Done Deals.

Homestore.com Purchases move.com

Homestore.com Inc. agreed to buy move.com from Cendant Corp. The integration of move.com's RentNet, an NAA/NSC member, with Homestore.com's apartment and rental provider, Springstreet.com, an NAA/NSC member, will strengthen Homestore.com's online rental presence, allowing Homestore.com[TM] to attract an increasing number of prospective residents shopping for apartments nationwide. With move.com's highly visible Web site, traffic to Homestore.com's network of sites will increase substantially. Homestore.com plans to have move.com officially integrated into its family of Web sites by the first quarter of 2001.

Freddie Mac's Negotiated Transactions Department and General Electric Capital Corp. (GE Capital) recently closed a $110 million swap that involved the exchange of a multifamily mortgage for a Freddie Mac gold PC. The mortgage is a 10-year balloon with a 20-year amortization schedule and has a prepayment lockout period for most of it's term. GE Capital provided $20 million of credit enhancement for the transaction in the form of a triple-A rated corporate reimbursement obligation. The transaction was completed quickly to accommodate the timing requirements of GE Capital's customer.

"This is the first property we've funded with Freddie Mac Multifamily and we were impressed with Freddie Mac's ability to quickly underwrite and turnaround this transaction," said Kathy Cassidy, executive vice president and managing director of Capital Markets, of GE Capital Real Estate.

The property securing the mortgage is located in the Upper East Side of Manhattan in New York City. The limited-partnership borrower, which is also the original builder, is renovating the apartment homes on an ongoing basis as they become vacant. Since 1995, 70 percent of the units have been renovated. The building includes a health club, enclosed pool, racquetball and basketball courts, a private landscaped garden and a 24-hour concierge service.

RealPage Inc., an NAA/NSC member announced that is acquired ChannelTECH Inc., a supplier of mobile computing solutions to the multifamily and construction industries.

ChannelTECH specializes in developing software for the Palm Connected Organizers, Pocket PCs, wireless pagers and cell phones. Its products for the apartment housing industry include EZ Inspector[TM], which provides building, due diligence and HUD compliance inspections; EZ Tracker[TM], which collects inventory data and transactions of supply receipt or use; Service Caddy[TM], which integrates with popular work order programs and property management software; Turn Caddy[TM], which quickly and easily collects inspection data during move-ins and move-outs; and Punch Caddy[TM], which records inspection issues.

The acquisition combines the Web technology initiatives under development at RealPage with ChannelTECH's pioneering success in handheld wireless computing devices for facility management applications. The outcome of this unprecedented union will be the availability of wireless work order and inspection systems, and MRO procurement solutions that will be incorporated into OneSite, RealPage's Web-based property management system for the apartment housing industry. "ChannelTECH's technology will be an integral part of the OneSite Facilities product center," said Steve Winn, chairman of RealPage. "With it, we will be able to offer our customers faster, more complete and more accurate inspections during the make-ready process. They will also be able to reduce work order paperwork by 20 percent through the electronic capture of time and parts used. And they will be able to track supply levels in inventory, submit orders to suppliers and reduce the need for maverick purchasing.

Two renowned maintenance, repair and operating suppliers, Chad Supply of Thonotosassa, Fla., and ChannelTECH Inc., recently acquired by RealPage Inc., signed agreements to become members of the NAA/NSC member HandySource.com's exclusive virtual marketplace. "Chad Supply and ChannelTECH Inc. have a long history of producing quality products and exceptional service," stated John Lie-Nielsen, HandySource.com CEO. "Because our business model centers on using respected distributors like Chad and ChannelTECH, their presence brings our marketplace added strength, credibility and value that our competitors cannot offer." Chad Supply is a Hughes Supply company, providing quality maintenance supplies, for heating ventilation and air conditioning (HVAC), plumbing and electrical/lighting; plus a broad line of products for pool, hardware and janitorial services. ChannelTECH Inc. is a provider of handheld computer software to the property management and construction industries.

Naples, Fla.-based JBM Realty Advisors arranged the sale of La Costa Apartments, a 352-unit, twin tower, nine-story building in Miami for $10.4 million. Kings La Costa LP purchased the property from the Related Group of Florida. JBM Realty Advisors also sold three apartment deals in Naples. Berkshire Park Apartments--200 units--sold for $10.4 million. The seller was Glacid Properties and the buyer was the Huron Michigan Group of Chicago. Cricket Lakes Apartments, a 188-unit community was sold by Cricket Lake LLC of Marco Island, Fla. Bayshore Club Apartments, a 200-unit community, sold for $11.2 million. The seller was Pinnacle Properties of Indianapolis, Ind., and the purchaser was Sterling Properties of Denver. In Fort Myers, JBM sold a two-building portfolio for The Related Capital Cos. of New York. The properties were Players Club Apartments and Suntree Apartments, for a total of 528 units. Huron Fort Myers of Chicago purchased the portfolio for $19.35 million. Jamie May represented both the buyer and the seller.

