O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — February 24 - March 15, 2012— 7
www.marejournal.com
Holland handles sale of four properties with 430 units Kislak completes $36.7m sale of Bethlehem, PA portfolio
Offered at four levels of financial investment Yardi signs on as an IREM Industry Partner
CHICAGO, IL — The Insti- tute of Real Estate Manage- ment (IREM) announced that Yardi Systems has become a 2012 IREM “Industry Part- ner.” The Industry Partner program helps providers of products and services to the real estate management in- dustry enhance their personal connections to IREM Mem- bers on a cost-effective basis. Recognizing that these pro- viders have much useful in- formation to share, it calls for coordinating knowledge ex- change through IREM print, electronic and face-to-face communications in ways that benefit both the providers and the IREM membership. Yardi Systems has been committed to the design, development and support of real estate investment management and property management software for nearly 30 years. With its Yardi Multifamily Suite, Yardi Commercial Suite and Yardi Investment Suite, the Yardi Voyager system is the most comprehensive single real es- tate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Eu- rope and North America. The IREM Industry Partner Program is offered at four levels of financial investment The board of the Lakewood Industrial Commission (LIC) elected its 2012 officers at the annual reorganization meeting of the LIC. Robert Kirschner, owner of Robert Kirschner Real Estate, Lake- wood, was elected chairman. Other officers are Shlomo Katz, vice chair; and Justin Flancbaum, secretary. Both Katz and Flancbaum special- ize in commercial and residen- tial real estate development. The rest of the 2012 board is made up of Commission- ers Gregory Stafford-Smith, owner of AG&G sprinkler system services; Neil Brooks, owner of Neil Brooks Plumb- ing, Heating and Cooling; and
– chairman, president, direc- tor, and executive – and can be tailored to meet the specific needs of each partner. Benefits include sharing of industry in- formation, advertising (print and electronic), sponsorships and exhibiting at national events, use of membership lists, and access to top IREM leaders and colleagues. Indus- try Partners thus far for 2012 are Yardi Systems (chairman level); Union Bank and Ap- pFolio, Inc. (director level); and Circumspex and Real- Page (executive level) The Institute of Real Estate Management (IREM) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An affiliate of the National Asso- ciation of REALTORS, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 77 years. IREM is the only professional real estate management associa- tion serving both the multi- family and commercial real estate sectors and has 80 U.S. chapters, 14 interna- tional chapters, and several other partnerships around the globe. ■ newly elected commissioners Sam Rabinowitz, real estate developer, and Edwin Schus- ter, owner of E.J. Schuster’s Office Supplies and Furniture. Members of the Lakewood Industrial Commission are appointed for five-year terms by the Lakewood Township Committee. In other business, Steven Reinman was confirmed as ex- ecutive director of the LIC and Anita Doyle was confirmed as secretary-designee. Doyle also serves as deputy coordinator of the LDC (Lakewood Devel- opment Corporation) and ex- ecutive assistant of Lakewood Township and the Lakewood Airport. ■
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ETHLEHEM, PA — The Kislak Company, Inc., the dominant
investment real estate sales firm in the tri-state region, an- nounced the $36.7 mi l - lion sale of a four-prop- erty multi-
Robert Holland
family portfolio with a total of 430 units in Bethlehem, Pennsylvania. The sale included TheMead- ows at Lehigh with 176 units, The Hills at Lehigh with 156 units, Waters Edge with 80 units, and Riverwalk Town- homes with 18 townhomes. President and co-managing director Robert Holland repre- sented both parties, longtime Kislak clients, in the transac- tion. “Kislak had previously sold these properties six years ago,” said Holland. “At the time, the properties were in need of a complete turnaround. The seller subsequently completed many improvements includ- ing renovating over 70% of the units, and raised the oc- cupancies significantly. The properties are now in excel- BLOOMFIELD, NJ — Mar- cus & Millichap Real Es- tate Investment Services an- nounced the sale of a 37-unit apartments property, accord- ing to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $2.725 million. Christopher Rizzolo, an in- vestment specialist in Marcus PLAINSBORO, NJ — HFF closed the sale of Ravens Crest, a 704-unit, class A multi-hous- ing community. HFF marketed the asset on behalf of the seller, Equity Residential. The purchaser is an affiliate of Heitman LLC.
The Hills at Lehigh
lent condition with stable ten- ancies. The sale provided an opportunity for the purchaser to acquire strong properties in an expanding market while increasing its presence in the Lehigh Valley.” The Lehigh Valley is the fastest growing and third most populous region in Penn- sylvania, and the Interstate 78 corridor connecting New Jersey and Pennsylvania is benefitting from population growth and several major de- velopments. It is a one-hour drive from New York City. The properties are located in suburban neighborhoods in high-quality school districts, and the submarket has solid &Millichap’s New Jersey office coordinated the sale between the seller, a local management group, and the purchaser, a 1031 exchange buyer from Los Angeles. The subject property is lo- cated at 355 Belleville Ave. It consists of thirty residential apartment units and seven ground floor retail stores. “The completion of this Ravens Crest is located at 3217 Ravenscrest Dr. close to Interstate 95/The NJ Tpke. and Princeton in central NJ, equidistant to Philadelphia and NYC. The property has one- and two-bedroom units and features a swimming pool
employment. The new Sands Casino and Resort, Lehigh University and many other major employers are nearby. As part of the transaction, the purchaser assumed a $28 million Freddie Mac loan han- dled by Beech Street Capital. The seller was represented by Alan Hammer, Esq. of Brach Eichler, LLC of Roseland, NJ. The purchaser was represent- ed by Robert Schachter, Esq. of Greenbaum, Rowe, Smith & Davis LLP of Woodbridge, NJ. At the time of closing, the properties were approximately 96% occupied. The purchaser plans to complete renovations to the properties. ■ transaction is yet another sign that quality, stable assets in strong Northern NJ locations command attention from the investor pool” said Rizzolo. The buyer was counseled by local real estate attorney Jona- than Mehl, based in Ruther- ford. Joshua Lipsey of Marcus & Millichap Capital Corpora- tion arranged the financing on behalf of the purchaser. ■ and tennis court. Occupancy is more than 95 percent. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz andAndrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien. ■
Rizzolo of Marcus & Millichap coordinates sale of 37 unit apartment building totaling $2.725m
Officers chosen at Lakewood Industrial commission meeting
HFF closes sale of class A Central NJ multi-housing community
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