Hendricks & Partners Closes on Four Apartment Communities in the Birmingham area totaling $3.5 million

BIRMINGHAM, Ala. --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, closed on four sales of rental apartment communities in the Birmingham area for $3.5 million since the start of the year.

David Oakley, senior investment advisor for Hendricks & Partners in Birmingham, negotiated all four property sales and represented both buyers and sellers in three out of the four transactions.

Wedgewood Apartments, (top left map)  located at 100 Robert Jemison Ave. in Birmingham, sold for $1,350,000 to Abbey Residential, an investment group that includes AR-Highland, LLC, JFB-Highland, LLC and DXM-Highland, LLC, all of Birmingham.

Oakley negotiated the sale of the 54-unit Wedgewood Apartment property along with Hal Warren, associate partner of Hendricks & Partners in Orlando. 

 “Wedgewood Apartments sit adjacent to the Highland Bluffs and Highland View apartments that Abbey Residential acquired in November 2010 and they plan to blend these into their Highland Portfolio,” Oakley said.

 East Bend Apartments (middle right photo), 1968 East Bend Cr. in Birmingham’s Centerpoint area, sold for $1.1 million to Summer Rise, LLC of Birmingham, JIL East Bend Apts. Inc., sold the 110 unit property, which was built in 1971. East Bend Apartments was 78 percent occupied at closing.

Highland court (middle left photo) located in Birmingham’s Lakeview Avondale area, sold for $560,000 to Domar Properties II, LLC of Birmingham. The 36 unit property was 50 percent occupied at closing, Oakley said.  Bulldog Investments, LLC was the seller.

Hillwood Apartments (lower right photo), 100 Pinson Place in Birmingham, sold for $490,000 to Hillwood Apartments, LLC. The 44 unit property in the Pinson community was 59 percent occupied at the time of closing. Superior Bank was the seller and was represented by Bob Schuler with Schuler Realty Investment, LLC

 For more information, contact:  

David Oakley, Senior Investment Advisor, Hendricks & Partners, 205-918-0785 doakley@hpapts.com

Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com

Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 or 407-461-3780, lvershelco@aol.com.

D & A Waterproofing Services Wins Two New Contracts in Florida

LONGWOOD, FL — D & A Waterproofing Services Inc., a waterproofing contractor, has secured two new contracts in Orlando, Fla., that total $175,000.

 Under contract with BB&B Construction Services of Florida Inc. of Fort Myers, Fla., D & A Waterproofing is providing air and vapor barrier installation using modified bituminous sheet systems for the Domiciliary and Community Living Center project at the new $600 million Orlando VA Medical Center currently under construction in southeast Orlando, Fla. 

 At the First United Methodist Church in downtown Orlando, D & A Waterproofing is providing the installation of air barrier systems for the First United Methodist Church in downtown Orlando.

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

Savanna and Monday Properties Launch $30 Million Capital Improvement Plan for 386 Park Avenue South in Manhattan

 NEW YORK – APRIL 27, 2011 – Savanna and Monday Properties have launched a $30 million capital improvement plan alongside a new marketing and leasing program for 386 Park Avenue South (top left photo), a 20-story, 260,000-square-foot office building located on the northwest corner of Park Avenue South and 27th Street in the Midtown South district of Manhattan.

 The owners of the Art Deco building are undertaking a broad capital improvement plan that includes a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and new heating and cooling systems.

 These significant upgrades coincide with the unique availability of a 65,000 square foot block of space comprised of five contiguous full floors. Savanna and Monday Properties are also announcing the completion of an 8,600-square-foot prebuilt office space on the southern portion of the 8th floor.

The new prebuilt suite features modern offices with eight-foot wooden doors, new large energy-efficient windows, a new reception, elevator corridor, and a glass-front conference room. The prebuilt space allows immediate occupancy for small to mid-size tenants.

“We are excited to launch this major capital improvement plan and leasing program at 386 Park Avenue South,” said Christopher Schlank (lower left photo)  a Managing Partner of Savanna. “The broad improvements and high quality prebuilt space at 386 will further enhance the building’s appeal to its existing and potential tenants. With a 65,000 square foot block of space available, in addition to the 8th floor prebuilt, we expect significant leasing activity over the course of this year and into 2012.”

“The Flatiron and Madison Park tenant community is a dynamic mix of new and established firms that extends across many industries," said Brian Robin, Monday Properties Chief Operating Officer.  "We have targeted, high impact renovation work to create a fresh work environment in the city’s most vibrant submarket.”

 In January 2011, the owners announced the closing of a $58 million loan from PCCP, LLC to finance this capital improvement plan and leasing program. Chase Bank’s ground floor lease renewal of its 12,000-square-foot retail space at 386 Park Avenue South was also announced in January as the first leasing benchmark.

 The building is conveniently located next to a number 6 subway station, offering transportation access directly adjacent to the building’s entrance.

 Leasing and marketing for the property is led by Jordan Berger of Monday Properties.

HFF arranges $25.87 million in agency financing for multi-housing community across from Texas Tech

                                       

DALLAS, TX – HFF announced  that it has arranged $25.87 million in financing for The Suites at Overton Park (top left photo) a 298-unit multi-housing community across from Texas Tech’s campus in Lubbock, Texas.

HFF worked exclusively on behalf of the borrower, McDougal Companies, to secure the five-year fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds retired construction debt that HFF had arranged for the property in December 2007.

