CHICAGO-Fifield Realty Partners has announced the recent hires of two multifamily acquisition veterans to oversee its new $600 million apartment acquisition fund, Fifield Residential Partners IV, LLC (FRP IV). Matthew Masinter has joined Fifield as EVP of acquisitions, while Erin Ruth DiPaola has joined as an SVP of acquisitions. Steven Fifield, president of Chicago-based Fifield Realty Partners, said Masinter and DiPaola will manage all aspects of the new fund, which was launched in December 2009 and is focused on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions.
The fund will be targeting 200- to 500-unit buildings and complexes in both urban and suburban settings across the country with most of the fund’s prospective acquisitions ranging from $20 to $50 million. While Masinter will focus his acquisition efforts on the East Coast, Florida and Texas, DiPaola will concentrate on properties in Phoenix, Las Vegas and Denver.
Masinter brings to the fund more than 12 years of real estate experience, with an emphasis in acquisitions, asset management, commercial mortgage loan underwriting, real estate analysis and auditing. Most recently, he was CIO for Chicago-based Covington Realty Partners, a sister company to the Laramar Group, where he was responsible for all acquisition, asset management and disposition activities for the company’s 13 property portfolio. He also served as VP of acquisitions at Covington.
“We’re looking to acquire 5,000 units in the next 12 months and I have every confidence Matthew is going to secure some outstanding properties in his new role,” Fifield said.
Prior to joining Fifield Realty Partners, DiPaola worked at Chicago-based Transwestern Investment Company – first as a senior associate for acquisitions and capital markets, and most recently as VP of multifamily investments.
During her tenure with the firm, DiPaola was responsible for sourcing multifamily investments; property portfolio asset management; conducting due diligence for a variety of multifamily transactions across the country; conducting financial underwriting for commercial real estate assets; and securing financing for newly acquired and existing assets.
RIVERDALE, IL- Turnstone Development Corp. has hired McShane Construction Co. to redevelop a 45-year-old building on a half-acre site, at 335 W. 1398th St., into the Riverdale Senior Apartments. The 52-unit, five-story multifamily project will feature a combination of public and affordable housing, including 43 one-bedroom apartments and nine two-bedroom units. The project will also feature three ADA accessible units, and eight residences will be designed as ADA adaptable to accommodate future conversion. “The apartments will offer much needed additional housing options for today’s growing senior population,” said Mayor Deyon L. Dean in a statement. The reconstruction of the 45-year-old building will include a community room, on-site laundry, two new elevators and social services office. Additionally, McShane will complete tuckpointing, perform balcony refurbishing, replace all windows and roofing materials and provide new entryway canopies that will extend a modern aesthetical appeal to the apartment residence. The building will receive a new fire sprinkler system, electrical and plumbing updates and a modernized HVAC system. The project will receive funding from the American Reinvestment and Recovery Act though the US Department of Housing and Urban Development, the Housing Authority of the County of Cook, and the County of Cook’s Department of Planning and Development. Piekarz Associates PC is providing the architectural services for this assignment that is scheduled for a December 2010 completion.
OAK BROOK, IL-Marcus & Millichap Real Estate Investment Services recently arranged the sale of two CVS drug stores here. Combined, the assets commanded a sales price of $12.6 million. Sean R. Sharko and Clinton Mitchell represented the seller, a limited partnership. The buyer, an LLC organized by Chicagoland Trust, was secured and represented by Austin Weisenbeck. The CVS buildings are located at 100 West Higgins Rd. and 2325 Drauden Rd., respectively. Both properties have 25-year, triple net-leases and were encumbered by non-recourse loans that were assumed by the buyer.
INDIANAPOLIS-The Real Estate Investment Securities Association has named Rick Chess as president effective immediately. Renee Brown has resigned from her position as president. Chess is the managing partner of Chess Law Firm PLC, a practice focused on real estate, capital formation and governance. He was selected as president elect of the association in January 2010. The association represents law, accounting and real estate brokerage firms, and works to maintain the integrity and reputation of the industry, serve as an educational resource and advocating body, and promote industry best practices designed to benefit investors.
FLORENCE, KY- Ollie’s Bargain Outlet has signed a lease for 33,639 square feet lease at Florence Plaza, located about a half mile west of Interstate 75 and Interstate 71 on Connector Drive at Plaza Boulevard, across the street from Florence Mall. Rick Crimone with GVA Oxford, out of Pittsburgh, represented Ollie’s Bargain Outlet. Centro Properties Group, the plaza’s owner, was represented by Tony Michalak with Centro.
TROY, MI- Portfolio Solutions, an investment management service, has recently leased 6,782 square feet of office space located at Wilshire Plaza North, at 900 Wilshire Dr. The landlord, West Huron Joint Venture, leased the space. Keith Grebinski and Steve Eisenshtadt, both VPs with Friedman Real Estate Group, represented the landlord in this transaction. The property is also managed by Finsilver/Friedman Management Corp., a Friedman company.
HOPKINS, MN-Daniel Trebil, SVP and Senior Director of NorthMarq Capital’s Minneapolis Regional office, arranged first mortgage financing of $1.1 million for Knollwood Towers West, a 187-unit multifamily property here. Financing was based on a 10-year term with a 30-year amortization schedule and arranged for the unidentified borrower by NorthMarq through a correspondent life insurance company.
O’FALLON, MO-ADS Logistics Co. LLC has leased a 40,000 square foot industrial space for 37 months at 213 S. Cool Springs Rd. from William T. Davis Family Trust. The total consideration will be $360,000. David H. Gitt with Grubb & Ellis