Milwaukee’s Siegel-Gallagher Brokerage Team Moves to Transwestern

  

 

Marianne Burish

CHICAGO, IL (oct. 26, 2016) – Transwestern today announces it has expanded its services throughout Southeast Wisconsin with the addition of the brokerage team from the former Siegel-Gallagher Inc., a 20-year-old commercial real estate firm based in Milwaukee.

John Dulmes, Daniel Walsh and Marianne Burish join Transwestern as executive vice presidents, while Shaun Dempsey serves as vice president.

“Already home to our national Sustainability Services group, Milwaukee is familiar territory for Transwestern and has long been viewed as a market with tremendous opportunity to grow our presence,” said Mike Watts, Transwestern’s Midwest president.

Dan Walsh

The Siegel-Gallagher team’s strong reputation and comprehensive experience throughout Southeast Wisconsin ensures our clients will receive the highest level of service from professionals who know the market better than anyone.”

Focused primarily on tenant advisory, agency leasing and investment sales in the office sector, Dulmes, Walsh, Burish and Dempsey to date have executed more than $1 billion in real estate lease transactions on behalf of building owners.

The team won the 2016 Deal of the Year Award from the Commercial Association of Realtors Wisconsin (CARW) for its representation of Bader Rutter & Associates in a 60,000-square-foot headquarters lease at 1433 N. Water St. in downtown Milwaukee.

John Dulmes

Representative clients include Ascension Health/CSM, BMO Harris Bank, Time Warner Cable, Medtronic, Alliant Energy Corp., Shorewest Realtors, Robertson Ryan and Associates, and Sprint Corp., along with a host of local and regional companies and investors.

“Transwestern provides our team the national resources to further grow our brokerage operations and strengthen our long-term client relationships here in Milwaukee,” said Burish.

 “We are excited to join a firm that is dedicated to the same culture, values and commitment to providing exceptional client service as we are.”

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

Gretchen Muller

Taylor Johnson Public Relations

312.267.4511

gmuller@taylorjohnson.com

twmediarelations@transwestern.com

Shopoff Realty Investments Acquires Hebron Heights Retail Center in North Dallas, TX Suburb

  

 

William Shopoff

DALLAS, TX (Oct. 26, 2016) – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired* a 36,000-square-foot retail center in the northern Dallas suburb of Carrollton, Texas, for approximately $8.1 million.

The property, Hebron Heights, is located at 1012 W. Hebron Parkway in the North Carrollton submarket of the Dallas-Fort Worth metropolitan area.

 Anchored by Pet Supplies Plus, the retail center is approximately 100 percent leased to a mix of national, regional and local tenants. Hebron Heights was constructed in 2004 on 8.04 acres of land located less than one mile east of the Sam Rayburn Tollway.

“Hebron Heights is in a great location surrounded by homes and is in close proximity to other major retailers with the potential to draw additional patrons to the shopping center,” said William Shopoff, chief executive officer of Shopoff Realty Investments. 

“Currently fully leased with a number of tenants paying below market rents, 50 percent of the tenants’ leases expire within five years, providing an opportunity for additional cash flow via re-leasing.”

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

www.shopoff.com

BKM Partners’ Debut Fund Acquires 18th Industrial Business Park Asset in Tukwila, WA for $19.8 Million

  

Andover Executive Park, Tukwila, WA

  

            Tukwila, WA (Oct. 26, 2016) – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Andover Executive Park, an eleven-building multi-tenant industrial business park encompassing 181,163 square feet in the Kent submarket of Tukwila, Washington. The asset was acquired in an off-market transaction for $19.8 million.

            This acquisition comes on the heels of BKM’s acquisition of Tukwila Commerce Center, which is located adjacent to the property and marks the firm’s 18th acquisition in its debut fund, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners.

Brian Malliet

            “The Kent industrial submarket is one of the most dynamic in the entire U.S.,” says Malliet. “Currently ranked as the third largest industrial market in the country, Kent’s quality market fundamentals continue to dominate the region. Industrial vacancy remains extremely low, net absorption is positive and rents continue to steadily rise.

