NORTH LAUDERDALE, FL (July 25, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Lakeview Cove (top left photo), a 224-unit garden style apartment community located in the desirable Cypress Creek submarket in Broward County, FL. The South Florida ARA sales team, led by Senior Vice President Hampton Beebe and Principal Avery Klann, represented New York City-based Lexin Capital in the sale of the $26.4 million, 224-unit community.
“Lakeview Cove is an institutional-quality asset in close proximity to the Cypress Creek Office District, which is one of the largest in South Florida,” said ARA’s Hampton Beebe.š “The buyer was successful in acquiring a quality product in an excellent location below replacement costs.
The property was acquired by Chicago, IL-based Waterton Associates, LLC for $26.4 million or $117,857 a unit.šš Waterton financed the acquisition with Fannie Mae debt through ARA’s debt platform, ARA Finance.
Constructed in 1997 and 92% occupied at the time of the sale, the community is located on the north side of Cypress Creek Road, only one mile east of the thriving Cypress Creek office market, containing approximately 4.8 million square feet of office space and over 15,000 employees.
This market is home to large corporate headquarters and major employers such as Citrix Systems (1,428 employees), BankAtlantic (2,569 employees), Kaplan Higher Education (2,800 employees), Humana, Brown & Brown Insurance, CBS Interactive, Liberty Power Corporation, DataCore Software Corporation and numerous other well-known national companies.
For detailed information on ARA’s extensive multihousing investment services, visit http://www.arausa.com./
Contact: Marti Zenor mzenor@ARAusa.com, 561.988.8800 x112 Direct 954.205.5207 Cell 561.988.8810 Fax
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