The Suites at Overton Park is situated on 5.8 acres at 2300 Glenna Goodacre Boulevard adjacent to Texas Tech and Jones AT&T Stadium in Lubbock.  Completed in 2008, the four-story property features a parking garage, resort-style swimming pool, walking track, media room, fitness center, technology center, multi-media room and laundry facilities.   The Suites at Overton Park is 99 percent leased.

 The HFF team representing McDougal Companies was led by senior managing director Mona Carlton (middle right photo).

McDougal Companies was founded in 1982 and today includes three separate divisions; McDougal Properties, McDougal Realtors and McDougal Construction, which are focused on multifamily housing, real estate and construction in west Texas.

Contacts:

Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880, mcarlton@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

                           

krmurphy@hfflp.com

Sale of Austin office property closed by HFF

  

DALLAS, TX – HFF announced  that it has closed the sale of University Park (top left photo), a 204,297-square-foot office tower in Austin, Texas.

HFF represented the seller, SA East Avenue, LLC, in the sale of the asset.  Spear Street Capital purchased the property for an undisclosed amount.  The original developer defaulted on the construction loan for the property, which was later foreclosed upon by a syndicate of lenders. 

Completed in 2009, University Park has eight stories of Class A office space that is currently 26 percent occupied.  The property represents the first phase of a mixed-use project adjacent to Interstate 35 just north of the University of Texas. 

Spear Street Capital is a San Francisco-based, real estate investment company dedicated to pursuing select office investment opportunities nationwide.  The firm has a significant presence in Austin having previously acquired projects including Riata Corporate Center, Las Cimas II & III and the former Freescale campus in north Austi

Contacts:

Andrew Levy, HFF Senior Managing Director, (214) 265-0880, alevy@hfflp.com

Todd Savage, HFF Managing Director, (214) 265-0880, tsavage@hfflp.com

Elizabeth Malone, HFF Associate Director, (214) 265-0880, emalone@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                           

Sale of luxury residential tower in Manhattan closed by HFF

                                         

NEW YORK, NY –HFF announced  that it has closed the sale of The Elektra (top left photo), a 32-story, 166-unit luxury multi-housing tower in Manhattan’s Gramercy neighborhood.

HFF marketed the property on behalf of the seller, JP Morgan Investment Management, Inc.  Invesco Real Estate purchased The Elektra for an undisclosed amount and assumed existing financing on the property. 

The Elektra is located at 290 Third Avenue between East 22nd and 23rd Streets within blocks of Midtown Manhattan and close to numerous mass transit lines as well as Park Avenue South, Madison Square Park, Gramercy Park and Union Square. 

  

Originally completed in 1992, the 95 percent occupied property was fully redeveloped in 2008 and includes studio, one- and two-bedroom units averaging 701 square feet each.  Building amenities include a 24-hour attended lobby, rooftop sky deck, health club and laundry facilities.  The property also includes 5,341 square feet of ground level retail that is fully leased. 

The HFF team representing the seller included senior managing directors Andrew Scandalios (lower right photo) and Jose Cruz, and directors Jeff Julien and Kevin O’Hearn.

Contacts:

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425                                                                                

ascandalios@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                           



HFF arranges $59.5 million in construction and mezzanine financing for the first project of the Civita master-plan in San Diego, CA

SAN DIEGO, CA – HFF announced today that it has arranged a $59.5 million construction and mezzanine loan for the Circa 37, a Class A, 306-unit multi-housing community.  Circa 37 is part of the first phase of the Civita master-planned development (top left rendering),  which is in the Mission Valley community of San Diego, California.

HFF worked exclusively on behalf of Sudberry Development, Inc. to secure the $47 million, three-year construction loan through Wells Fargo Real Estate Group, Inc.    A $12.5 million mezzanine loan was secured through a life insurance company.

Formerly known as Quarry Falls, Civita is a 230-acre  urban infill community, which upon build-out may include 4,780 residential units, 480,000 square feet of retail, 420,000 square feet of office, a civic center with amphitheater, a recreation center and public parks/open space. .

The Civita community is west of Interstate 805 at 5723 Mission Center Road in Mission Valley.  The community will have access to the San Diego Trolley via a pedestrian bridge and is close to Qualcomm Stadium, Interstates 15 and 8, Highway 163, and multiple dining, hospitality, restaurant and entertainment destinations.

Available for first occupancy in April 2012, the 10.65-acre Circa 37 project will have 11 buildings with 306 one-, two- and three-bedroom units averaging 948 square feet each.  Featuring classic architecture with an urban feel, the planned community amenities include a clubhouse with fitness center, game room and roof terrace, a junior Olympic resort-style salt water swimming pool and an outdoor children’s play area. 

The HFF team representing the borrower, Sudberry Development, Inc., included director Aldon Cole (middle right photo) and senior managing director Tim Wright (lower left photo).

“Circa 37 is the first project within one of the largest development sites in central San Diego.  Sudberry Properties is an ideal developer of the site due to their commitment to the community of San Diego and their prior successes in entitling and developing other Mission Valley sites,” said Cole. “Upon build-out, this will be an outstanding development in an area that has long been identified as a preferred location to live, work and play.”

Sudberry Development is a San Diego-based real estate development and asset management company that specializes in institutional quality projects and mixed-use town center communities.  

Contacts:

Aldon L. Cole, HFF Director, (858) 552-7690, acole@hfflp.com

Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690 twright@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com