" We recognize the deep value potential in this market, and plan to capitalize on the momentum of this rapidly growing region through increasing our investment throughout the Seattle area.”

Malliet explains that BKM’s strategy is to acquire value-add multi-tenant light industrial assets in strong growth markets across the Western U.S., such as the Seattle metro area, that provide a tremendous opportunity for value creation.

            “Our hyper focus on multi-tenant light industrial product allows us to identify, source, and acquire properties that will ultimately deliver the best yields to our institutional investment partners,” says Malliet. “Based on this niche focus and our deep knowledge of the market, we were able to acquire the Andover Executive Park well below peak prices and replacement cost, providing a significant opportunity for generating a strong ROI.” 

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.bkmcapitalpartners

Marcus & Millichap Brplers $1.5 Million Sale of Miami International Airpot Apartments in Virginia Gardens, FL

Jorge Ruiz

VIRGINIA GARDENS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the $1.5 million sale of Miami International Airport Apartments, an 11-unit, 43,560-square-foot lot located in Virginia Gardens, FL.

Jorge Ruiz, senior associate in Marcus & Millichap’s Miami office, had the exclusive listing. Associate Alejandro Gonzalez, Vice President Investments Felipe Echarte, and Senior Vice President Investments Evan Kristol in Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer. 

Occupying 5979 NW 37 Street in Virginia Gardens, FL, the asset is strategically positioned next to one of Miami’s largest employers, Miami International Airport.

“The purchaser will benefit from Virginia Gardens’ low vacancy market, located just east of Doral’s exploding submarket in Miami Dade,” says Ruiz. The property contains a mix of efficiency units, one-bedroom units and a two-bedroom unit, with allowance of up to 30 units.

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami, FL

(786) 522-7000

Marcus & Millichap Arranges $5 Million Sale of The Place at Davis Island Apartments in Tampa, FL

Casey Babb

TAMPA, 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 The Place at Davis Island, a 40-unit apartment community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The leasehold interest sold for $5,000,000.

Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office, and Tyler Leeson, first vice president investments in the firm’s Newport Beach office, acted in a transaction broker capacity and put the deal together on an off-market basis.

 The buyer, a California-based private investor, was secured and represented by Babb and Leeson. The seller, a Tampa-based partnership, was represented internally.

The Place at Davis Island is a 40-unit vintage, garden-style community located on beautiful Davis Island at 401 Danube Avenue in Tampa, Florida. The property consists of 40 one-bedroom/one-bathroom units with 700 rentable square feet of which 25 percent have been rehabbed with modern kitchens, new flooring, fixtures and stacked washer/dryers.

Tyler Leeson

“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970’s and through internal collaboration we were able to connect a California 1031 exchange buyer with a great opportunity in Tampa,” says Babb.

 “The seller owned the leasehold interest for nearly 20 years and plans to trade into a larger asset. The buyer was in a 1031 exchange and plans to rehab the remaining units and increase the rents to market.”

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Hanley Investment Group Lists Rare Five-Acre Fee-Simple Ground Lease on South Lake Avenue in Pasadena, CA For Sale

Carlos Lopez

PASADENA, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm is marketing for sale a rare fee-simple ground-lease opportunity on South Lake Avenue in Pasadena, Calif.

The offering, which is currently unpriced, is for the fee-simple land underlying The Shops on Lake Avenue retail and parking and is shadow-anchored by Macy’s.  

According to Hanley Investment Group Senior Vice President Carlos Lopez, the property’s listing agent, the offering consists of two parcels totaling 5.32 acres with a total of 131,153 square feet of building at 345 & 401 South Lake Avenue.

Approximately 61 years remain on the lease term (which includes two 10-year options and increases every five years); 100 percent of the improvements revert to the landowner upon expiration of the ground lease.

“This is a once in a lifetime opportunity for an investor to purchase over five acres of land along South Lake Avenue in the heart of the premier shopping district in Pasadena,” said Lopez. “A long-term, triple-net ground lease is one of the most secure forms of real estate investment. ”

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

Anne Monaghan

 MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

830.997.0963

www.hanleyinvestment.com.

