HFF announces $83 million sale of Alexan Concorde in Linthicum Heights, MD

Alexan Concorde Apartments, 811 Concorde Circle,
Linthicum Heights, MD

WASHINGTON, DC –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $83 million sale of Alexan Concorde, a 310-unit, Class A luxury apartment community in Linthicum Heights, Maryland.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group, represented by its subsidiary Eagle Realty Group.  The buyer, procured by the HFF team, was AvalonBay Communities, Inc.

Alexan Concorde Apartments Entryway

Alexan Concorde is located at 811 Concorde Circle less than a mile from the Baltimore-Washington Parkway (Highway 295) and adjacent to Baltimore-Washington International (BWI) Airport. 

 Though the property is situated on 11.4 acres in a quiet wooded neighborhood setting, the property is still highly accessible to more than 36.5 million square feet of office space within 10 minutes and a short commute from other major employment drivers in Baltimore, Fort Meade and Washington, D.C. 

Walter Coker

Completed in 2016, the Alexan Concorde’s five elevator-serviced buildings house a mix of studio, one-, two- and three-bedroom units averaging 973 square feet with features, including stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. 

 Community amenities include a resort-style pool with fire pit and grilling stations; clubhouse with shuffleboard, billiards, outdoor ping pong and multiple high definition TVs; community kitchen and workspace; oversized fitness area with cross fit gym and adjoining children’s mini-club; and dog run.

The HFF investment advisory team representing the seller included Walter Coker and Brian Crivella.

“The sale of Alexan Concorde represents a prime example of the renewed interest by institutional REITs in high-quality suburban assets,” Crivella commented.

 Trammell Crow Residential (TCR) is a national multi-family real estate developer with over 40 years’ experience and a local presence in 12 key U.S. markets.  Since 2012, TCR has developed, financed and asset managed more than $5 billion of multi-family communities totaling over 20,000 units, delivering amenity-rich communities in economically thriving locations nationwide.  

Brian Crivella

TCR and Crow Holdings Industrial (CHI) are the development divisions of Crow Holdings, a real estate investor, developer and owner with a global multi-asset investment platform and longstanding industry relationships built on trust, integrity and partnership. 

For more information, please visit http://tcr.com.

Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, and celebrating 130 years this year, Western & Southern Financial Group, Inc. (Western & Southern), a Fortune 500 company, is now the parent company of a group of diversified financial services businesses.  

Its assets owned ($48.3 billion) and managed ($26.2 billion) total $74.5 billion as of June 30, 2018,

For more information on the Western & Southern family of companies, visit www.westernsouthern.com.  

Eagle Realty Group, a member of the Western & Southern Financial Group, is a real estate capital provider and asset management company based in Cincinnati, Ohio. 

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States.  

CONTACTS:

WALTER COKER

MD Lic. #524884

HFF Managing Director

(202) 533-2500

wcoker@hfflp.com

BRIAN CRIVELLA

MD Lic. #634831

HFF Senior Director

(202) 533-2500

bcrivella@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

HFF announces $90 million sale of and acquisition financing for 672 Flats in Arlington, Virginia

Rendering of planned 672 Flats Apartments, Arlington, VA

Walter Coker

WASHINGTON, DC –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $90 million sale of and acquisition financing for 672 Flats, a 173-unit, newly completed multi-housing community in the Ballston submarket of Arlington, Virginia.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between The Penrose Group and Clark Enterprises, Inc.  The Chevy Chase Land Company purchased the property free and clear of existing debt.  

In addition, HFF’s debt placement team worked on behalf of the new owner to arrange a 12-year, fixed-rate acquisition loan through USAA Real Estate.

672 Flats is a six-story community located at the convergence of N. Glebe Road, Wilson Boulevard and Interstate 66 in the highly sought-after Rosslyn-Ballston Corridor.  

Nicole Brickhouse

Completed earlier this year, the property has earned a WalkScore® of 93 given its proximity to an array of university campuses, restaurants, shopping and entertainment venues, including Ballston Quarter, which will transform the neighborhood into an open-air town center.

