Stirling Sotheby’s International Realty offers nearly completed $5.8 million luxury estate in Winter Garden, FL for $695,000

 ORLANDO, FL - Stirling Sotheby’s International Realty is marketing an unfinished $5.8 million luxury estate in Winter Garden for a severely reduced price of just $695,000.

The property — originally appraised at $5.8 million — includes a four-acre homesite at Savannah Ridge, a private gated equestrian community in the Winter Garden area.

Roger Soderstrom, (lower left photo) founder and owner of Stirling Sotheby’s International Realty, said the luxury property survived the auction block recently when bidders were unable to meet the seller’s reserve price requirements.

“We have negotiated a substantially reduced asking price and we expect the property to sell within the next 30-60 days,” said Erin Wanner (top right photo), luxury home specialist with Stirling Sotheby’s International Realty.

By every measure, the property ranks as one of the biggest best deals in Central Florida real estate.

The home itself, with 13,044 square feet of living space and 19,760 square feet under roof, features seven bedrooms, seven full baths, four half baths, three fireplaces, a summer kitchen, a private theater, four two-car garages and an attached 2,000 square foot in-law suite with full kitchen.

“Additional construction work to complete the home is already bid out and comes to some $700,000,”  Wanner said. It will take contractors an estimated 90 to 120 days to complete construction which includes an elaborate infinity edge pool.” The deadline to submit offers is Oct. 22, but the seller is prepared to go with the first acceptable offer that comes in,” Wanner said.

Visit http://www.savannahridgeauction.com/.

For more information, contact: 

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;  

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

 

PCCP, LLC Announces $20.2 Million Senior Loan Financing on Two Independent Living Communities in Georgia and New York

SAN FRANCISCO, CALIF., September 20, 2010 – PCCP, LLC has announced that it has provided senior loan financing totaling $20.2 million for the acquisition and recapitalization of two recently constructed independent living communities.

Both properties are owned by United Group of Companies.

They include The Lodge at Bridgemill, a 150-unit property built in 2007 situated in Canton, GA just 35 miles north of Atlanta, and Colonial Square (top left photo), a 144-unit property built in 2008 and located in Utica, New York.

 The assets are amenity-rich, maintenance-free rental properties for adults 55 years and older that are now leasing. Each community includes a large clubhouse and amenities such as a fitness center, pool, game room, media center, and meeting space.

“This investment offered PCCP the opportunity to provide attractively priced first mortgage financing on two newly built independent living facilities at a significant discount to replacement cost,” said Don Kuemmeler, (middle right photo)  founding partner of PCCP.

“The owner of the properties has a proven track record with similar senior living properties, and has achieved enough leasing on these two communities to provide a measure of debt yield to our financing.”

“The multifamily sector has offered promising returns for assets in hotspots across the United States as recovery begins to occur,” added Adam Zoger, a principal with PCCP. “Senior living in particular is a sub-sector we like as demand for well-maintained, well-managed facilities is strong and the target demographic continues to grow in number.” 

PCCP’s team of seasoned investment professionals and established lending platform has originated in excess of $3.5 billion of floating-rate loans over the past 12 years. 

About PCCP, LLC: PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.  With 33 investment professionals and 50 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.  

 Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto Spaulding Thompson & Associates, Inc.,
949-278-6224

ACE Mentor Program Appoints 2010-2011 Board of Directors

ORLANDO, FL — Appointed to the 2010-2011 officers and board of directors of ACE Mentor Program of Central Florida, a nonprofit, are Charlie Barnard, operations manager for Hensel Phelps Construction Co. as chairman, Trudi Larson,  president of Central Florida Builders Exchange as secretary, Judy D'Angelo,  controller with Matern Professional Engineering as treasurer;

Directors include Nathan Butler, (top right photo) AIA, a principal with C.T. Hsu + Associates, Mark Jackson,  a senior vice president at Lykes Insurance, Sylvia Pond,  Seminole County School board member, Cindy McCree-Bodine,  vice president of human resources of McCree General Contractors & Architects, and Elaine Ingra,  the president of PR WORKS.

“We are fortunate to have an outstanding board dedicated to the continued development of this high school mentoring program,” said Chairman Barnard.
About Ace Mentor Program of Central Florida

            ACE Mentor Program of Central Florida, an affiliate of ACE Mentor Program of America, was established in 2008. The organization provides local high school students with the opportunity to work with design and construction professionals to learn about career opportunities through a hands-on program. To date, 61 high school students have completed the ACE Mentor Program with 26 local organizations providing mentors. For more information, please visit www.acementor.org/756.

