Marcus & Millichap Sells 19-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Savannah Apartments (top left photo), a 19-unit apartment property located in St. Petersburg, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $450,000.

Casey Babb (middle right photo), CCIM and senior associate in Marcus & Millichap’s Tampa office, acted as a transaction broker and facilitated the sale on behalf of the seller, a Miami-based financial institution and the buyer, a private, local investor.

Savannah Apartments was built in 1966 and sold near the height of the real estate market for nearly $1,200,000.  Most recently, the property had fallen into disrepair before being foreclosed earlier this year and was only 16 percent occupied as of the October rent roll.  

“This transaction is indicative of what we’re seeing in the marketplace,” says Babb.

 “Lenders are becoming more aggressive in foreclosing against delinquent and all-cash buyers and are able to purchase fundamentally sound real estate at a fraction of the previous sale price.

“In this case, the buyer will put the necessary cash into the property to stabilize operations and either hold for cash-flow or sell the asset.”

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Arbor Closes $2,866,500 Fannie Mae DUS® Small Loan For Village Place Apartments in Mankato, MN

Uniondale, NY (Oct. 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,866,500 loan under the Fannie Mae DUS® Small Loan product line for the 70-unit complex known as Village Place Apartments (top left photo) in Mankato, MN.

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

 The loan was originated by Patrick McNulty (bottom right photo), Director, in Arbor’s full-service Chicago, IL, lending office.

  “This was a solid deal for our small balance program,” McNulty said. “It was a zero-cash-out refinance with a high-quality asset and strong sponsorship.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

New Wells Core REIT Declares First Distribution

NORCROSS, GA – Wells Core Office Income REIT announced its Board of Directors has declared a distribution for the period of Oct. 18 through Dec. 15, 2010, totaling $0.20 per share for the 59-day period.

The distribution, calculated on a daily basis, will be paid in December to shareholders of record during the period from Oct. 18 to Dec. 15. 

Wells Core REIT is a nontraded, public investment program from Wells Real Estate Funds, focused primarily on core office real estate, leased to creditworthy tenants.

 It commenced operations and began issuing shares on Sept. 29 after raising the minimum offering amount, and acquired its first property on Thursday, an office building in suburban Dallas leased to JP Morgan Chase.

For more information on Wells Core REIT, visit http://www.wellscorereit.com/.

Media Contact: Margot Olcay Rubenstein Associates(212) 843-8284

molcay@rubenstein.com

              

NAI Realvest Appoints Veteran Commercial Realtor Ray Kennedy to Handle Receivership Opportunities

 ORLANDO, FL – NAI Realvest has appointed veteran commercial real estate professional Ray Kennedy  associate broker to focus on REO-Receivership work.

 Patrick Mahoney (top right  photo), president of NAI Realvest, said Kennedy has more than 33 years of experience in commercial real estate.

 Kennedy, a licensed mortgage broker, will focus on REO, special asset and receivership opportunities.  

 Kennedy’s experience includes more than 10 years as a developer of multi-family, industrial and office properties and six years as an FDIC administrator managing and liquidating real estate portfolios. 

 “Ray Kennedy has tremendous experience in areas where NAI Realvest sees major opportunities,” Mahoney said.  “We expect he will play a major role in our growth.” 

 For more information, please contact:  

Ray Kennedy, Associate Broker, NAI Realvest 407-875-9989 RKennedy@realvest.com;

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

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

  

Avison Young opens new office in Boston

TORONTO,/PRNewswire/ - Mark E. Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that the firm has acquired Boston-based Essex River Ventures, Inc. (ERV) and opened a new office in the Massachusetts city.


ERV is a real estate investment and property management company founded by John Fenton (bottom left photo) (CEO) in 2003. Effective immediately, Fenton becomes a Principal of Avison Young and Managing Director of the company's newest office.

The Boston office represents Avison Young's sixth location outside of Canada and gives the leading Canadian commercial real estate firm a presence in the New England market. Terms of the acquisition were not disclosed.

"The New England market, particularly the Greater Boston area, is critical to Avison Young's U.S. expansion. Avison Young's acquisition of Essex River Ventures is the first step in creating a new and vibrant competitor that will, over time, obtain a significant market share," comments Rose.

"The strategic location and the addition of John Fenton and the rest of the ERV team, with their vast experience and valuable client relationships in the Boston and New England markets, will allow Avison Young to further expand its commercial real estate footprint across the U.S. The purchase underscores our commitment to serving communities and clients across the nation," he says.


