Hendricks-Berkadia Alabama Office Capped 2013 with Sales of Three Apartment Communities Totaling 367 Units for $14,610,000

Birmingham, Ala. -- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated sales of Three Apartment Communities totaling 367 Units for $14,610,000. The 180-unit Chadwick Place in Huntsville sold for $7,450,000 as Partner David Oakley from the Alabama Office, Partners Hal Warren and Cole Whitaker from the Orlando Office and Vice President Jason T. Stanton in the firm’s Tampa office represented the seller, The Hallmark Companies of Atlanta. The property was sold to a Southeast Holdings of Dexter, Mo. Oakley represented the seller, Ruffner Mountain Management of Birmingham, Al., in the sale of Alpine Village. Buyer Cofinance Inc. of Hackensack, N.J., purchased the 160-unit apartment community in Hoover, Ala., for $6,500,000, while also assuming the existing Fannie Mae loan. Senior Investment Advisor David Etchison and Senior Associate Josh Jacobs in the Alabama Office of Hendricks-Berkadia, represented a California seller in the sale of the 27-unit Medford Manor. The December sales bring the annual sales total to 39 communities brokered by the Alabama Office of Hendricks-Berkadia. The more than 9,050 units sold for nearly $510 million in 2013. Additionally, the Oakley and the Florida teams brokered the sale of seven properties of the 11-property Gulf Coast Portfolio. With a combined 1,929 units, the apartment communities located throughout Alabama and Florida sold for a total of $147,700,000, or $76,568 per unit, in November. Also in the fourth quarter, another portfolio sold for $105,900,000 involving five Birmingham properties. The Alabama Office brokered the Magic City Five Portfolio between the seller, Abbey Residential Services Inc. of Birmingham, and buyer, Goff Capital Partners of Centennial, Co. The communities, ranging from 168 units to 649 units, were more than 90 percent occupied at the time of the sale. Economic indicators are expected to strengthen in the Birmingham apartment market over the coming year. Payrolls are expected to expand by 4,400 new jobs in 2014. At the same time, the demand for apartments will increase with 280 newly occupied units this year and more than 600 units absorbed in 2015. The rising leasing activity will support increased asking rents, which are projected to grow 2.7 percent to $860 per month by year-end, the fastest rate in seven years. Moreover, construction activity will remain relatively light as just 540 units are projected to come online throughout 2014. ABOUT HENDRICKS-BERKADIA Hendricks-Berkadia is one of the nation’s largest multifamily investment sales firms. Operating from more than 60 offices, the company offers clients access to experienced professionals nationwide whose singular focus is to assist them in maximizing the value and managing the risk of their multifamily properties. Hendricks-Berkadia’s success is built on a solid platform of proven, traditional real estate brokerage strategies and values backed by unparalleled access to capital and financial expertise, concentrated exclusively on the multifamily industry.

Cuhaci & Peterson Architects awarded contract to design interior renovations at Mitchell’s Fish Market in Tampa

Orlando, Fla. – Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, have been awarded a contract to handle interior renovations at Mitchell’s Fish Market at the Westshore Plaza in Tampa. Lonnie Peterson, chairman at Cuhaci & Peterson, said the renovation will include some 5,000 square feet of retail shop space. Cuhaci & Peterson Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

Cuhaci & Peterson Architects hires new staffers

ORLANDO, Fla. --- Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, recently hired a new graduate architect and several other staffers. Lonnie Peterson, chairman at Cuhaci & Peterson, said Dusty Lake, a recent graduate of Ball State University with a Masters in Architecture has joined the firm. Other new hires include: Beth Agustin and Patricia Clavijo, CADD technicians. Agustin previously served in the U.S. Army and attended Valencia Community College. Clavijo has more than 20 years of experience with the focus on drafting. Tony Bowers, a graduate of the University of South Florida with a Bachelor’s Degree in Mechanical Engineering with six years of experience. Molli Lindsey was named permitting coordinator and is a graduate of Sanford-Brown Institute with three years of experience.

Cuhaci & Peterson Architects awarded contract to remodel grocery facility in Mass.

Orlando, Fla. – Cuhaci & Peterson Architects Engineers Planners, based in Orlando’s Baldwin Park, were recently awarded a contract to design a remodeling project for Stop and Shop Grocery in Swampscott, Mass. Lonnie Peterson, chairman at Cuhaci & Peterson, said the grocery store renovations will cover some 40,000 square feet. Cuhaci & Peterson Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

Villages of Royal Palm to Turns over control of Home Owners Association to Residents

PORT ORANGE, Fla. -- The Villages of Royal Palm will recently marked an historic occasion. Jamie Allen Adley, president of The Villages of Royal Palm, said the company will turn over control of the Villages of Royal Palm home owners association to residents. “We have managed the home owners association since the start of development but we have reached the 90 percent mark,” Adley said. Florida law requires Winston James Development to surrender control of the home owners association when 90 percent of the development has been sold. The Villages of Royal Palm has sold 415 new homes. New homes currently sell for an average price of $280,000 with prices starting in the $180s.

Winston James Construction acquires luxury home site at The Island Club in Lake Mary for spec home

LAKE MARY, Fla. --- Winston James Construction has acquired a luxury home site at The Island Club in Lake Mary. Winston Schwartz, president of Winston-James Construction, said he plans to build a speculative 3,600 square foot four-bedroom luxury home at Island Club priced in the $650,000 range. Schwartz’s son, Joseph Schwartz of Incentive Properties LLP will be responsible for sales and marketing of the luxury home. Winston James Construction developed the Villages of Royal Palm, an active adult community in Port Orange where homes are priced at an average of $280,000. That development of 458 homes is 90 percent sold out.

Park Square Homes Appoints New Sales Associates at 3 of its newest Communities

ORLANDO, Fla – Park Square Homes, one of the most active homebuilders in Central Florida, has named New Home Sales Consultants at three of its new communities in Davenport and Kissimmee, according to Anthony Rouhana, sales and marketing coordinator. Marcelo Leandro is a New Home Consultant at Reunion Resort in Kissimmee; Joelle Austin is a New Home Consultant at Solterra Resort in Davenport; and Amel Bushaala is a New Home Consultant at Edgewater at Bellalago on Lake Toho in Kissimmee. Austin is a graduate of UCF with more than nine years of experience in vacation home sales. She was formerly with Ronald Bressen Real Estate Group. Bushaala is also a UCF graduate and was a trainer for Apple before entering the real estate industry. Leandro recently obtained his real estate license.