Wednesday, February 27, 2013

ARA Executes Sale of 488 Apartment Units in Delray Beach, FL



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

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