The following ERV members also join Avison Young: K. Beth O'Donnell (Director, Client Services), Tom Palmer (Senior Property Manager), Brian Hodess (Director, Construction Services) and Kathy Shepherd (Administrative Manager).

 For further information/comment/photos, contact:  

Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959;

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028;

 Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237;

John Fenton, Principal and Managing Director, Boston, Avison Young: (978) 729-9010; www.avisonyoung.com

Community Association Management Experts oversee more than 200 Florida Communities and see more on the Horizon

 ORLANDO, FL - Jack Hanson, LCAM, and Ellen Lumpkin (top right photo), LCAM co-founders and principals merged their companies in 2007 to form Melrose-Sovereign Companies, specializing in management of condominium and homeowner associations and community development districts throughout Florida and now this company ranks as one of the largest management firms in Florida.

 Hanson launched the Melrose Company in 1992 to focus on managing homeowner and condominium associations and community development districts for owners.  Lumpkin specializes in condo-conversions, third party leasing and asset management.

Today, Melrose-Sovereign Companies has served more than 200 communities with more than 80,000 units. The firm provides homeowner and condominium management, third-party leasing and management, condominium leasing and management, and asset management.

 “We are successful because we work so well together,” Hanson said. “That sense of shared responsibility extends to all of our key professionals in all our offices throughout Florida,” he said.

 “We offer a wide range of community management resources so that we can meet the needs of practically every development project and every community in Florida,” Lumpkin said.

For more information, please contact:  

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;

 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;

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

 

D & A Building Services hires new client service coordinator

 LONGWOOD, FL,  Oct. 11, 2010 — Robert “Randy” White (top right photo) has been hired by D & A Building Services Inc. as Client Services Coordinator.

His responsibilities include serving as client liaison, performing quality control field inspections as well as assisting with marketing and operations.

White, with nearly a decade of management experience in customer service, has a Bachelor of Business Administration from the University of Florida in Gainesville, Florida. White was previously a manager with Unique Creative Concepts Inc. in Casselberry, Fla.

“With customer relations as the lynchpin of our management philosophy, we are very pleased that Randy has joined our team in this pivotal position, “said Al Sarabasa, Jr. (middle left photo), president/CEO, D & A Building Services.

D & A Building Services Inc. is a privately owned facility maintenance provider founded in 1985. Headquartered in Longwood, Florida, full service offices are located in Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis. and Dallas, Texas.

A staff of 700 provides services to property managers, building owners, local and state governments, Federal agencies, and the military. The veteran-owned company is an Hispanic-Owned Business Enterprise, and a graduate of the Small Business Administration’s 8(a) program.

For additional information, please visit http://www.dabuildingservices.com/.

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

AMB Property Corporation® Leases 124,700 SF in Miami Development

SAN FRANCISCO, CA /PRNewswire/ -- AMB Property Corporation® (NYSE: AMB), a leading owner, operator and developer of global industrial real estate,  announced that the company signed leases in the third quarter for approximately 124,700 square feet of AMB Beacon Lakes Building 12 in Miami, Florida.

The 189,700 square foot building is now stabilized and the newly leased space will be used by two freight forwarding companies.

 "The business park is in a prime location for these customers," said Jay Cornforth (middle right photo), AMB's managing director, East Region. "AMB Beacon Lakes is just five miles from Miami International Airport, which handles more international air freight than any other U.S. airport."

Beacon Lakes, a joint venture project of AMB and Flagler, is a 478-acre business park located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike.

Miami is an important gateway hub for goods flowing from Europe and the Far East to Latin America, and for goods from Latin America into the United States.

As of June 30, 2010, AMB's portfolio in the Florida market totaled approximately 8.5 million square feet of operating and development properties, with more than 6.9 million square feet of that in Miami, including a facility on-tarmac at Miami International Airport.

Contact:

 Tracy A. Ward, Vice President, IR & Corporate Communications, +1-415-733-9565, http://www.blogger.com/tward@amb.com, or

Jon M. Boilard, Director, Media and Public Relations, +1-415-733-9561, jboilard@amb.com, , both of AMB

Web Site: http://www.amb.com/

RealtyTrac Adds 2.5 Million Recently Sold Properties

IRVINE, CA – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the release of an exclusive recently sold feature that allows users to see detailed information for all properties that sold in the last three, six and nine months in any given area.

