Thursday, March 10, 2011
The HFF team representing LNR CPI Fund includes senior managing director Ryan Gallagher (middle right photo) and directors Kelly Rohfeld (lower left photo) along with Stewart Keith at Flocke and Avoyer.
Ryan Gallaher, Ca. Lic. # 01269918, HFF Senior Managing Director, (949) 253-8800, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
BEREA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Stone Ridge Apartments (top centered photo), a 144-unit multifamily asset in Berea, a southwestern suburb of Cleveland.
The sales price of $13,292,500 represents a price of $92,309 per unit. The property was constructed in 2007.
The Pennsylvania-based buyer, Stone Ridge Apartments LLC was represented by Daniel Burkons and Michael Barron, both vice presidents investments in Marcus & Millichap’s Cleveland office, and Joshua Wintermute, an investment associate. All three brokers specialize in multifamily asset sales in Marcus & Millichap’s Cleveland office.
The financing was arranged by David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital, who placed a new FHA mortgage on the property.
“The buyer of this well-located, prime multifamily asset can expect strong returns over the long-term,” says Barron.
“As one of the newest properties in its submarket with a full package of amenities, Stone Ridge is well positioned to achieve strong occupancy levels for years to come,” adds Wintermute.
According to Burkons, “The low interest rates available on permanent, nonrecourse debt helped us sell this property at a record-breaking price. In fact, our team in Cleveland has closed more than $90 million in multifamily sales in the past 12 months, and several of those transactions were made possible by FHA and Freddie Mac financing.”
Located at 1000 Stone Ridge Circle, the 144-unit Stone Ridge Apartments includes six three-story buildings constructed in 2007. The property has 36 one-bedrooms and 108 two-bedroom units. In addition, the complex has 66 private garages.
Community amenities include a clubhouse, 24-hour fitness center, gourmet coffee bar, an executive business center and a resort-style heated swimming pool.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Avalonpark Texas, LP breaks ground for first two phases at The Springs of Walnut Creek in North Austin
Avalonpark Texas plans to start construction of 56 single-family home sites in a third phase at the Springs of Walnut Creek in the first half of 2012, Kunz said.
Kunz said planning for a fourth phase that will include 30-50 town homes is about to get underway. Construction of town homes at the Springs of Walnut Creek probably won’t start until the first quarter of 2013, he added.
“We do not anticipate starting construction of town homes at the Springs of Walnut Creek until after we have substantially built out the single-family homes,” Kunz explained.
Avalonpark Texas has hired Pape-Dawson Engineers of Austin and San Antonio as the project engineers and Austin-based Joe Bland Construction as the general contractor.
David Weekley Homes will be the sole homebuilder for the subdivision.
Avalon Park Group developed the 1,860-acre Avalon Park, an award-winning neotraditional community of more than 3,500 homes in east Orlando and New River Township, an 1,800-acre master planned community north of Tampa.
For more information, contact:
Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356, firstname.lastname@example.org
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, L.P. 407-658-6565;
Eric Marks, Vice President, Avalon Park Group 407-658-6565, email@example.com
Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com
ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Will Balthrope (top right photo), a vice president investments in Dallas, ranked No. 5 out of more than 1,200 investment specialists nationwide.
“We are proud to recognize Will as one of our top investment specialists nationwide,” says John J. Kerin (lower left photo), president and chief executive officer of Marcus & Millichap. “Will’s accomplishments in the multifamily sector reflect his superior transaction expertise and unwavering commitment to client service.”
Will Balthrope possesses more than 26 years of commercial real estate experience, specializing in multifamily property sales. Since 2000, Mr. Balthrope has closed more than $3 billion in institutional multifamily transactions nationally for both private and institutional sellers, including banks and special servicers.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
WHITTIER, CA---Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed Dollar Super Store to a 5-year lease for 5,762 square feet of space at Santa Fe Springs Marketplace (top centered photo) an 144,261-square foot retail center located at 7850 Norwalk Blvd in Whittier, Calif.
The landlord, Watt Commercial, was represented in-house by Karin Gilbert. The tenant was represented by Larry Kramer of Green Light Consulting .
Santa Fe Springs Marketplace is 97 percent leased to several tenants including Food 4 Less, Rite Aid, O’Reilly and Frazee Paint.
Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851
HFF worked exclusively on behalf of the borrower, DRA Advisors, LLC, to secure the seven-year, fixed-rate loan through J.P. Morgan Chase Bank, N.A. DRA closed on the acquisition in December 2010 and subsequently financed the acquisition in February 2011.
The Promenade Shops at Centerra is located at the intersection of Interstate 25 and Highway 34 in northern Colorado’s master planned community of Centerra.
Completed in 2005, the property is 89 percent leased to tenants including Macy’s, Metrolux Theatres, Barnes & Noble, Best Buy, Dick’s Sporting Goods, Gap, Banana Republic and PF Chang’s.
The HFF team representing the borrower included senior managing directors Wally Reid and Susan Hill.
DRA Advisors is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $9 billion in assets under management.
Wallace Reid, HFF Senior Managing Director, (713) 852-3500, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,