Jamie Leachman

  In addition, 672 Flats is approximately three blocks from the Ballston Metro Station (Orange and Silver lines), which provides access into the Washington, D.C. CBD within five stops and Tysons Corner within three stops.

The LEED Silver, boutique community incorporates multiple green building elements blended with high-end, modern finishes. 

 Units, which range from studio to two-bedroom loft- and flat-style floor plans, feature open layouts with stainless steel appliances and wall-mounted hoods, custom cabinetry, custom pantries with built-in microwaves, fixed and movable kitchen islands, expansive windows, hardwood-style flooring and full-sized washers and dryers. 

 Community amenities include elegantly designed common areas, including a resident lounge with bar; game room with billiards, poker table, shuffle board, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing area; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.

Brian Crivella

The HFF investment advisory team representing the seller included Walter Coker and Brian Crivella.

HFF’s debt placement team representing the new owner included Jamie Leachman, Chris Hew and Nicole Brickhouse.

“This transaction represents another example of the strength of the pre-sale market, not only for buyers, but also for the debt markets willing to purchase and lend on top-quality assets in core locations,” Coker said.

The Penrose Group consists of a family of companies that engage in real estate development and provide strategic property management services. 

 During its 20+ years in business, the company has amassed an impressive portfolio that has included apartments, master-planned communities, commercial offices, industrial and mixed-use developments.  

Under the direction of founder Mark W. Gregg, The Penrose Group has focused on land acquisition and development in Washington, D.C., and surrounding areas.  

Chris Hew

For more information, visit http://penrosegroup.com/.

Clark Enterprises, Inc. (CEI) is a diversified investment company based in Bethesda, Maryland.  CEI has been an active real estate investor since its inception in 1972, growing its real estate portfolio to approximately $1 billion of CEI equity value.  The CEI portfolio is primarily located in the Washington, D.C. area and includes stabilized assets and development projects across multiple product types, including office, residential and hotel.  

For further information, please visit http://www.clarkenterprises.com/.

Since 1890, The Chevy Chase Land Company has owned, managed and developed exceptional office, retail and residential properties throughout the Washington, D.C. region.  

To learn more, please visit:www.chevychaseland.com.

USAA Real Estate, with more than $21 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates.  

The portfolio consists of office, industrial/logistics, multifamily, retail and hospitality properties.  USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. 

 For more information, visit www.usrealco.com.

CONTACTS:

BRIAN CRIVELLA

VA Lic. #0225188521

HFF Senior Director

(202) 533-2500

bcrivella@hfflp.com

NICOLE BRICKHOUSE

VA Lic. #0225220296

HFF Director

(202) 533-2500

nbrickhouse@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

Former NFL Star Oversees $4 Million Renovation of Prestige Waterfront Community in North Miami, FL

Prestige Estates, 13150 Memorial Highway, North Miami, FL

NORTH MIAMI, FL (Oct. 12, 2018) – Prestige Estates, a property management and development firm led by former NFL star Elvis Dumervil, has announced that $4 million in renovations are nearing completion on the four story, 51-unit Prestige Waterfront multifamily rental apartment complex at 13150 Memorial Highway, North Miami.

The one-, two- and three-bedroom, one to two-bathroom apartments are undergoing a complete transformation to a modern new look. Each luxury apartment ranges from 435 to 880 sq. ft. and comes with complete quartz countertops, new cabinetry, stainless steel appliances, European marble floors, fresh paint, a washer and dryer, free internet and Direct TV.

The pet-friendly building will have numerous upgrades including impact doors and windows, a new air conditioning unit, cutting-edge security cameras, a renovated lobby, state-of-the-art fitness center, gated parking and lush tropical landscaping. 

Elvis Dumervil

Some units have new balconies and a waterfront view. Rents start at $1,100 per month for a one bedroom. The building is highlighted by Prestige Estates’ signature royal blue doors.