“The new recently sold feature will help our users determine what buyers have recently paid for properties in any neighborhood nationwide,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 “That knowledge is extremely useful for many different types of users for different reasons.

“ It will help homebuyers determine how much to offer; it will help sellers determine how much to ask; it will help homeowners determine how much their property is worth; and it will help investors determine the profit and cash flow potential of a neighborhood.”

RealtyTrac is the only real estate website that combines recently sold data with foreclosure properties and Multiple Listing Service (MLS) information. RealtyTrac users can search 2.5 million recently sold properties.

 Subscribers also have access to more than 2 million properties in some stage of foreclosure, and can also view another 1.5 MLS listings for sale. Collectively, these three data sets — recently sold listings, foreclosure properties and MLS listings — account for 6 million properties.

Media Contact: Michelle Sabolich, Atomic Public Relations, (415) 593-1400 ext. 1233, michelle.sabolich@atomicpr.com

Remington Capital Expects Financing Markets to Begin 'Thawing' in Fourth Quarter 2010

SCOTTSDALE, AZ /PRNewswire/ --Remington Capital is gearing up for an expected "thawing" in the nation's financing markets by dramatically increasing its global network of active lenders and investors, particularly alternative sources of commercial capital.

"With the nation's credit crisis worsened by the on-going closure of hundreds of 'problem banks,' the rapid expansion of alternative sources of capital by Remington is good news for owners of commercial real estate and corporate projects in need of financing," according to Andy Bogdanoff, (top right photo) chairman of the international capital services company.

 Since 2007, nearly 300 banks have been closed by government regulators, with another 829 banks on the regulators' "problem" watch list. "All of which means that thousands of commercial property owners may be unable to obtain needed financing through traditional banking sources," Bogdanoff said.

Remington's capital network of active lenders and investors is nearing 700, with additions doubling annually. About 70% are alternative capital sources, including private investors, pension funds, life insurance companies, mortgage REITs, endowments and others.

"This available pool of alternative capital represents a unique opportunity for real estate and corporate communities to step outside their normal comfort zone to explore alternative avenues of commercial financing in these challenging times," Bogdanoff said.

"Remington's alternative financing sources represent billions of dollars in private capital ready to step in to finance, refinance or recapitalize all types of commercial property having intrinsic value." Since 1993, Remington Capital has arranged more than $5 billion in financing across the capital stack for all types of commercial property.

Contact:  Neil Wintle, apply@RemingtonCapitalinc.com, +1-480-905-3239, or +1-877-597-4458 - toll free

Web Site: http://www.remingtoncapitalinc.com/

Senior Housing/Healthcare Borrowers to Intensify Efforts to Take Advantage of Low Interest Rates, Funding Expert Predicts

 CHICAGO, IL--Although frustrated by the credit squeeze that continues to curtail lending activity, senior housing/healthcare borrowers are expected to intensify efforts to take advantage of interest rates as low as they’ve been in decades, one senior housing/healthcare finance expert is predicting.

“Funds for new construction projects are limited and acquisition activity has slowed dramatically. But many borrowers should be motivated to refinance existing loans with rates at current levels,” Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) believes.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders.

Davis makes the point that bond prices and the economy behave a lot like entangled particles in quantum physics. When the economy weakens and loses forward momentum, bond yields sympathetically move lower, which instantaneously causes bond prices to “spin” higher in the opposite direction.

Lower bond yields also equate to lower borrowing rates. Last spring, as the economy slowed amid fears of a pending double-dip recession, interest rates retreated and had some analysts predicting that 10-year Treasury bills could challenge levels not seen since the Eisenhower years.

“And then we got to mid-September and some mildly encouraging reports on the economy, for a change. We learned of a drop in first-time unemployment claims during the month of August and also about a slight rise in wholesale prices that is helping to quash deflation fears.

“After sinking to 2.59 percent earlier in the month, on the strength of these reports, 10-year Treasury notes rebounded to yield 2.76 percent later in September. The optimistic assessment is that the economy may be emerging from a soft patch,” Davis said.

Whatever the outcome, senior housing/healthcare borrowers can look forward to relatively attractive interest rates for the foreseeable future, he suggests.

He points out that the 10-year Treasury note serves as a bench mark for a number of things, including the popular FHA-insured HUD Lean loans that have been the only consistent source of funding for long-term care healthcare borrowers since the economy tanked in 2008.

