 |
| Spring Harbor at the Landings Delray Beach, FL |
DELRAY BEACH, FL —
The Boca Raton office of Atlanta-headquartered ARA, the largest privately held,
full-service investment advisory brokerage firm in the nation focusing
exclusively on the multihousing industry, announces the sale of Spring
Harbor at the Landings, a 488-unit luxury garden apartment community
located in Delray Beach, Florida.
ARA South
Florida-based Principal Avery Klann along with Senior Vice President Hampton
Beebe and Principal Richard Donnellan represented Dallas, TX-based
Invesco Real Estate in the transaction.š San Diego, CA-based Fairfield
Residential purchased the property for $69,125,000.
 |
| Avery Klann |
“Spring Harbor at
the Landings represents a terrific opportunity for Fairfield to establish a
significant presence within the strong submarket of Delray Beach in southern
Palm Beach County,” noted lead broker Avery Klann. “The property has 206
renovated units, presenting the buyer with an opportunity to continue the
upgrade program to further boost rental income.”
The property
features an average unit size of 1,191 square feet in eight floor plans, 57% of
which are two bedrooms and 37% three bedrooms. Spring Harbor at the Landings
was 97% occupied at the time of sale. The property was originally built as two
communities, built in 1988 and in 1990.
 |
| Hampton Beebe |
According to Hampton
Beebe, “The property is only a five-minute drive from the trendy and bustling
Downtown Delray Beach entertainment district, which is lined by upscale
boutique shops and a variety of high-end restaurants and local small
businesses.”
The property enjoys proximity to major local and regional
employment centers, including the Boca Raton office market (less than eight
minutes south), boasting in excess of 100 office buildings comprising over 11
million square feet of office space.
 |
| Richard Donnellan |
Within Boca Raton is the Boca Corporate
Center and Campus (formerly T-Rex with 1.8 million square feet of Class “A”
office space) and the home of Office Depot’s corporate headquarters (2,100
employees), both located within a 10-minute drive of Spring Harbor at the
Landings.
For a complete copy of the company’s news release, please
contact:
Lisa Robinson
678.553.9360
Amy Morris
678.553.9366,
Marti Zenor
561.988.8800
No comments:
Post a Comment