PEMBROKE PINES, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announceS that ARA’s Florida division arranged the sale of the 26 remaining units at La Via Condominium (top right photo) community located in Pembroke Pines, FL. The transaction was arranged by ARA Florida’s Boca Raton-based Avery Klann. (top left photo)
Shaoul Mishal, President of Israel-based Gamla-Cedron Group purchased the remaining units for $1,430,000 or $55,000 per unit in January 2009.
The 250-unit property was converted to condominiums in 2005 and a total of 224 units were sold over the past three years. After paying off the senior debt and achieving strong profits, the owner decided to bulk sale the remaining inventory in the La Via Condominium. The seller desired a fast closing with a strong all-cash buyer.
š“We worked under a very tight timeframe to identify a buyer who could close as quickly and efficiently as possible,” said Avery Klann, of ARA’s Boca Raton office, who brokered the deal.š “We expect to see several more fractured condo sales in Florida in 2009.”
Klann 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.
Marc deBaptiste,(bottom right photo) one of ARA Florida’s founding partners said, “This is one of several transactions where we have recently sourced unique, foreign-based buyers that are now capitalizing on the tremendous buying opportunities in multifamily product throughout Florida.”
To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@ARAusa.com or 561-988-8800 ext. 112.
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