About ACE Mentor Program of America

            The ACE Mentor Program of America Inc. is a nonprofit 501(c) (3) organization founded in 1992 to help prepare high school students for careers in design and construction through mentoring by industry professionals. The organization’s focus is to enlighten and motivate students toward careers in architecture, construction, engineering, and related fields. ACE chapters are located in all 50 states. For additional information, please visit www.acementor.org.

             

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

Arbor Appoints Susan Seoylemezian as Vice President, Taxation

Uniondale, NY (Sept. 20, 2010) – Arbor Commercial Mortgage, LLC, a leader in the commercial real estate finance industry, has announced today the appointment of Susan Seoylemezian (top right photo) to Vice President, Taxation, in Arbor’s Uniondale, NY, headquarters.

She reports to Paul Elenio (middle left photo), Chief Financial Officer.

Ms. Seoylemezian is now responsible for the oversight of Arbor’s taxation department and ensuring that Arbor is in compliance with all federal, state and local tax laws.

Ms. Seoylemezian possesses more than 10 years of tax management experience in the mortgage banking and REIT industries.

 Prior to joining Arbor, Ms. Seoylemezian held the position of Vice President and Assistant Controller of Tax at American Home Mortgage Corp., where she established the company’s in-house tax department and, more recently, ensured compliance with REIT qualification tests, oversaw tax provision calculations in compliance with FAS 109 and analyzed open tax years for uncertain tax positions to ensure compliance with FIN 48.

Ms. Seoylemezian also previously held the position of Senior Tax Consultant at Deloitte and Touche LLP, where she provided various tax services to its mortgage banking, foreign banking and securities clients.

Ms. Seoylemezian received a Juris Doctor degree from St. John’s University’s School of Law in New York. She also received a Bachelor of Science degree in Accounting from St. John’s. She resides in Garden City, NY.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Closes $1,354,800 Fannie Mae DUS® Small Loan

Uniondale, NY (Sept. 20, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,354,800 loan under the Fannie Mae DUS^® Small Loan product line for the 24-unit complex known as Lakeside Manor Apartments (top left photo) in Montville, CT.

The 10-year loan amortizes on a 30-year schedule.

The loan was originated by John Edwards (lower right photo), Vice President, in Arbor’s full-service Boston, MA, lending office. “We were pleased with the opportunity to provide financing for a new client in this deal and we look forward to future opportunities,” Edwards said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Grubb & Ellis Facilitates Sale of 555 Sixth Ave. in New York City for $67.3 Million to Stonehenge Partners

NEW YORK (Sept. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company’s Capital Markets Group represented St. Vincent Catholic Medical Center in the disposition of 555 Sixth Ave. (top left photo)  for $67.3 million. The 180,000-square-foot apartment building was purchased by Stonehenge Partners, an owner and investor in apartment buildings.

Vincent Carrega, executive vice president, Neil Helman, executive vice president, Yoav Oelsner (lower left photo), executive vice president, Jon Epstein (lower right photo), executive vice president, and Charles Kingsley, executive vice president, facilitated the transaction.

“There was a tremendous level of interest in the property, resulting in a sale price significantly higher than the $48 million bid extended by a stalking horse bidder prior to our taking the property to market,” said Carrega. 

“This sale clearly reaffirms the strength of the New York investment market. Significant interest in this asset was evidenced by more than 20 qualified bids.”

Situated at the crossroads of both Chelsea and the Flatiron District – two of Manhattan’s most dynamic and vibrant neighborhoods – 555 Sixth Ave. features six stories plus lower level and basement and is situated on an entire blockfront between West 15^th and West 16^th Streets. 

 The elevatored building contains a total of 178 studio, one-bedroom and two-bedroom apartments, as well as a 90-car parking garage and 27,585 square feet of lower level commercial space.  The offering included excess development rights of more than 64,000 square feet. 

The property was most recently used by St. Vincent’s to house employees and other affiliated residents.  It was delivered vacant with the exception of three residential tenants and an operating agreement for the parking garage, which could be terminated by the new owner.

