Tag Archive for: marcus & millichap

Reese Stigliano Appointed Exclusive Agent For Multifamily Project

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Reese Stigliano, Senior Vice President of Brenner Real Estate Group, has been selected as the exclusive agent for the sale of Villas de Mallorca, a 252-unit multifamily apartment project located in Miramar, Florida.

Stigliano will be joint marketing the property with the Tax Credit Group of Marcus & Millichap, a national real estate brokerage company.

The property, built in 2002, is a Section 42 Low Income Housing Tax Credit (LIHTC) project. The LIHTC program is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. The property consists of 252, two and three bedroom apartments in sixteen (16) three story “Garden Style” buildings situated on 14 acres of land. Current occupancy is 100%.

When asked about the joint marketing arrangement with Marcus & Millichap, Stigliano said, “The tax credit affordable housing market is a highly specialized type of real estate investment. There are federal and state compliance issues regarding tenant income restrictions and rental rates caps that are unique to this type of development.  The buyer of tax-credit, affordable housing projects are highly sophisticated and tend to focus specifically on this type of product.  While I bring 30 years experience in South Florida real estate to the table, the Tax Credit Group of Marcus & Millichap, which is located in Seattle, Washington, have their finger on the pulse of the limited scope buyer of these LIHTC projects.”

Reese went on to say,”This is a very unique arrangement for me. It is the first time I co-listed a property with a national brokerage company. By nature, real estate is local. Extensive market knowledge and personal relationships is how I’ve been able to succeed in this business for three decades. I’ve known the owner of this property for over 15 years.  And although, I felt comfortable marketing the property, I thought it was in the best interest of my client to expose the property to the broadest range of buyers possible in order to achieve the highest sale price.”

According to Elliot Stone, president of The Royal Castle Companies, the developer and owner of the property, “I end up with the best of both worlds, a loyal and trusted advisor who has extensive knowledge of the local market with Reese Stigliano and the exposure I need for this specific project from a national broker. “  “Now all they have to do is sell it!” said Mr. Stone.

The asking price is $25 million.

Todd Everett Parts Ways With NAI/Merin Hunter Codman

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Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired C. Todd Everett as a senior associate in the Fort Lauderdale office, according to Gregory Matus, vice president and regional manager of the office.

In his new position, Everett focuses on the sale of office and industrial properties throughout South Florida. He also holds the title of director of the firm’s National Office and Industrial Properties Group (NOIPG).

“Todd’s in-depth knowledge of the office and industrial investment sales market makes him a tremendous asset to our clients and our firm,’ says Matus. “ His thorough understanding of acquisitions and dispositions, tenant and landlord representation, lease and contract negotiation and market research and financial analysis gives Todd a unique perspective on the sale of office and industrial properties.”

“I am excited to be part of a dominant team in the South Florida market where I can align and leverage my experience and skill set with an unparalleled network and platform to better serve my clients,” says Everett.

Everett began his career in the South Florida market in 1995 with CBRE and has more than 20 years of transactional experience representing institutional and private clients in the sale and leasing of office and industrial properties. He has completed transactions totaling more than $300 million and earned the prestigious designation of SIOR in 2004. Before joining Marcus & Millichap, Everett was a top-producing broker for NAI/Merin Hunter Codman Inc., where he served as Managing Director since 

Everett currently serves on the National Association of Industrial and Office Properties (NAIOP) South Florida Chapter’s board of directors. He is a member of the Society of Industrial and Office Realtor’s (SIOR) National Digital and Media Communications Committee and is co-chair of the Social Media Subcommittee. Everett is also the co-founder and an executive committee member of the Alliance of Corporate Real Estate Executives and Specialists (ACRES), a local networking group and think tank comprised of senior level real estate executives, investors and transaction specialists.

Everett received a bachelor’s degree from the University of Vermont.

Marcus & Millichap Names New Sales Manager

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Marcus & Millichap has named Matthew Kesterson as the new sales manager in the firm’s Fort Lauderdale office.

Kesterson, who joined Marcus & Millichap’s Fort Lauderdale office in 2000 as an intern, also helped to open its Melbourne office and eventually relocate it to Vero Beach.

He has served as a director in the firm’s National Multi Housing Group.

Source:  The Real Deal