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Market Report

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Bay Area

 Hendricks-Berkadia Apartment Real Estate Advisors, a multi-family investment banking and research company, recently negotiated the sale of the 420-unit Park Place apartment community at 9310 Valley View Lane in Port Richey off U.S. 19.


Situated on 23.51 acres, amenities include two pools, Jacuzzi, tennis court, fitness center, two clubhouses, barbeque grills, laundry facilities and car-care center.


Jason Stanton, vice president based in Tampa, negotiated the sale with associate partner Hal Warren of the firmís Orlando office, and Cole Whitaker, partner who heads Hendricks-Berkadiaís southeast region.


Hendricks-Berkadia represented the sellers, Trail Port Richey, LLC and CC Port Richey Apartments, LLC, a partnership of Tom Cabrerizo and Maurice Cayon.


Stanton said the investment property, which was built in 1985, benefits from more than $1 million in renovations and improvements over the past three years and has the potential to increase future revenues through a value add program, increasing occupancy to market levels.


Dorvidor Management Company, LLC, paid $21,200,000 for the property.

 

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Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of Treasure Bay, an eight-unit apartment property located in St. Petersburg, according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $252,500.


Casey Babb, a CCIM and senior multifamily specialist, and Ari Ravi, associate in Marcus & Millichapís Tampa office, had the exclusive listing to market the property on behalf of the seller and the buyer, local private investors based in Florida.


Treasure Bay is located at 649 Seventh Avenue North in St. Petersburg. This two-story, eight unit, multifamily property is located in Pinellas County, just north of downtown St. Petersburg. Built in 1950 of concrete block construction, the community sits near Mirror Lake Park and is a quick walk to Fourth Street North, which is the primary retail and commercial corridor in St. Petersburg.


Units consist of seven studio apartments on the ground floor and a single three-bedroom, one bath unit on the second floor.


"The seller of Treasure Bay had a business opportunity and needed to access his equity in the property very quickly," says Ravi. "We were able to deliver for him with an all-cash purchaser who did a five-day due diligence and closed five days later. Right now, there are approximately five to 10 times more buyers than sellers, which provides for a healthy marketplace with good liquidity for sellers," adds Ravi.


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Marcus & Millichap Real Estate Investment Services, the nationís largest real estate investment services firm, has announced the sale of San Christopher Apartments, a five-unit apartment property located in Dunedin, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $316,000.


James Vestal, associate in Marcus & Millichapís Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Wisconsin. The buyer, a local private investor, was secured and represented by Michael Donaldson and Nicholas Meoli, senior associates in the firmís Tampa office, and Earle Hyman, senior vice president investments in Marcus & Millichapís Encino office.

 

San Christopher Apartments is located at 784 San Christopher Drive in Dunedin. This five-unit apartment community was built in 1973 and consists of one, two-story building. The building is comprised of four one-bedroom/one-bathroom units with 680 rentable square feet and one two-bedroom/two-bathroom townhome unit with 1,350 rentable square feet.

 

Amenities of the property include condo-grade finishes, such as glass top ranges with microwaves, stainless steel dishwashers and refrigerators, wood floors and stone tiling in the bathrooms. There is ample parking and large rear porch areas.

 

"San Christopher mirrored the continuing strength that the Dunedin sub-market has been seeing since the beginning of the year," says Vestal. "This property showed the continuing demand for turnkey properties with strong rents in good areas."

 

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Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of 76th Avenue Apartments, a 10-unit apartment community located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $515,000.


James Vestal, an investment specialist in Marcus & Millichapís Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Texas. Vestal also procured and represented the buyer of the property, a Florida-based partnership.


76th Avenue Apartments was built in 1986 and is located at 4089 76th Avenue North in Pinellas Park. The property sits on approximately .71 acres of land and consists of four, two-story buildings. There are six, two-bedroom/one and a half-bathroom townhome units with 960 rentable square feet and four two-bedroom/one and a half-bathroom townhome units with 1,202 rentable square feet.


Property amenities include full-size washer and dryer hook-ups in each unit and ample parking.


"The 76th Avenue Apartments reflects how small sub-markets in Pinellas are rebounding around impressive rent growth and lower vacancy," says Vestal. "Investors are continuing to show demand for assets in good areas."

Central Florida

Hendricks-Berkadia and Hold-Thyssen, Inc. recently negotiated the sale of the 32.25 acre Econ Landing townhome development site located at the intersection of Curry Ford Road and S.R. 417 near the Econlockhatchee River in east Orlando.


Cole Whitaker, partner with Hendricks-Berkadia, negotiated the sale along with Bob Hold of Hold-Thyssen, Inc., based in Winter Park, and Jim Dowd of Dowd Properties, Inc., based in Celebration.


Hendricks-Berkadia and Hold-Thyssen represented the seller, Econ Landing LLP.


M/I Homes of Orlando, LLC, represented by Dowd Properties, paid $4.5 million to acquire the site which is in close proximity major retailers, employers, restaurants and schools and Orlando International Airport.


Panhandle
Beech Street Capital announced that it provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment complex in Pensacola. Chad Thomas Hagwood, executive vice president, and Monica Schroeder, vice president in Beech Streetís Birmingham, Ala. office, co-originated the transaction. Brandon Pate managed the transaction for Beech Street. "The transaction is an example of the benefits for the borrower of working with a team that understands their business model and can provide one of the most streamlined agency processes in our industry," Hagwood says. "We closed the deal in approximately 40 days."

 

Having managed the property, the borrower was in an excellent position to assess the value of ownership. Meadowrun is a well-maintained Class B apartment community that consists of 17, two-story apartment buildings. Since 2010, 45 units have been upgraded with new plumbing fixtures, lighting fixtures, cabinets, flooring (carpet/vinyl), dishwashers and countertops. Community amenities include a clubhouse/leasing office with wood-burning fireplace and wet bar, fully equipped fitness center with new equipment, two swimming pools with Jacuzzi, laundry facilities, and landscaped walking paths. 

   

The fixed-rate loan has seven-year term and amortization of 30 years payable on an actual/360 basis.

 

 
Cardillo Law Firm
Mac-Gray
The Lake Doctors, Inc.
Commercial Fitness Products
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