Contact:            Erin Mays                                  

Phone:              312.698.6735

Email:              erin.mays@grubb-ellis.com

Grubb & Ellis Healthcare REIT II Acquires $45 Million Skilled Nursing Facility Portfolio in Virginia

SANTA ANA, Calif. (Sept. 20, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired a seven-building portfolio of skilled nursing facilities located throughout Virginia. 

The approximately 230,000-square-foot, 563-bed portfolio was built between 1989 and 2004.  Laurel Healthcare and Kissito Healthcare operate the facilities under long-term absolute net leases.  The acquisition closed on Sept. 16. 

“Skilled nursing facilities in general are of great interest to us because there is a fairly constrained supply and they cater to a rapidly growing segment of our population,” said Danny Prosky (top right photo) , president and chief operating officer of Grubb & Ellis Healthcare REIT II. 

 “This portfolio of skilled nursing facilities is particularly attractive to our REIT because they are leased by two exceptional operators and they provide excellent and predictable income that adds value to our stockholders.”

The $45 million acquisition is comprised of the following properties:

The Laurels of Charlottesville – Charlottesville (middle left photo)

The Laurels of Charlottesville is a single-story skilled nursing facility constructed in 2004 comprised of 120 beds and 48,000 square feet on a 3.81-acre parcel. The property currently has a lease in place that runs through June 2016 with two additional five-year renewal options.  

Bland Nursing & Rehabilitation Center – Bastian

Bland Nursing and Rehabilitation Center is a two-story facility built in 1989 that is comprised of 57 beds and 31,000 square feet on a 4.52-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options. 

Maple Grove Health Care Center – Lebanon

Maple Grove Health Care Center is a single-story building constructed in 1990 that consists of 60 beds and 23,000 square feet on a 4.12-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

  

The Brian Center of Fincastle – Fincastle

The Brian Center of Fincastle is a single-story skilled nursing facility built in 1990 that consists of 60 beds and 27,000 square feet on a 5.55-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

The Brian Center of Low Moor – Low Moor

The Brian Center of Low Moor is a single-story assisted living facility/skilled nursing facility constructed in 1989 comprised of 26 assisted living beds and 60 skilled nursing beds for a total of 86 beds. The facility totals 43,000 square feet on a 3.01-acre parcel with a lease in place that runs through January 2025 with two additional 10-year renewal options. The Brian Center of Low Moor is located on the campus of Alleghany Regional Hospital, a 204-bed general acute care hospital.

The Laurels of Willow Creek – Midlothian  (lower right  photo)

The Laurels of Willow Creek is a single-story skilled nursing facility built in 1991 that consists of 120 beds and 38,000 square feet on a 5.28-acre parcel. The property currently has a lease in place that runs through February 2025 with two additional five-year renewal options. 

The Springs Nursing Facility – Hot Springs

The Springs Nursing Facility is a single-story facility constructed in 1990 comprised of 60 beds and 20,000 square feet on a 4.67-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

Tim Cobb of Heavenrich & Company, Inc. represented the seller, CLC RE, LLC & Albemarle Health Investors, LLC, an unaffiliated third party, in the transaction. 

Contact:           Damon Elder

Phone:              714.975.2659

Email:  damon.elder@grubb-ellis.com

Brandywine Realty Trust Selects Grubb & Ellis to Lease Lake Merritt Tower in Oakland, CA

         WALNUT CREEK, Calif. (Sept. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Brandywine Realty Trust has appointed John Dolby (bottom  right photo), senior vice president, Office Group, and Cale Miller, senior associate, Office Group, as the leasing agents of Lake Merritt Tower, (top left photo) a 201,000-square-foot office building in Oakland. 

“We are thrilled to have the opportunity to lease Lake Merritt Tower, which offers tenants the construction advantages of a well-designed, high-quality office building, with the additional benefit of a beautiful surrounding landscape,” said Dolby, who joined Grubb & Ellis in August.  

Built in 1990 near the shore of Lake Merritt, the 10-story Class A office tower offers views of the lake, as well as Oakland Hills and the San Francisco Bay.  The property is located at

155 Grand Ave.

, and is currently 67 percent leased to multiple tenants, including CH2MHill and KEMA Inc.  

Space availability at Lake Merritt Tower ranges in size from 1,500 square feet to 40,000 square feet.  The property also includes 4,000 square feet of retail space, currently leased to Bank of Alameda, Bay Commercial Bank and Specialty’s Café & Bakery. 