HFF closes sale and secures financing for 315-unit apartment community in suburban Atlanta, GA

The Estates at Vining Station, Vinings, GA

                                                                      (Photo by Pat Kelly with Sky-Shots Aerial Photography Inc.)

 

Megan Thompson

 ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and secured financing for Estates at Vinings Station, a 315-unit, garden-style multi-housing community in the northwest Atlanta suburb of Vinings.

HFF marketed the property on behalf of the seller, Invesco Real Estate.  The asset was purchased free and clear of existing debt by a joint venture between PCCP, LLC and Carroll Organization. 

Additionally, HFF assisted the new owner in securing the seven-year, 70 percent LTV, floating-rate acquisition financing through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

Estates at Vinings Station is situated on 15.29 acres at 4695 North Church Lane SE along South Atlanta Road with direct access to Interstate 285. 

Jason Nettles

The property is proximate to the flourishing Cumberland Galleria office submarket and has direct access to the trendy West Midtown district via South Atlanta Road.

 SunTrust Park, which will serve as the new home to the Atlanta Braves, is being constructed a short distance from the property with an expected delivery date of April 2017. 

Approximately 59 percent of the residences underwent renovation beginning in 2013 to the present with upgrades including: black/stainless steel appliances, quartz countertops, tile backsplash, espresso cabinets, vinyl plank flooring in the kitchens and baths, new carpet in living areas, new light fixtures and brushed nickel finishes.  

Estates at Vinings Station has one-, two-, and three-bedroom units averaging 1,091 square feet each and offers 25 townhome units with attached garages.

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.

HFF’s debt placement team was led by senior managing director Ed Coco and director Chip Sykes.

Ed Coco

“Estates at Vinings Station represents one of the last garden-style properties to likely ever be built in the Vinings area with current trends leaning toward higher-density, structured-parking assets, which now represent nearly all of the new supply in this burgeoning submarket,” said Nettles.

 “Invesco realized their investment objectives, and we believe the buyer’s business plan is well conceived for future asset appreciation.”

 “Carroll Organization continues to acquire and manage a portfolio of high-quality assets in Atlanta and across the South,” said Coco.  “It was our pleasure to assist with financing for their acquisition of Estates at Vinings Station in a transaction that provided loan terms and structure that will help them achieve their business plan.”

 

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 | hfflp.com

ohennessey@hfflp.com

www.pccpllc.com.

HFF closes $31.1 million sale of garden-style apartment community in Claymont, DE

The Edge at Greentree Apartments,  Claymont, DE

Mark Thomson

PHILADELPHIA, PA, Oct. 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $31.1 million sale of The Edge at Greentree, a 286-unit, garden-style apartment community in Claymont, Delaware, near the Delaware/Pennsylvania state line.

HFF marketed the property on behalf of The Galman Group.  A joint venture between two private, Northeast-based groups purchased the asset free and clear of existing debt.

The Edge at Greentree has 26 residential buildings encompassing one-, two- and three-bedroom units averaging 844 square feet.  Community amenities include a state-of-the-art fitness center and tech lounge. 

Centrally located off of Namaans Road, Interstates 95 and 495 and Pennsylvania Route 202, the property is accessible to all major retail and employment corridors in northern Delaware and Philadelphia. 

The 96-percent-leased property is less than 10 miles northeast of downtown Wilmington, Delaware, and approximately 23 miles southwest of Center City, Philadelphia.

Carl Fiebig

The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and associate director Carl Fiebig.

“The asset was previously marketed by another broker, which meant that we could leave no stone unturned,” Thomson commented.  “We continue to educate out-of-town equity on the merits of investing in Delaware.”

Fiebig added, “This sale supports the notion of regional buyers being attracted to value-add product with strong fundamentals throughout the Philadelphia MSA.  We consistently raise the bar on the standard price per unit in many of our markets, including Delaware.”

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 | hfflp.com

ohennessey@hfflp.com

The Habitat Company and The Resurrection Project Celebrate Grand Re-opening of Casa Heritage in Melrose Park, IL

  

Casa Heritage Ribbon Cutting: Residents join Cook County President Preckwinkle (far left) and Senator Dick Durbin (far right), and the redevelopment team at the ribbon cutting ceremony, marking the official re-opening of Casa Heritage Apartments in Melrose Park, Ill.