“If a borrower is able to profitably refinance, this is a better time than most, with interest rates flirting with what may well be the low point for this cycle,” he added.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Twitter: http://twitter.com/CambridgeCap

Universal Technical Institute Relocates Corporate Headquarters to Max at Kierland in Phoenix

 PHOENIX, AZ— Jones Lang LaSalle has completed an 85,000-square-foot lease commitment at the MAX at  Kierland (top left photo) for Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of post-secondary degrees for auto-related technicians and on the shortlist of Arizona-based public companies.

 The building is owned by a Trammell Crow Company/ING Clarion joint venture.

The new UTI home office will occupy two floors at the MAX, a 285,000-square-foot, six-story office building within the Kierland development, south of the Loop 101 on Scottsdale Road in Scottsdale, Ariz. 

The new UTI headquarters will house approximately 425 employees. UTI is currently headquartered at 20410 N. 19th Avenue.

“The MAX at KIERLAND is a high quality facility that reflects the UTI company image. We are pleased that our extensive search for new space has resulted in an exceptional location with tremendous amenities, while achieving a value that is consistent with current commercial real estate market conditions,” said Chad Freed, General Counsel and Senior Vice President Business Development for UTI.

“We are pleased to welcome UTI to MAX at KIERLAND and our growing base of national tenants and corporate headquarter companies,” said Jim Mahoney (middle right photo), Senior Managing Director of Trammell Crow Company’s Phoenix Business Unit.

“We are confident that MAX at KIERLAND will provide UTI with the environment it needs as it continues to seek new business opportunities with industries that will benefit its students and enhance their business model.”

Earlier this year, MAX at KIERLAND was awarded LEED® Certification by the U.S. Green Building Council, becoming one of a select few multi-tenant office buildings in Metro Phoenix to achieve such a designation.

Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations, (480) 600-0195, http://www.focusaz.com/

Nike Leases Almost 200,000 SF in Beaverton, Oregon

PORTAND, OR – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NIKE, Inc. (NYSE: NKE) in its lease of 189,385 square feet of office space on the Tektronix campus (middle right photo) in Beaverton. 

The transaction took the form of an 82,495-square-foot-lease at Building #55 (top left photo), located at 14200 SW Karl Braun Drive, and a 106,890 square-foot-lease at Building #58, 2540 SW Alan Blumlein Way.

 "This new office space will house a combination of new and current Nike IT employees," said Nike Spokesperson Erin Dobson. 

 “The majority of new staff will come from third-party vendors with a small number being full-time Nike hires.  As with many businesses, Nike’s IT resources are managed on a flexible basis.  Our growth in this area is part of our strategic approach to manage necessary investments and updates in our systems.”

According to Grubb & Ellis research, this lease represents the largest new office lease in the Sunset Corridor since 2000 and will push vacancy in the Sunset Corridor office submarket down to 23.1 percent from 27.6 percent, its lowest level since the fourth quarter of 2008. 

Brad Fletcher, executive vice president and managing director of Grubb & Ellis represented Nike. 

 Mark Carnese, senior director, Paul Carlson, director and Tom Usher, senior director of Cushman & Wakefield of Oregon represented Tektronix.

                                  Contact: Patricia Raicht, Phone: 503.972.5456, Email: patricia.raicht@grubb-ellis.com

Cortland Partners Names Richard Munger Construction Manager

 ATLANTA, GA--Richard Munger (top right photo), a veteran of the Southeastern real estate market, is joining Cortland Partners as a Construction Manager. His immediate assignments are two new renovation projects for the Atlanta-based multifamily firm. Munger joins Cortland in a consultant capacity.

“Richard’s a top-caliber talent,” said Cortland Partners president Steven DeFrancis. “Not only has he  held high-level positions with leaders in the multifamily industry, he also has considerable experience in environmentally-friendly ‘green’ building practices. He has the perfect skill set for our needs, and for the current market.”

Munger has 25 years multifamily construction and development experience. He has developed $450 million worth of Class “A” garden and midrise projects within the past ten years alone.

 Four recent projects earned EarthCraft™ and Energy Star™ certifications. He was most recently Regional Vice President of Investments at Gables Residential Trust, EarthCraft’s 2009 Multifamily Developer of the Year.

 He has also been Senior Vice President of Development and Partner at Worthing Southeast Corporation.

