Marcus & Millichap Sells 2,253-Units
- Nov 11, 2011
Florida & Texas—Marcus & Millichap Real Estate Investment Services has arranged the sale of a nine-property, 2,253-unit portfolio located in various parts of Florida and Texas. The sales price was $70.9 million.
Jeffrey Meyer in the firm’s Tampa, Fla., office represented the seller, a Tampa Bay area-based private investor. Sean Shahar A. Ziv, of Marcus & Millichap’s San Diego office, represented the buyer, a California-based investment firm who is making its first entry into the Florida and Texas multifamily markets.
“The substantial financial commitment of the buyer and his financial partners is a positive signal that Florida in general and Tampa in particular are well positioned to recover from the recession,” Meyer says.
The two Texas properties have a combined 982 units, and are both located in Pasadena, a suburb of Huston. Three of the Florida properties are in located in Tampa just north of the University of South Florida. They comprise 518 units. The other four Florida properties are located in Orlando, Fern Park, Bradenton and Brandon, Fla.
Portfolio-wide occupancy was 88 percent at the time of sale.
Health Care REIT completes $632.5M stock offering
Toledo, Ohio—Health Care REIT has completed its public offering of 12,650,000 shares of common stock at a price of $50 per share for total proceeds of $632.5 million. The REIT plans to use the net proceeds for corporate purposes, including investment in seniors housing and healthcare properties, and for repaying borrowings under the company’s unsecured line of credit and outstanding indebtedness.
BofA Merril Lynch, Morgan Stanley and Barclays Capital acted as joint book-running managers for the offering. Deutsche Bank Securities, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities acted as co-lead managers.
Health Care REIT Inc. has a portfolio of 898 properties in 45 states as of September 30, 2011.
Dome Equities acquires 220-unit property in Tulsa
Tulsa, Okla.—Dome Equities LLC has acquired Pheasant Run, a 220-unit Class B community located in Tulsa, Oklahoma. The 1976 built property is located in the South Tulsa submarket.
Details on the transaction were not disclosed. Dome currently controls a portfolio of multifamily and commercial assets valued at $747 million.
Community amenities include two pools, a fitness and business center, a picnic area with grills, and onsite laundry.