 

Matthew Fiascone

CHICAGO -– Chicago-based The Habitat Company, a leading multifamily property developer and manager in the U.S., in partnership with The Resurrection Project, a non-profit development organization, celebrated the official re-opening of Casa Heritage with a ribbon cutting ceremony on September 29.

Located at 10315 W. Palmer in Melrose Park, Ill., the recently renovated 142-unit community is the only affordable housing option for families in a nine-municipality area.

“We are proud to partner with The Resurrection Project to preserve Casa Heritage and ensure that it remains an affordable housing option for residents in the area,” said Matt Fiascone, president of The Habitat Company.

“As Habitat celebrates its 45th year in business, it’s important to us to remember our roots in affordable housing. Habitat was founded on the premise that no project is only an investment in real estate – it is an investment in the future of the community and in the lives of the people who will live and work there. That sentiment couldn’t be more true at Casa Heritage.”

On hand for the ribbon cutting ceremony were Illinois Senator Dick Durbin, Cook County Board President Toni Preckwinkle, along with many long-time Casa Heritage residents.

“The rehabilitation of Casa Heritage is going to provide a lot of hard working people with a place to be proud to live in,” said Durbin. “The re-opening of the Casa Heritage Apartments will provide 142 units of affordable housing right here.

Toni Preckwinkle

“This complex was made possible by leveraging private and public sector funds and is an example of how we can meet our affordable housing needs. The residents here will have access to important services like credit and housing counseling, financial management, education, and social services, which will help them and help the community.”

“I want to applaud the work of The Resurrection Project and Habitat that have done such an excellent job of preserving 142 units of affordable housing right here in Melrose Park,” said Preckwinkle.

“Currently we have a great need for affordable housing in Cook County and I’m proud to support projects like this one. In an area of diminishing federal resources for affordable housing, having partners like the Illinois Housing Development Authority and the Village of Melrose Park, elected leaders and community organizations are vital to our success.”

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

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523

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

www.habitat.com.

Lincoln Harris Secures Two Leases Totaling Nearly 42,000 Square Feet at Piedmont Town Center in Charlotte, NC

Campbell Walker

CHARLOTTE, NC — Lincoln Harris has secured two leases totaling 41,988 square feet at Piedmont Town Center, located in Charlotte, North Carolina. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transactions.

•         Shurtape Technologies LLC signed a 1,265-square-foot lease renewal at Two Piedmont Town Center. Caldwell Rose of NAI Southern Real Estate represented the tenant in the transaction.

•         PNC Bank signed a 30,983-square-foot lease renewal and a 9,740-square-foot lease expansion at One Piedmont Town Center. Jubal Early of Lincoln Harris represented the tenant in the transaction.

“Piedmont Town Center remains a top choice for tenants seeking high quality office space, which is evident by these lease renewals and expansion,” Walker said. “It’s prime location on Fairview Road and ‘live, work, play’ environment offer exactly what today’s tenants are seeking.”

Piedmont Town Center is a Class A mixed-use development project in the

heart of the SouthPark community featuring two office buildings totaling a combined 420,000 square feet, 87,500 square feet of prime retail space and 180 luxury residential units.

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

Savannah Durban

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sdurban@thewilbertgroup.com

ATTOM Data Solutions Reports Single Family Rental Returns Drop to Nine-Year Low in 2016 as Institutional Investor Purchases Rise in 68 Percent of Markets

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q3 2016 Single Family Rental Market Report, which found that average single family rental returns dropped to a nine-year low for homes purchased so far in 2016 among 473 U.S. counties analyzed for the report.

The average annual gross rental yield — monthly rent, annualized, divided by median home price — among the 473 counties was 8.7 percent for properties purchased in the first seven months of 2016, down from an average of 8.8 percent for the same time period in 2015 to the lowest level since 2007, when the average gross rental yield across the 473 counties was 7.3 percent.

 “While average rental returns on properties purchased so far in 2016 are at a nine-year low, these returns are still attractive compared to alternative investing opportunities,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“After a drop-off in single family purchases by both individual and institutional investors over the past two years, we’re starting to see investor acquisition activity pick up again.