A member of the Urban Land Institute, he has served on the Boards of Directors of the Atlanta Apartment Association and Georgia Apartment Association. A licensed realtor and general contractor, he also holds his Certified Commercial Investment Member (CCIM) designation.

 He received his Bachelor of Science degree from Texas A&M University and is currently earning his Executive MBA from Georgia State University’s Robinson College of Business.

For more information, visit http://www.cortlandpartners.com/

Contact:  Terri Thornton, 404-932-4347 (Cell), http://www.territhornton.com/

Wells Core Office Income REIT Acquires First Asset

 NORCROSS, GA – Wells Core Office Income REIT announced its first property acquisition: a Class-A office building in suburban Dallas, fully leased to JPMorgan Chase.

Royal Ridge V, with 119,000 square feet, is located at 3929 John W. Carpenter Freeway in Irving, Texas, in the popular business submarket of Las Colinas and adjacent to Dallas-Fort Worth International Airport (top left photo).  The three-story building was constructed in 2005.

“This first acquisition is a good example of our strategy for Wells Core REIT – core office real estate, leased to investment-grade tenants at quality locations,” said Don Henry (middle right photo), chief real estate officer, Wells Real Estate Funds, advisor to the REIT.

“We’re very pleased to launch our portfolio with a great tenant like JPMorgan Chase,” Henry added.  The banking giant is under lease until 2020.

Wells acquired the property from Brookfield Real Estate Opportunity Fund II, which acquired it from JPMorgan Chase earlier this year. 

Wells was represented internally by Keith Willby, senior vice president, Capital Markets.  Brookfield was represented by CB Richard Ellis. Terms were not announced. 

Wells Real Estate Funds, manager for Wells Core REIT, is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells investment programs – current and closed – have invested more than $11 billion in real estate for more than 250,000 investors.

 For more information, see http://www.wellsref.com/; for more information on Wells Core REIT, visit http://www.wellscorereit.com/

.

For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092-3365 (tel. 800-448-1010). SEC filings: http://www.wellscorereit.com/

 Media Contact: Margot Olcay, Rubenstein Associate, (212) 843-8284, molcay@rubenstein.com

Atlantic|Pacific Management Will Host Educational Insurance Seminar and Breakfast Oct. 29 in Miami Beach

 MIAMI BEACH, FL--Atlantic|Pacific Companies’ property leasing & management platform, Atlantic|Pacific Management, will host an educational insurance seminar for condominium board members and industry professionals.

The seminar will be presented by Wells Fargo Insurance Services USA. who will also be providing breakfast.

 Senior Vice Presidents Adam K. Lopatin and Kenneth M. Jacobs of Commercial Lines will be presenting the following: budgeting for 2011; legislative changes; methods of reducing premiums; hurricane preparation; and understanding co-insurance.

 The event is scheduled for  Friday, Oct. 29, 2010 from 8:30 AM to 11:30 AM at The Crown at Miami Beach, 4041 Collins Avenue, Miami Beach, FL 33140

RSVP by October 22nd to Amanda via email officemgr@apmanagement.net

 or call 305.438.7326

 For more information, visit http://www.apmanagement.net/.

 For opportunity presentations, please contact Randy Weisburd at rweisburd@apmanagement.net.

MEDIA CONTACT: Jessica Wade Pfeffer / Jessica Wade Inc. / Jessica@jessicawadeinc.com / 305.804.8424

Marcus & Millichap Sells $15 Million Multifamily Complex in Middlesex County, NJ

SOUTH BRUNSWICK, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Fresh Ponds (top left photo), a 120-unit 110,760-square foot multifamily complex in South Brunswick.

The sales price of $15 million represents $125,000 per unit and $135 per square foot.

 Ridge MacLaren (bottom left photo), Dean Zang (middle left photo) and Mark Taylor (lower right photo), vice presidents investments, Andrew Townsend and Clarke Talone, both multifamily investment specialists, in Marcus & Millichap’s Philadelphia office, and Russ Richardson, of Richardson Properties Corp., represented the seller. MacLaren, Zang,

Taylor, Townsend and Talone represented the buyer. Michael Fasano (top right photo), vice president of Marcus & Millichap’s New Jersey office, also provided representation.

“The property’s infill location, the scarcity of comparable product and the presence of numerous large corporations in the area should allow the new owner to benefit from rent growth and high occupancy,” says MacLaren. “This is an extremely low-density property with the space to build up to 60 additional units.”

