The 405-unit property was purchased in 2005 with the intent to convert it to condominiums, but the development never materialized. New York-based Intervest National Bank subsequently filed for foreclosure and took back title of the community in September of 2008.
Beebe is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.
The sale of Villas at Lauderhill tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.
COCONUT CREEK, FL, Jan. 19, 2009--sed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 272 multifamily units in a high-quality, 372-unit garden and townhome condominium community located within The Township master-planned development in the rapidly growing city of Coconut Creek.
"The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium at well below replacement costs," said ARA Florida’s Hampton Beebe of ARA’s DASG team. "Replacement costs on a similar type of product can range from $140,000 to $180,000 per unit."