“We are offering luxury modern living in this neighborhood,” said Dumervil, whose company’s acquisitions total more than 700 units in the Miami metro market. “We acquire properties and renovate them to the highest standard. Our goal is to increase the quality of living not only of our residents, but also our neighbors.”

A prime location is also important to Dumervil. Prestige Waterfront has easy access to major roadways, Aventura Mall and schools and universities.  

Aventura Mall, Aventura, FL

“College students will love our building, not only because of the interior features and building amenities, but also because of our close proximity to Barry University, Florida International University and Johnson & Wales,” Dumervil adds.

 Dumervil is a former American football defensive end who played 12 seasons in the National Football League. He played college football at Louisville, where he was recognized as a unanimous All-American. In the NFL, he played with Baltimore, Denver and San Francisco from 2006 through 2017.

Prestige Estates is a private property management and development firm with multifamily properties throughout Miami-Dade County. 

Barry University, Miami Shores, FL

Properties include Prestige Waterfront, Prestige Place Apartments, Prestige Courtyard, Prestige Pointe and Prestige Village in North Miami, seven apartment buildings in Fort Lauderdale and single-family homes in North Miami, Fort Lauderdale and Oakland Park. 

The firm is led by Dumervil, who spent 12 seasons in the NFL as a star defender and five-time Pro Bowler, was drafted by the Denver Broncos and also played for the Baltimore Ravens, where he set the record for the most sacks in a season in 2014. 

Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level since Q4 2005 Foreclosures

Daren Blomquist

IRVINE, CA, Oct. 11, 2018 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q3 2018 U.S. Foreclosure Market Report™, which shows a total of 177,146 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the third quarter, down 6 percent from the previous quarter and down 8 percent from a year ago to the lowest level since Q4 2005 — a nearly 13-year low.

U.S. foreclosure activity in Q3 2018 was 36 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between Q1 2006 and Q3 2007 — the eighth consecutive quarter where U.S. foreclosure activity has registered below the pre-recession average.

“A decade after poorly underwritten mortgages triggered a housing market crash, it’s clear that the foreclosure risk associated with those problem mortgages has faded — average foreclosure timelines have dropped to a two-year low, and the share of foreclosures tied to 2004-to-2008 loans has dropped well below 50 percent,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

“The biggest foreclosure risk in today’s housing market comes from natural disaster events such as the twin hurricanes of a year ago. Foreclosure starts spiked in the third quarter in many local markets impacted by those hurricanes. 

"Secondarily, we are seeing relatively modest — but more widespread — foreclosure risk associated with FHA loans originated in 2014 and 2015.”

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

Thousands in San Diego Join Local Leaders to Celebrate Campland on the Bay’s 50th Anniversary

From left: Dave Mack, Friends of Campland;  Terri Campbell, Friends of Campland; Lorie Zapf, City of San Diego City Council; Michael Gelfand, Campland on the Bay;  Jacob Gelfand, Campland on the Bay;  Sal Giametta, Office of Supervisor Ron Roberts; and  James McGuirk, Discover PB

SAN DIEGO, CA  –  Joined by City of San Diego Councilmember Lorie Zapf and other community leaders, thousands of campers gathered together this weekend in celebration of Campland on the Bay’s 50^th year providing waterfront camping in Mission Bay.

Since its founding, the San Diego campground has provided affordable coastal access to more than one million visitors, many of whom are from San Diego and return year-after-year.

Both  Zapf and County Supervisor Ron Roberts, who represent the area, provided official proclamations to commemorate the occasion.

Lorie Zapf

“For 50 years, Campland on the Bay has provided affordable waterfront accommodations on Mission Bay for San Diego families, serving as a beloved destination where multiple generations come together to experience a sense of community, recreate, make friends and build memories,” said Zapf, who represents Mission Bay and nearby beach communities.

Ron Roberts

Campland on the Bay’s President Michael Gelfand, who was at the event to accept the proclamations presented by the City and County said,

“Three generations of my family have had the great honor and responsibility of operating Campland.  It is a truly special place which plays host to multi-generational families who come back again and again.”

