Posts tagged wendy pierre
West Palm Beach, Fla. – It has been a busy few months for NAI/Merin Hunter Codman. Since June of this year, Palm Beach County’s largest privately held commercial real estate services firm has represented buyers and sellers in approximately $250 million of commercial real estate sales. The investment properties included office, retail and multifamily properties and ranged in size from just under one million to over seventy million dollars.
NAI/Merin Hunter Codman’s Investment Sales Team led by Chairman Neil E. Merin, SIOR, CCIM, Capital Markets Specialist Christian J. Johannsen, CCIM, Retail Specialist Spencer Grossman and Multi-Housing Specialist Wendy Pierre, CCIM, facilitated almost a quarter billion dollars of investment sales transactions representing a variety of institutional and private equity clients. NAI/Merin Hunter Codman accomplished its clients’ goals over what is normally a sluggish summer period in a year which has been notable for a nationwide slowdown in investor demand. In several cases NAI/Merin Hunter Codman’s Capital Markets team was also able to assist its clients by arranging financing for the properties. The firm which also manages and leases approximately 5 million square feet of office, retail and industrial property throughout Palm Beach County has established itself as one of Palm Beach County’s premier investment sales brokers.
Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman stated, “Florida, in general, and Palm Beach County, in particular, have continued to be very attractive investment targets in a year where we have seen investors pull back due to economic and political uncertainty. Notwithstanding that perception, our area has benefitted from steady growth in rental rates and absorption along with positive demographic trends that should allow that growth to continue. We are very pleased that our team has been able to effectively convey all that is positive about Florida and Palm Beach County on behalf of our clients. We have a diverse and experienced group of brokers who have done a tremendous job this year representing our clients on a wide variety of investment sales. Our team has combined our market knowledge with the access we have to investors worldwide through our affiliation with the NAI Global network, which has over 375 commercial real estate offices located throughout the world, to provide our clients with an extraordinary level of exposure and outstanding transaction executions for their commercial properties.”
CLICK HERE to read the full press release.
NAI/Merin Hunter Codman Arranges $3.9 Million Purchase of 65-Unit Multifamily Property in Fort Lauderdale
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firms, announced that it has arranged the purchase of Northfork Garden Apartments, a 65-unit multifamily property in Fort Lauderdale, near the urban core of the city, for $3.9 million. Ary Sehayik and Wendy Pierre of NAI/ Merin Hunter Codman’s multi-housing unit represented the buyer, First Avenue Apartments LLC. The investment was a value-add purchase for the private Fort Lauderdale-based investors who believe the area and property have tremendous upside potential. The property is situated along the western gateway to Fort Lauderdale, an area undergoing significant economic transformation. The seller of the apartment property was We-build Inc. Suzanne Vordermeier-Waterhouse at VMC Realty represented the seller.
The Northfork Garden complex is located at 1415 NW 1 Street, which runs parallel to Broward Boulevard in Fort Lauderdale. It is just a block from the New River and enjoys easy access to I-95, which is approximately one mile to the west of the complex. This western area of the city will soon be receiving a huge economic boost with the opening of Riverbend Marketplace, a 310,000 square-foot project situated at the intersection of Broward Boulevard and I-95. Riverbend Marketplace will include a Walmart Supercenter and a variety of other retail and restaurants tenants, all of which will benefit Northfork Garden Apartments. The complex also benefits from the many young families that are increasingly drawn to the vitality of work-live locations near thriving downtown hubs. Broward County apartment buildings, in general, are also seeing some of the lowest vacancy rates in years with strong rental demand.
“The multifamily market is very strong in South Florida but opportunities remain to add value to underperforming assets to realize their full potential,” said Jordan Paul, CEO of NAI/Merin Hunter Codman.
CLICK HERE to read the full press release.