CB Richard Ellis negotiated the sale of Cedar Ridge Apartments, a 150-unit multifamily community at 2122 W. Burler Drive in Phoenix. Bert Kempfert of CB Richard Ellis handled the $6.25 million transaction on behalf of the seller, FSC/Evans, LLP of Paradise Valley. The buyer was KMS Management Inc. of St. Louis Park, Minn. Cedar Ridge Apartments is an 18-year-old apartment community that features 94,590 square feet of buildings on 6.84 acres and was 97 percent occupied at the time of sale.

Movers and Shakers

J. Frank Miller III, chairman and CEO of JPI, announced several promotions within the company recently.

Brian Gray was promoted to development manager for the firm's Southeast Region. Gray is responsible for locating property, negotiating contracts and coordinating market research for JPI's development activities throughout Georgia. "Brian has been with JPI (or eight years and has proved to be an exceptional team leader," said W. Pretlow Riddick, divisional president and managing partner of JPI's Eastern Division. Gray holds a bachelor's degree in marketing from Texas Christian University,

Kathy Farruya was promoted to assistant vice president/director of finance. She is responsible for financial activities related to financing, development, construction, property management and acquisition. "Kathy's expertise in financial and legal issues has helped JPI achieve its significant growth goals," states Scot McLaughlin, JPI's senior vice president of finance. Farruya holds a B.S. in political science from Louisiana Technical University.

Gary Caughey was promoted to director of planning and forecasting. In this position, he'll be responsible for all planning and forecasting services related to capital and portfolio valuation. "Gary has proven to possess great initiative and financial skill during his four years with JPI," said Rick Cooper, JPI's senior vice president for budgeting and forecasting support services. Caughey is a Certified Public Accountant and holds a bachelor's degree in business administration from the University of Texas at Arlington.

JPI also promoted Lucy Simone to senior vice president of employee development services. She's responsible for providing vision and oversight for all employee training and development for the firm's 1,300 employees located in 63 cities nationwide. "Lucy is a talented professional with exceptional people skills and strong vision," said Jo Ann McCarter, executive vice president and senior operational partner in charge of property management, people works and administrative support services. Simone has served JPI for 14 years and graduated from Louisiana State University.

Howard J. Levine, president/CEO of ARCS Commercial Mortgage Co,, LP, announced the appointment of Shelly Eisenberg to vice president loan closings. Eisenberg comes to ACRS with nearly 20 years of broad-based experience in multifamily finance. Immediately prior to joining ARCS, he was with Freddie Mac where he was responsible for business development, underwriting, customer relations and market analysis for multifamily loans in the western United States. He's also served in various analytic and managerial capacities with Coast Federal Bank, Long Beach Savings and Gibraltar Savings. "Shelly brings much needed skills at this critical time of our growth," said Levine. "His detailed knowledge of Freddie Mac procedures and his wide ranging experience in all areas of commercial lending complement our existing skill set."

Kathe Seeby, a 14-year veteran of Web Service Company, an NAA/NSC member, was pro-rooted from a Nashville-based sales person to eastern regional sales manager. "Kathe has con-Web's vice president of sales and marketing. "Her drive and enthusiasm have earned her some of our most prestigious sales awards as well as the affection and respect of Web customers throughout the eastern region. This is a well-deserved opportunity for Kathe and we are confident she will make the most of it." Seeby's accomplishments include many of the company's most prestigious awards, recognizing her ability to reach and exceed sales objective's. She's also an active member of the Nashville Apartment Association and the founder of a program to assist apartment residents in middle Tennessee that have been the victims of fire, flood or storm.

REIT Report

NAA member Charles E. Smith Residential Reality Inc. recently acquired two newly developed apartment communities: 2201 Wilson Boulevard in Arlington, Va., and New River Village in Fort Lauderdale, Fla. Both properties were acquired under purchase contracts executed in 1998. The purchase of the properties was funded from the $67 million disposition of Orleans Village, an 851-unit garden apartment community in Northern Virginia, to Home Properties. Ermest Gerardi Jr., Smith Residential's president, said, "The addition of 2201 Wilson Boulevard and New River Village adds depth to our leadership position in key submarkets in Northern Virginia and Southeast Florida. These are locations where high quality properties have great appeal to lifestyle renters who want the convenience and amenities of living in an urban environment. We anticipate both properties will make a strong contribution to our future performance with average monthly rents at each property exceeding $1,750." 2201 Wilson Boulevard is a 219-unit, ten-story high rise located an the heart of the thriving Rosslyn/Ballston submarket. New River Village is a 240-unit, six-story midrise located along the New River in Ft. Lauderdale.

Mid-America Apartment Communities has sold its 158-unit Hollybrook apartment community in Dalton, Ga., for $5.6 million. Hollybrook, a 28-year-old property, was sold at a 9.4 percent capitalization rate; Mid-America intends to use the proceeds to pay down debt and for general corporate purposes. Eric Bolton, president, said "In the past 12 months, we've sold 10 apartment communities with 2,700 units realizing net proceeds of $90 million. Most were non-strategic assets with an average age of 23 years. Despite this, we've averaged an 8.8 percent sales cap rate, and together with new properties, we've built and acquired this year, we've further enhanced our award-winning portfolio and reduced its average to 11.4 years. We are pleased that we've been able to accomplish all of this while repurchasing almost 8 percent of our common shares units."