The office tower is located within close proximity to Interstates 980 and 580, State Route 24 and a Bay Area Rapid Transit station.  Lake Merritt Tower is equipped with two levels of underground parking and 24-hour security. 

For more information, call 925.939.3500 or contact Dolby at john.dolby@grubb-ellis.com, or Miller at cale.miller@grubb-ellis.com.

Contact:          Julia McCartney                                  

Phone:             714.975.2230                                     

Email:              julia.mccartney@grubb-ellis.com  

Grubb & Ellis Landauer Valuation Advisory Services Opens for Business with Presence in 12 Key Markets

SANTA ANA, Calif. (Sept. 20, 2010) – Grubb & Ellis Landauer Valuation Advisory Services opened for business today with 12 offices, just three months after Grubb & Ellis Company (NYSE: GBE) announced its intent to launch a national valuation advisory business, which will ultimately grow to more than 350 appraisers with a presence in every key market throughout the United States.

The business, which is run by industry veterans, Douglas Haney, president, and Eduardo Alegre, executive managing director, is fully operational and staffed with experienced appraisal professionals in New York City, Boston, Atlanta, Orlando, Houston, San Antonio, Austin, Texas, Phoenix, Las Vegas, Los Angeles, Orange County, Calif., and Seattle.  

“We couldn’t be more pleased to be launching Grubb & Ellis Landauer with a fully integrated platform,” said Thomas P. D’Arcy, (top right photo) president and chief executive officer of Grubb & Ellis Company.  “Doug and Ed have combined their unmatched expertise to create a business structured around valuation-related services, state-of-the-art technology and proprietary systems, and also have attracted experienced professionals who share our vision of building on the tradition and excellence of the Landauer brand.”

Jack Van Berkel, (middle left photo) president, Real Estate Services, said the launch of Grubb & Ellis Landauer provides another important service offering to clients who are looking for both comprehensive commercial real estate solutions and a trusted advisor in today’s uncertain environment. 

“The strength of any organization lies in its people, and while we’ve received considerable interest from experienced appraisers throughout the country, we are being extremely selective when it comes to staffing Landauer Valuation Advisory Services,” said Haney. 

“With the significant changes taking place throughout the commercial real estate industry, and the impact those changes have had on property values, there is a critical need for best-in-class valuation advisory services.  We see this as an opportunity to build a unique organization – one that can provide meaningful analyses and solutions to real estate owners and financial institutions.  As with the other services provided by Grubb & Ellis, our objective is to provide clients with a competitive advantage as they look to solidify their real estate strategies.”

When fully staffed, Grubb & Ellis Landauer will have eight regions: Northeast, Southeast, Florida, Midwest, Texas, Rocky Mountain, California and Pacific Northwest.  To date, the following senior managing directors are in place:

• Northeast – John Brengelman, MAI, CRE, FRICS.  Brengelman brings 26 years of commercial appraisal and valuation experience.  Most recently, he spent three years as vice president and chief appraiser of AIG Global Real Estate, where he managed the market valuations of fund assets and directly owned real estate, both foreign and domestic.  Previously, he spent nearly 20 years with Landauer Real Estate Counselors in New York, ultimately rising to the position of senior managing director. 

• Southeast – Daniel Boring, MAI.  Boring has 18 years of commercial real estate experience, having specialized in the valuation, analysis, acquisition and disposition of institutional investment-grade real estate on both a national and international basis.  His experience spans a wide range of property types, including mixed-use, residential, office, industrial, retail, medical, senior housing, marine, natural resources, agribusiness, infrastructure and special-use assets.  His specialties also include valuation for financial reporting and dispute resolution and litigation support.  Prior to joining Grubb & Ellis Landauer, Boring was a senior director with Cushman & Wakefield.  He also held a similar position with Colliers International.
  
• Florida – Scott Tew, MAI, MRICS. Tew brings nearly 20 years of commercial appraisal and valuation experience to his role as senior managing director, Florida and head of the Orlando office.  He joins Grubb & Ellis Landauer Valuation Advisory Services from Tew Realty Advisory, a private valuation and appraisal company he opened in 2005.  Servicing all of Florida, the company primarily assisted national lending institutions with multi-tenant leased assets and distressed residential assets.  Earlier, Tew spent six years as a commercial appraiser at CB Richard Ellis.
  
