors and already top-tier amenities.

“The Villagio represents the first step in the exciting expansion of 29SC’s very successful multifamily business model into its newly-formed student housing platform,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “This acquisition represents a unique opportunity to add value for both our investors and the residents through repositioning and substantial renovating the community. Upon completion, The Villagio will provide the highest quality student housing experience in the competitive San Marcos market.”

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

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton

www.29thstreetcapital.com.

HFF secures $9.6 million in financing for The Bindery on Blake in Denver’s RiNo District

   

The Bindery on Blake, 2875 Blake, River North (RiNo) District, Downtown Denver, CO

Eric Tupler

DENVER, CO, June 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $9.6 million in financing for The Bindery on Blake, a two-building mixed-use project that comingles office, artistry, brewery, cidery and dining in the River North (RiNo) District of downtown Denver.

HFF worked on behalf of the borrower, Danielsen Investments, LLC, to arrange the 20-year, 4.10 percent, fixed-rate loan through a life company correspondent lender.  The permanent loan is taking out an existing construction loan on the property.

The Bindery on Blake was renovated in 2015 and repurposed into a creative working space housing office and tenants. The 46,361-square-foot 2901 Blake, originally built in 1927, is fully occupied by Davis Partnership Architects, Motive: Project WorldWide, Metropolitan Hardwoods, Rifugio Modern and the Studios at the Bindery, which features 13 clean-artist studios.

  Originally built in 1997, 2875 Blake features 21,063 square feet and is fully leased to C Squared Ciders, Bierstadt Lagerhaus and Rackhouse Pub (a tasting room and 165-seat restaurant). 

The Bindery at Blake’s location on the southeast side of the RiNo District places it just over one mile from Denver’s Union Station, which is a hub to 122 miles of light rail line, and within two miles of Denver’s most traveled highways, Interstates 25 and 70. 

Leon McBroom

Additionally, the property is a short walk from Coors Field, Denver’s LoDo neighborhood and the new 38th and Blake light rail stop, which provides direct access to Denver International Airport.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Leon McBroom. 

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

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Mortgage Bankers Association Releases First Quarter 2016 Commercial/Multifamily DataBook

 WASHINGTON, D.C. (June 30, 2016)- The Mortgage Bankers Association released its first quarter 2016 Commercial/Multifamily DataBook today.

The report summarizes major trends that developed during the quarter. Charts and tables provide historical information on commercial and multifamily real estate markets.

MBA’s Commercial/Multifamily DataBook reported that:

Domestic property markets largely held steady. During the first quarter office vacancy rates fell from 16.2 percent to 16.1 percent, retail vacancy rates held at 10.0 percent and apartment vacancy rates climbed from 4.4 percent to 4.5 percent. Tight or tightening markets boosted rents by 2.1 percent for retail, 3.0 percent for office and 4.6 percent for apartments on a year-over-year basis.

The improving bottom line continues to draw new development activity, with the value of selected CRE-related construction put-in-place in April up 7 percent from a year before. Multifamily permitting and starts remain strong, such that there are more multifamily units under construction than at any time since the mid-1970s.

Commercial property sales were solid in the first quarter, but below the high level seen one year prior. Sales of office, industrial and retail properties were below Q1 2015 levels, while multifamily sales were up 12 percent.

In the aggregate, commercial real estate borrowing and lending started 2016 in a similarly strong fashion to 2015. Borrowing backed by retail, office, hotel and multifamily properties picked up, as did lending by banks. Disruptions in the broader capital markets pushed originations for commercial mortgage-backed securities down.

You can download a copy of the DataBook here. 

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727 

L5 Investments Partnership Completes $22.9 Million Acquisition of 232-Unit Apartment Community in Richmond, VA

  

Aspen Station Apartments, 1500 Forest Run Drive, Richmond, VA

Michael Flaherty

Sacramento, CA, June 30, 2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community for $22.9 million in Richmond, VA.

 Built in 1980, the property is situated on 17.13 acres and is located at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community that features a swimming pool, clubhouse with business center, lighted tennis and basketball courts, car wash and vacuum station, and picnic area with charcoal grills throughout the property.

 The unit mix includes 98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each unit includes a full-size washer and dryer and a private balcony or patio.

The new ownership plans on investing in excess of $2.6 million for an extensive renovation and repositioning of the asset. 

This will include a complete remodel of the leasing and business center; remodel of fitness center to nearly double in size and include state-of-the-art equipment; upgrades to flooring, cabinets, counters, lighting, fixtures, and appliances in unit interiors; improve landscaping; upgrades to tennis and basketball courts; addition of a new sport court and dog park; and new monument and directional signage. 

Laura Cathlina

Additionally, in a strategic move to enhance Aspen Station’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“Although we have numerous apartment assets in growing areas throughout the country, this acquisition marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm.

 “By partnering with BH Equities, an experienced investor and asset manager with strong local market experience, we believe we can raise the bar for Aspen Station and attracting new residents who are seeking a high-end apartment community with quality interior spaces, amenities, and proactive management.”

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Virginia market where we currently manage six properties and close to 2,000 units,” said BH Equities Director of Acquisitions Mike Baker.

Wink Ewing

Named by Zillow as the nation’s fourth hottest housing market of 2016, the greater Richmond market is home to 1.25 million residents and shows signs of continued growth.

 Richmond has been outpacing many of the other metro areas of Virginia and is growing faster than the nation as a whole. The pro-business area includes a number of Fortune 1000 companies and has also recently been attracting both new start-ups and established firms.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the seller.

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

Darcie Giacchetto

949.278.6224

$8.3 million sale of urban outfitters in delray beach, fl arranged by marcus & millichap

Urban Outfitters, 306 East Atlantic Avenue, Delray Beach, FL

Howard Bregman

DELRAY BEACH, FL, June 30, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

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

Ryan Nee

Vice President / Regional Manager

 Fort Lauderdale, FL

(954) 245-3400