“Given shifting attitudes toward homeownership that are showing up in stubbornly low homeownership rates and our data showing more than 18 million non-owner occupied single family homes — one in every four single family homes — these single family rental investors will be an important and likely growing force in the real estate market for years to come.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

Marcus & Millichap Arranges $875,000 Sale of 13-Unit Bayview Apartments in St. Petersburg, FL

                    

Bayview Apartments,  442 30th Avenue North, St. Petersburg, FL

Joshua Teplitzky

ST. PETERSBURG, FL – 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 Bayview Apartments, a 13-unit apartment property with a single family home located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Bayview Apartments is a 13-unit apartment community with one, two-bedroom/one-bathroom single family home. The property is located just north of the heart of the rapidly developing downtown St. Petersburg at 442 30th Avenue North.

The offering consists of five buildings, which are comprised of five studio units with 150 to 450 rentable square feet; four, one-bedroom/one-bathroom units with 450 to 540 rentable square feet; four, one-bedroom/one-and-one-half-bathroom units with 535 rentable square feet; and one, two-bedroom/one-bathroom house with 1,180 rentable square feet.

“Bayview Apartments is in a prime location just north of downtown St. Petersburg and adjacent to the Fresh Market off 4th Street,” says Teplitzky. “The property piqued the interest of several multifamily buyer types ranging from local, out-of-area and even developers.

“Through creating an auction environment and generating multiple offers we were able to sell the property at list price, which equated to over $130 per square foot.”

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

Ari Ravi

Regional Manager

 Tampa, FL

(813) 387-4700

L5 Investments and Alamo Equities Partnership Completes $14.25 Million Acquisition of 200-Unit Apartment Community in Sparks, NV

Marina Gardens Apartments, 550 Howard Drive, Sparks, NV

Laura Cathlina

Sparks, NV -– A partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments, a 200-unit apartment community, for $14.25 million in Sparks, NV. The property is situated on 11.78 acres and is located at 550 Howard Drive.

The partnership is planning to add value to the property by investing nearly $4 million for needed updates and upgrades in order to better meet the demand of local renters. It will also be re-branded and re-named Marina’s Edge within the next few months.

Built in 1973, Marina Gardens is a garden-style, pet-friendly community featuring 31 two-story buildings comprised of a total of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units that include private balconies or patios, walk-in closets, and full kitchens. On-site amenities include three laundry rooms, barbeque areas, two playgrounds, and approximately 278 parking spaces.

Kenneth Blomsterberg

The property is less than one-half mile north of Interstate 80 and is one block from Sparks Marina Park, which includes a 77-acre lake and a number of recreational activities.

The community is also easily accessible to the Tahoe Reno Industrial Center, a 107,000-acre park with a 30,000-acre industrial complex that is under phased development. It is slated to be the world’s largest manufacturing industrial park and is creating tremendous job growth for the Reno-Sparks market – upwards of 50,000 jobs could be created by 2017. 

“Marina Gardens is a perfect fit for L5’s value-add investment strategy,” said Michael Flaherty, founder and CEO of L5 Investments, a Northern California-based multifamily investment firm.

 “It is well-located in an explosive growth job market and provides us with the opportunity to add significant value by improving overall management; resolving significant deferred maintenance issues; and adding features and amenities that will attract renters seeking a quality rental living environment.  We hope to continue to add similar, multifamily assets in Reno to our portfolio.”

The new ownership plans on implementing upgrades to all 200 units that will include in-unit washer and dryers; upgrades to landscaping; and introducing new branding and signage. Additionally, the property will be professionally managed by FPI, one of the largest property management companies in the nation. FPI also has a strong track record and presence in the greater Reno area.

Jeremy Cline

"Putting all the incredible and exciting market fundamentals aside, we just really liked the Sparks Marina location,” said Jeremy Cline, president and co-founder of Alamo Equities, a Bay Area investment firm. 

“So no matter what happens with the local economy, we think there will always be a strong demand to live in a cool, edgy apartment community that will provide beach cruisers and paddle boards to its tenants."