• Texas – Michael Miller, MAI.  A 26-year industry veteran, Miller joined Grubb & Ellis Landauer in August from Cushman & Wakefield where he spent 16 years as senior director, Appraisal Management Group.  In this position, he was responsible for the oversight of appraisal professionals, as well as serving financial institutions and corporate clients.  Prior to joining Cushman & Wakefield, Miller spent 10 years with CB Richard Ellis, where he began his career and most recently served as senior vice president, Appraisal. 
• Rocky Mountain – Ted Wall.  Wall brings more than 13 years of commercial appraisal and valuation experience.  Most recently, he spent two years with Strategic Valuation Group, PLC, a private valuation and consulting firm he co-opened in 2008.  Previously, he spent three years as a vice president of CB Richard Ellis Valuation & Advisory Services, where he serviced clients with Class A office properties, master-planned communities, regional malls and other complex income-producing properties.
•  

• California – Robert Bell (left photo), MAI. A 32-year veteran of the appraisal industry, Bell joined Grubb & Ellis after spending three years as a director of Integra Realty Resources’ Orange County office.  He specializes in mass valuation assignments as well as valuation of acreage, master-planned communities and large retail developments. Prior to joining Integra, he was Southern California area manager of Colliers International Realty Advisors, director and manager of Cushman & Wakefield Valuation and Advisory Services and vice president of CB Commercial Appraisal Services. 
• Pacific Northwest – Chad Campbell, MAI, MRICS.  Campbell brings 21 years of commercial appraisal and valuation experience.  Most recently, he spent three years as managing director, Northwest Region, of CB Richard Ellis Valuation & Advisory Services.  Earlier, Campbell spent 12 years with Tully West Company, a private valuation and consulting company he opened in 1994.  Campbell also serves on the Appraisal Foundation’s Appraisal Qualification Board, which is responsible for establishing the minimum criteria to certify and license real property appraisers in all states. 

Emerson International leases 20,000 square feet of office space at Sanlando Center in Longwood, FL

ALTAMONTE SPRINGS, Fla. – Emerson International recently negotiated a three-year lease agreement for the expansion of PRC, an Alorica Company for 20,000 square feet of Class A office space at 2180 Sanlando at Sanlando Office Park (top left photo) in Longwood. 

Eric Emerson, general manager and vice president of Emerson International, said Sean Westcott, director of leasing, negotiated the lease for the landlord. 

Samuel J. Pruitt Site Selection Group, LLC and Jason Schrago of CNL Realty represented the tenant.

“We are pleased to have PRC expand and renew such a large amount of space within this property,” said Emerson.

For more information,  contact

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com;

Sean T. Westcott, Director of Leasing Emerson International, Inc. 407-834-9560;

Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;

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

NAI Realvest negotiates New Long-term lease at Maitland Court

ORLANDO, Fla. – NAI Realvest recently negotiated a new 49-month lease agreement at Maitland Court, (top left photo) 1015 Maitland Center Commons Blvd.

Michael Heidrich, a principal at NAI Realvest, brokered the transaction representing both the tenant, The Ragan Law Firm, P.A. and 1015 Maitland Center Commons LLC, the landlord at the class A office building.

 

For more information, contact:

Michael Heidrich, Principal, NAI Realvest, 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com     

Sale of Amelia Island Plantation, Florida, Complete

TAMPA, FL –TRT Holdings/Omni Hotels completed its purchase of  Amelia Island Plantation (top left photo) Sept. 17. 

 Following an August 23 standing-room only bankruptcy auction in which Starwood Capital and Noble Investment Group also vied for the storied north Florida beach resort, TRT emerged as the successful bidder at $67.1 million ($269,478 per room). 

Amelia Island Plantation, located just 29 miles north of Jacksonville International Airport (middle right photo), is a 1,350-acre property that overlooks the Atlantic Ocean on the east and the Intracoastal Waterway on the west. 

The 249-room resort features 54 holes of championship golf, a tennis center, spa, and 50,000 square feet of meeting space.

 “The bankruptcy sale of the Plantation has been a long and arduous journey for its residents, employees, creditors and vendors. 

The final outcome in this transaction, however, has been a very positive one -- a rarity in this economic environment,” commented Lou Plasencia (lower left photo), CEO of The Plasencia Group.