 Located at 356 Ridge Road in South Brunswick, the property is close to Route 1, the Garden State Parkway and the New Jersey Turnpike.

Fresh Ponds was built in 1980 on 24.25 acres. The apartments are all two-bedroom/1.5- bath units with a balcony or patio.

 Approximately 85 percent of the kitchens have been renovated, some with stainless steel appliances, including dishwashers and microwave ovens. The apartments feature separate electrical HVAC heat pumps with central air conditioning.

Common area amenities include a swimming pool, tennis courts, volleyball, walking trails and a large clubhouse with recreation room.

The annual median household income in the area is $109,000.

Press Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Sells $14.4 Million Multifamily Property in Greenfield, Indiana

GREENFIELD, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Washington Village (top left photo), a 288-unit 294,826-square foot multifamily property in Greenfield.

The sales price of $14,485,000 represents $50,295 per unit and $49 per square foot.

Michael Wernke, a vice president investments in the firm’s Indianapolis office, represented the seller, locally based Village Apartments of Sugar Creek LLC and the buyer, Financial Equity Associates, an Illinois-based limited partnership.

“Washington Village is an attractive investment,” says Wernke.

“The property has been performing well in an expanding submarket and the existing, assumable, in-place debt gave the purchaser extremely competitive financing terms.”

Located at 4211 West Potomac Drive, the property is approximately 15 minutes from Indianapolis via Interstate 70. In addition to Interstate 70, Greenfield is served by U.S. Highway 40, the “Old National Road” and State Road 9. Interstates 69 and 74 are also nearby.

 Built during 2000 and 2001, Washington Village is comprised of 18 two-story buildings that encircle a small body of water, Lake Potomac.

The community’s unit mix includes one-, two- and three-bedroom floor plans ranging from 776 to 1,205 square feet.

 There are 64 one-bedroom/one-bath apartment homes, 156 two-bedroom/two-bath apartments and 68 three-bedroom/two-bath apartments. On-site amenities include a 24-hour fitness center, clubhouse with billiard table, large swimming pool, basketball court, sand volleyball court and a playground. 

Greenfield, Ind., is the county seat of Hancock County.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Berwood Investors, LLC names Ms. Arden Karson as President

CORAL GABLES, FL--Berwood Investors, LLC has announced that Ms. Arden Karson (top right photo)  has been named President of the company.

 Ms. Karson will be leading Berwood Investors, LLC with a focus on the acquisition of opportunistic commercial real estate promissory notes and non‐performing loans in the southeastern US.

Ms. Karson brings over 25 years of high‐level experience in all aspects of distressed commercial and residential real estate including finance, acquisitions, development, asset management, investments and new business development.

Thomas D. Wood, Jr., (middle left photo) Principal of Berwood Investors, LLC said, “Arden”s extensive knowledge of commercial real estate along with her outstanding reputation throughout the industry will provide our investors with an unprecedented level of insight and strategic thinking regarding opportunistic

real estate investments.”

 Gary L. Berman (middle right photo), Principal of Berwood, added, “Having Arden’s vast experience along with the extensive and highly‐regarded business relationships that she has developed throughout her career will provide our investors and partners with a unique 360 degree perspective on the real estate industry.”

After graduating from Harvard Business School, Arden began her career at Bank of America, where she served as Loan Officer. She went on to work with Arvida/JMB Partners directing the sales,marketing and development of over 600 homes. She became Director of Acquisitions and Development for Lennar Corporation /LNR, including serving as Assistant to the President.

Ms. Karson served as Senior Vice President of Acquisitions and Asset Management for Barrow Street Capital, where she oversaw a portfolio of over $500 million. She went on to assume the role of New Business Development Officer of Advenir Real Estate.

Jack Azout, Principal of Premier Commercial Real Estate said, "Ms. Karson is a valuable addition to the Berwood team and her vast experience, reputation for integrity and knowledge of the complexities of the current real estate market will continue to set Berwood apart.”

Mike Wohl (lower left photo), Principal of Pinnacle Housing Group added, "We are delighted to learn that Ms. Karson has joined Berwood Investors, LLC and we look forward to continue working with her and their great team.”

Contact: Gary Berman, Principal, Berwood Investors, LLC, Direct: 3054477837

Cell: 3054841999, gberman@berwoodinvestors.com

 http://www.berwoodinvestors.com/