Hendricks & Partners Negotiates Record $26.5 Million Price in Sale of Watermark at EastChase Apartments in Montgomery, Ala.

BIRMINGHAM, Ala. --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently closed on the sale of Watermark at EastChase, a 272-unit apartment community located in Montgomery, Ala. The price---$25.6 million or $91 per square foot---is a record for a multi-family property in the Montgomery market, according to David Oakley, senior investment advisor of Hendricks & Partners Alabama office. Oakley negotiated the transaction with Tim McKay of Hendricks & Partners in Oklahoma City and Aaron Hargrove of Hendricks & Partners in Tulsa. The three brokers represented the seller, Watermark at Eastchase, LLC, an Indiana limited liability company based in Terre Haute, Ind. Built in 2011, Watermark at EastChase totals 282,636 square feet of rentable living space with one, two and three bedroom apartments. The property is located approximately 10 miles east of downtown Montgomery, just west of Chantilly Parkway. The site is bordered by a lake and several acres of unspoiled forest, offering natural views from many of the apartment homes. The buyer, Montgomery-based Broadstreet at Eastchase Apartments, LLC, assumed an existing HUD 221 (d)(4) mortgage with an all in rate of 5.75 percent. Oakley, who recently negotiated the $18.25 million sale of the 468-unit Belmont Apartments, said recent transactions point to a resurgence in the Montgomery market. “Investors are looking at the Montgomery market with new respect,” Oakley said. Foshee Management Company, also based in Montgomery, has been named exclusive property management representative at Watermark at EastChase.

VOLUSIA LAW FIRM LAUNCHES NEW WEBSITE TO HELP STREAMLINE COMMUNITY GIVING

PORT ORANGE – The Port Orange-based law firm of Rue & Ziffra recently launched a new website to simplify charitable donations, both for those giving and for those on the receiving end. The new site – www.rzcares.com – is intended as a “know-all, share-all” internet space that offers charitable organizations and community partners an easy way to give or receive, according to Jessica Eckelbarger, marketing director for the personal-injury law firm. “In the past 30 years, Rue & Ziffra – and its employees – have been very involved in our community, helping local charities, schools and other agencies by donating funds and needed items, as well as helping out at events to show our support,” she said. The new user-friendly site contains an events calendar, photo and video galleries of previous charity events, as well as a list of local charities and community partners. A feature is an area where those seeking funds, as well as those looking to donate, can register. The idea for the site came naturally, according to firm President Allan L. Ziffra. “During 2011 we contributed more than $171,000 to charitable events and activities that benefited many residents of Volusia and Flagler counties,” he said. “We continue to set goals so that we can help even more non-profit organizations help others.”