 

“With TRT and Omni as the new owner/operator, the future is now very secure for all involved.  The fact that secured creditors were made whole is also very satisfying and affirms the thoroughness of the process we conducted.”

Amelia Island Company retained The Plasencia Group to maximize the value of the company’s assets for all stakeholders by conducting an auction pursuant to section 363 of Chapter 11 of the U.S. Bankruptcy Code.  

 In all, the firm generated over 90 bona fide inquiries and conducted nearly 30 formal property inspections by pre-qualified investors.

Media Contact: Karen Brand, kbrand@tpghotels.com, (203) 202-4549

Marcus & Millichap Capital Corp. Arranges $6.7M Refinancing Loan

             PORTLAND, Ore., Sept. 17, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.7 million refinancing loan for Standard Dairy, a mixed-use residential property in Portland.

Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the loan.

“The loan is HUD-insured and the property has eclectic-style multiple tax lots that are cross-collateralized,” says Wiltshire. “Our thorough understanding of lender and agency requirements enabled us to provide the necessary information and present the best possible structures for the transaction to both lender and client.”

The $6,728,000 loan is for 35 years with a 35-year amortization. The interest rate is fixed at 4.25 percent and the loan to value is 85 percent.

The property has 85 units, 11 of which are commercial.

Contact: Stacey Corso

Public Relations Manager

(925) 953-1716

Marcus & Millichap Lists 196-Unit Student Housing Community in Tampa

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Sterling 42^nd Street, (top left photo) a 196-unit, 722-bed student housing community in Tampa.

            Dorothy Jackman, (middle right photo)  a vice president investments, and Travis Prince (middle left photo) , a senior associate, both in the firm’s Tampa office, and Peter Katz (bottom right photo), a senior vice president investments in Phoenix, are representing the seller, the nation’s largest student housing developer, based in Houston.

            “Sterling 42^nd Street is a newly constructed, by-the-bed Class ‘A’ student housing community catering to the University of South Florida (USF),” says Jackman. “The property is over 98 percent occupied for the 2010-2011 school year.”

“Future demand is strong as USF continues to grow its enrollment,” adds Prince. “The Tampa campus received more than 40,000 students this fall and the first-year class grew 7 percent over 2009.”

            The 248,781-square foot property is located a few blocks from the USF campus at 4050 Rocky Circle with the USF shuttle system, Bull Runner, stopping at the community’s entrance.

            Katz says, “Core, infill urban student housing properties that are in significant MSAs have are greater demand by the investment community as allocated capital seeks a home in the second half of the year.”

Built in 2009, Sterling 42^nd Street consists of 47 three-bedroom/three-bath units at 1,114 square feet, 15 three-bedroom/three-bath units at 1,151 square feet and 134 four-bedroom/four-bath units at 1,337 square feet, all leased by the bed.

 Each apartment includes a private bath for every bedroom and is fully furnished. All units have a plasma TV and ceiling fan in every bedroom, contemporary kitchens with black appliances and a full-size washer/dryer. Select units boast high-end urban finishes such as wood flooring and exposed ductwork.

  Community amenities include two resort-style swimming pool plazas, tanning dome, business center, state-of-the-art athletic center, cyber café with coffee bar and elevators. All of the buildings have secured monitored entrances.

            The USF system serves more than 47,000 students in the Tampa Bay Area and is the ninth-largest university in the nation.

Contact: Stacey Corso

Public Relations Manager

(925) 953-1716

Sonoma Gardens in Sherman Oaks, CA Commands $9.4M in Transaction Arranged by Marcus & Millichap

                  

 SHERMAN OAKS, Calif., September 17, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Sonoma Gardens, (top left photo)  a 74-unit apartment building located in Sherman Oaks. The asset commanded a sales price of $9.4 million.

Greg Harris, (middle right photo) an executive vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group in Encino, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a partnership, was secured and represented by Matt Ziegler (bottom left photo), a vice president investments in the Encino office, and senior associate Mike Millea, in the Long Beach office.

  Danny Abergel, an associate director in the Encino office of Marcus & Millichap Capital Corporation (MMCC), arranged acquisition financing for this transaction.Sonoma Gardens is located at 14355 Huston St. in Sherman Oaks, which is located in the San Fernando Valley.

Contact: Stacey Corso

Public Relations Manager

(925) 953-1716