Michael D. Gelfand

Last year alone, Campland generated $2.8 million in City rent and transient occupancy tax. On average, Campland accommodates 100,000 campers per year, the majority of whom live in San Diego.

Throughout 2017, Campland accommodated 121,974 site nights worth of reservations, with one of its highest occupancy rates on record. The average occupancy rate in July 2017 reached 80.3%, with virtually no vacancy over Memorial Day, Fourth of July, Labor Day, and many other summer weekends.

Campland’s guests include tens of thousands of San Diego families, along with visitors who support neighboring small businesses during their stay.

Mission Bay, San Diego, CA

Campland also provides affordable overnight accommodations along the coast at a time when research shows such access is increasingly rare and most Californians cannot afford the average cost of a hotel along the water.

At the event, community leaders and elected officials also recognized Campland Cares, Campland on the Bay’s longstanding camper-participation fundraising program, which supports local community programs including: Discover PB Clean and Safe, I Love a Clean San Diego, Promises2Kids and the San Diego Humane Society.

CAMPLAND ON THE BAY CONTACT:

Jacob Gelfand, (760) 846-2226, Jacob@terrav.com

289-Unit Apartment Sale Kicks Off Charles Wayne’s Junction at DeBary Station in DeBary, FL

Steve Costa

DeBary, FL--- DeBary Town Center , LLC, an affiliate of Charles Wayne Properties, Inc. of Daytona Beach , recently closed the $4.1 million sale of 15 acres for a luxury apartment community within “The Junction,” a $200 million development across from the DeBary SunRail station.

Buyer Integra 289 Exchange, an affiliate of Lake Mary-based Integra Land Company, will build 289 apartments, located near the southeast corner of Dirksen Drive and U.S. Highway 17-92.  Groundbreaking will take place within the next 30 days.

Steve Costa, Principal with NAI Realvest/Charles Wayne Commercial is leading the sales and marketing at the DeBary Town Center which spans 68 acres and to date is the largest transit-oriented development project on the north leg of the SunRail route.

DeBary, FL SunRail Station

Costa said his team is now in discussions with national grocery chains and other commercial users to complete The Junction’s mix of retail, entertainment, residential and natural amenities.  

Charles Wayne is planning to develop 104,000 square feet of retail space including a planned 46,000 square foot grocery store, as well as restaurants and offices.  Costa is talking to selected builders for the project’s next phase – 150 single family detached homes.

CONTACTS:

  

Steve Costa, Associate, NAI Realvest / Charles Wayne Commercial, 

386-804-7259 scosta@realvest.com

Ted Lightman, Principal, Charles Wayne Properties, Inc., 386-238-3600 or tlightman@charleswayne.com

Patrick Mahoney, President, NAI Realvest, 

407-875-9989 Pmahoney@realvest.com

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

461-3781 beth@LarryVershel.com 

 www.charleswayne.com

Arbor Funds $8.4 Million Fannie Mae Loan in Millcreek, UT

Tapestry Townhomes, Millcreek, UT

UNIONDALE, NY  (Oct. 9, 2018) – Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded a Fannie Mae DUS® Loan in Millcreek, UT.

Garth Davis

Tapestry Townhomes, which consists of seven, three-story apartment buildings totaling 42 units, received $8.4M in refinance funding through Fannie Mae’s Streamlined Rate Lock (SRL) product. 

The Tier II loan is structured with a 12-year fixed rate term and a five-year interest only period, followed by a 30-year amortization schedule.

Garth Davis of Arbor’s San Francisco office originated the loan.

“By achieving an early, three-week rate lock with Fannie Mae’s SRL process, we were able to eliminate interest rate risk exposure,” said Davis. “The loan will fund a complex that offers a superior lifestyle compared to competing properties in the area.”

Located in the Salt Lake City Metropolitan Area, Tapestry Townhomes features modernly designed exteriors and interior amenities such as high-end wood cabinets, soaking tubs, gourmet kitchens, washer/dryer units and private balconies.

 CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com