Sparks is located in the northwest portion of the state, east of Reno and about six miles from the Reno Airport. The Reno-Sparks region has been rapidly growing as large companies, including Tesla, Amazon, Apple, and SuperNAP choose bring operations to the market.

These businesses are spurring a wave of new businesses centered in technology, distribution, warehousing, and manufacturing. Tesla is currently underway with construction of its “gigafactory,” a 5.8 million-square-foot battery manufacturing facility considered to be the second largest building by volume in the world.

Michael Flaherty

Additionally, SuperNAP has made Reno-Sparks its new home and is constructing a $1 billion, 3 million-square-foot campus which is slated to be the world’s largest data center of its kind.

Laura Cathlina of Berkadia arranged the debt on behalf of the ownership. Kenneth Blomsterberg of Marcus & Millichap brokered the transaction on behalf of both the buyer and the out of state sellers, RAF, LLC and BDS, LLC, that owned the property since 2001.

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

Darcie Giacchetto

949.278.6224

www.L5invest.com.

www.alamoequities.com

L5 Investments Partnership Completes $5.82 Million Acquisition of 40-Unit Apartment Community in Seattle, WA

The Columbian Apartments, 1410 to 1414 S. Columbian Way, Beacon Hill, Seattle, WA

Michael Flaherty

Seattle, WA  – A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired The Columbian Apartments for $5.82 million in Seattle, WA.

 The 40-unit property is located in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. The partnership is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters.

Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula.

The property is well located, with excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.

“The Columbian presented us with an ideal opportunity to take a well-located apartment community with significant maintenance and management issues and transform it into a coveted place to live,” said Michael Flaherty, founder and CEO of L5 Investments.

Jason Elrod

“As the Seattle residential market tightens and job growth continues to strengthen, we firmly believe that once repositioned, this property will meet the desires of area renters seeking a high-quality apartment community.”

The partnership is planning on investing approximately $1.4 million to improve and modernize the property which includes a contemporary makeover of the leasing office and common areas. The unit interiors will be renovated with new appliances and finishes as well as the addition of a washer and dryer in each apartment.

Beacon Hill is one of Seattle’s oldest neighborhoods with home prices that have been rapidly appreciating in recent years. The neighborhood sits on a high ridge overlooking Seattle and Elliot Bay. Residents enjoy all the benefits of an urban setting with easy access to the 5 and 90 Interstates, an array of retail and dining options, and nearby employment centers.

Paul Harbor and Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler. Jason Elrod of EHI Real Estate Advisors brokered the transaction on behalf of both the buyer and the seller, a private investor.

In June 2016, L5 Investments and Shuler Architecture acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA for $2.6 million. 

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

Darcie Giacchetto

949.278.6224

www.L5invest.com.

HFF secures $43 million financing for mid-rise apartment community in Dallas, TX

John Brownlee

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $43 million in financing for Alexan Fairmount, a 368-unit, Class AA mid-rise apartment community in Dallas’ Oak Lawn neighborhood.

  

HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the 12-year, fixed-rate loan with Cigna Investments.  Loan proceeds were used to acquire the property.

Alexan Fairmount is situated one block east of the Dallas North Tollway adjacent to the Maple Avenue restaurant district.  

Positioned near Dallas’ largest employment and entertainment destinations in Uptown, the Medical District, Old Parkland Campus and the central business district, the property is surrounded by the city’s top retail, dining, cultural and nightlife attractions.

 Completed in 2015, the five-story property wraps around a central pool plaza with fire pit and has additional amenities, including an outdoor gourmet kitchen with grilling station, wellness studio with CrossFit-inspired equipment, yoga and spin room, tanning studio, relaxation garden, bark park with pet grooming station, cyber café, social lounge, electronic vehicle charging stations and an access-controlled parking garage.  Alexan Fairmount’s one- and two-bedroom units incorporate luxury finishes such as keyless entry, plank flooring, 10-foot ceilings, spa showers and gourmet kitchens with granite countertops, glass-paneled cabinetry, wine racks and stainless steel appliances.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

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

http://www.hfflp.com/

www.sedar.com.