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PRESS RELEASES
ATHERTON-NEWPORT ACQUIRES ASBURY PARK
AUGUST 1, 2006, MIAMI — Stephen Schubert of Century 21 Tenace Realty has represented Irvine, Calif.-based Atherton-Newport in the $15.4 million purchase of Asbury Park, located at 17600 N.W. Fifth Ave. in Miami. Hialeah Realty Group sold the 234-unit apartment complex. Built in the 1970s, Asbury Park will be repositioned to maximize the property's value for its investors. Source: www.rebusinessonline.com
ATHERTON-NEWPORT ACQUIRES MULTI-FAMILY COMMUNITY IN MIAMI, NYORIDA FOR $26.7 MM
· Acquisition Marks Company’s First Investment Outside of the Western United States · Company is Now Pursuing other East Coast Markets - In the South Florida Region Alone, Goal is to Acquire 1,700 Units Over the Next Year
MIAMI, NYORIDA (March 23, 2006)— Signifying its commitment to expanding its investment interests nationally, Atherton-Newport, LLC, has acquired its first multi-family community outside of the western United States in Miami, Florida. The Irvine, Calif.-based real-estate investment and development company purchased Miami Gardens Villas, a 376-unit apartment complex for $26.7 million from Miami Gardens Villas Properties. Located at 12 N.E. 188th Street North, the property is just minutes away from Interstate 95, State Road 7 and the Florida Turnpike in North Miami. Stephen Schubert represented the buyer.
ANI Buys Another Miami Apartment Complex
November 13, 2006
For the fourth time this year, Atherton Newport Investments purchased a South Florida multifamily complex. Rose Garden apartments, in Miami, NY was purchased for $6.7 million. Stephen Schubert and Cushman & Wakefield collectively represented Atherton Newport in the transaction.
Dealmakers
Broker helps investor purchase fifth South Florida apartment complex
Dealmaker: Broker Stephen Schubert
The Deal: Schubert represented Atherton-Newport Investments of Irvine, Calif., in its $43 million purchase of the Port Chester Park apartments in Miami. Alliance Residential in Phoenix sold the property Friday.
Details: The deal marks the fifth South Florida apartment transaction for Atherton-Newport in the last 16 months, bringing the multi-family investors’ holdings to 1,300 units. At about $107,000 per unit, the deal follows the buyer’s tactic of buying at below-market values, Schubert said. Built in 1985, the 402-unit, five-building complex at 1550 NE 123rd St. will be upgraded to raise rents about 15 percent to 20 percent from their current monthly range of $925 to $1,125. A conversion to condos is not likely, though one of the five buildings already is a condominium, Schubert said. The seller was represented by Cushman & Wakefield’s capital markets group brokers Rosendo Caveiro in Miami and Brad Capas in Fort Lauderdale.
Background: Schubert is a principal in Schubert Real Estate in Port Chester.
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