Oram was nominated for the position by New Jersey Governor Chris Christie, (middle left photo) according to Alan L. Pontius (middle right photo), managing director of commercial leased investments for Marcus & Millichap.
The 13-member Investment Council oversees investment of the state’s more than $70 billion co-mingled pension fund, which includes equities, fixed income, private equity and real estate assets.Oram is a director of the National Office and Industrial Properties Group at Marcus & Millichap. With more than 15 years of experience in the commercial real estate investment industry, Oram works on all classes of investment real estate.
“We are proud that Jeff has taken the initiative to be involved in such an important committee that not only serves the public, but assists in shaping the economic future of New Jersey,” explains Pontius.
While the investment council sets the allocation to various asset classes, the council does not approve commitment recommendations from the staff, known as the Division of Investment.
Ari Firoozabadi Named Vice President Investments in Washington, DC WASHINGTON, D.C., Aug. 17, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Ari Firoozabadi (middle left photo) to the position of vice president investments.
The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to David Feldman, (lower right photo) regional manager of the firm’s Washington, D.C. office.
Most recently, Firoozabadi held the position of associate vice president investments, a designation he received in 2008. Firoozabadi began his career with Marcus & Millichap in 2004, specializing in multifamily investment sales. He received the firm’s Pace Setter recognition in 2004, and has been the top agent in the Washington D.C. office since 2007.
In 2009, Firoozabadi was one of Marcus & Millichap’s top 10 multifamily agents and among the top 25 agents in the firm.
Dean Zang Promoted to Vice President Investments in Philadelphia
PHILADELPHIA, Aug. 18, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Dean Zang (middle left photo) to the position of vice president investments.
Most recently, Zang was an associate vice president investments for the firm.
Zang began his career as a sales intern with Marcus & Millichap in 2003. He specializes in retail investment sales.
Dean Zang Promoted to Vice President Investments in Philadelphia
PHILADELPHIA, Aug. 18, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Dean Zang (middle left photo) to the position of vice president investments. The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Spencer Yablon, regional manager of the firm’s Philadelphia office.
Most recently, Zang was an associate vice president investments for the firm.
Zang began his career as a sales intern with Marcus & Millichap in 2003. He specializes in retail investment sales.
Marcus & Millichap Sells $38.3M Mobile Home Community in Poway, CA
The sales price of $38.3 million represents $95,990 per space.
Douglas Danny, (lower right photo) a vice president investments and senior director of Marcus & Millichap’s National Manufactured Home Communities Group in San Diego, represented the seller, the City of Poway.
“Poway Royal Estates is one of the premier manufactured home communities in Southern California,” says Danny. “We received 11 offers for the property in 28 days. Throughout the transaction, the City of Poway provided excellent leadership and support.”
The property was constructed in 1972 at 13300 Alpine Drive. The park is surrounded by single-family residential developments, prime commercial office space, retail centers and open space. The community has pedestrian access to all city amenities. Poway Royal Estates consists of almost all doublewide homes on all doublewide sites. There are 396 revenue-generating sites, one vacant park-owned home and two park-owned employee homes.
The sites are built on 45.18 net acres with a density of 8.26 sites per gross acre and the sites measure from 40 feet to 42 feet in width and from 70 feet to 74 feet in length. The community has all city services with all utilities sub-metered or passed-through to the residents.
The park is fully amenitized with two clubhouses, pools and ample RV storage. The buyer is committed to a $1,000,000 renovation of the common-area amenities, landscaping and utility system over the next two years.
The buyer obtained a new first loan for 50 percent of the purchase price and the city provided 26 percent of the financing in second position.
The down payment was 24 percent of the selling price. The property closed at a 6.59 cap rate with $5,097 per site in expenses, 44.6 percent of SGI, based upon the current rent roll, with a 1 percent vacancy allowance.
“The Poway City staff, elected officials, the Hometown America team and the legal representatives worked together to bring a complex and daunting process to a successful close,” says Danny. “The City of Poway proactively addressed the residents’ needs and structured the sale to achieve a mutually beneficial result for all parities.”
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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