LAUDERHILL, FL Jan. 19, 2009— ARA’s Florida division arranged the sale of the 405-unit Villas at Lauderhill multifamily community located in Lauderhill, FL. The transaction was arranged by ARA Florida’s Boca Raton-based Hampton Beebe.(top right photo)The 405-unit property was purchased in 2005 with the intent to convert it to condominiums, but the development never materialized. New York-based Intervest National Bank subsequently filed for foreclosure and took back title of the community in September of 2008.
West Palm Beach, FL-based Priderock Capital Partners sponsored the purchase from Intervest National Bank for an undisclosed price in December of 2008.“This 1988 constructed property will be brought back to life by Priderock Capital,” said Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal. “Priderock has approved plans in place for an extensive rehab, including building a new clubhouse and re-construction to the existing apartment buildings.”
Beebe 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.
Beebe 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, (top left photo) one of ARA Florida’s founding partners said, “This transaction represents a trend toward developers and apartment operating companies finding unique opportunistic deals in the market. We expect to see several more ‘value add’ transactions in 2009.”
The sale of Villas at Lauderhill tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.
DASG Retained to Market Sale of Distressed/Fractured Condominium Project
COCONUT CREEK, FL, Jan. 19, 2009--sed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 272 multifamily units in a high-quality, 372-unit garden and townhome condominium community located within The Township master-planned development in the rapidly growing city of Coconut Creek."The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium at well below replacement costs," said ARA Florida’s Hampton Beebe of ARA’s DASG team. "Replacement costs on a similar type of product can range from $140,000 to $180,000 per unit."
The 100 sold units averaged a sales price of $227,415 per unit. The remaining 272 units are currently 95% occupied and offering rents at $1.12 per square foot, reflecting strong demand for rental housing in the area.
"The converter implemented an extensive improvement program to both the exterior and interiors of the property totaling over $4.5 million since 2005," said Avery Klann, also of ARA Florida’s DASG division. Contacts:
Marti Zenor, Amy Holland or Lisa Robinson, Apartment Realty Advisors,
(561) 988-8800 ext. 112; (404) 495-7300
mzenor@arausa.com, aholland@ARAusa.com,
http://www.arausa.com/, lrobinson@ARAusa.com
Marti Zenor, Amy Holland or Lisa Robinson, Apartment Realty Advisors,
(561) 988-8800 ext. 112; (404) 495-7300
mzenor@arausa.com, aholland@ARAusa.com,
http://www.arausa.com/, lrobinson@ARAusa.com
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