ARA Brokers Sale of 180-Unit Community in Affluent Boca Del Mar, FL PUD

Boca Raton, FL (Aug. 8, 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 Boca Colony (top left photo), a 180-unit apartment community located in the affluent Boca Del Mar master-planned development in South Palm Beach County, FL.

 The South Florida ARA sales team, led by ARA Principal Avery Klann (middle right photo), Senior Vice President Hampton Beebe (middle left photo), and ARA Principal Richard Donnellan (lower right photo), represented institutional advisor, Invesco Real Estate, in the sale of the 180-unit community to an affiliate of Bay Harbor Island, FL-based Atlantic | Pacific Companies.  

Constructed in 1986 and 96% occupied at the time of the sale, investor interest in the community was very strong and resulted in ARA conducting 59 tours in just a one month period.

 According to ARA’s Klann, “Invesco had previously implemented a modest interiors upgrade program in 80% of the units that positively impacted rent premiums at the time.”

 Randy Weisburd, Chief Operating Officer of Atlantic | Pacific Companies added, “this property has untapped upside potential and the implementation of an enhanced upgrade program will allow A|P to further increase value.”

 The property is located within the acclaimed Boca Del Mar PUD, a self-sufficient 2,000-acre master planned community strategically located in central Boca Raton. 

This desirable community, approved for 10,500 homes back in the 1970’s, is approximately 93% built out and offers a wide range of residential options in a heavily amenitized and safe environment.

 Boca Colony is located on the north side of the Country Club at Boca Raton within the PUD, offering an 18-hole par 70 championship golf course, golf range, practice greens, golf shop, a tennis center with six state-of-the-art Har-Tru courts and renovated clubhouse with restaurants and banquet areas.    

  To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor of ARA Florida at mzenor@ARAusa.com or 561-988-8800.

 For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.

Local Contact:                                                National Contacts:

Marti Zenor                                                    Amy Morris or Lisa Robinson

ARA Florida                                                   ARA National

(561) 988-8800                                               (404) 495-7300