ARA Retained to Market Apopka, FL Condo Community

APOPKA, FL (May 18, 2009) —ARA Florida’s Distressed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 160 multifamily units in a high-quality, 240-unit garden condominium community located west of Altamonte Springs in Apopka, a highly desirable area in the northern half of the Greater Orlando MSA.

“The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium well below replacement cost,” said ARA Orlando-based senior vice president, Kevin Judd (middle right photo) of ARA’s DASG team. “Replacement cost on a similar type of product can range from $125,000 to $150,000 per unit.”

The 80 sold units were purchased for an average sales price of approximately $162,000 per unit.š The remaining 160 units are currently 44% occupied and offering rents at $0.91 per square foot.

“This bank-owned fractured condominium project represents one of the many distressed assets where ARA Florida’s DASG Division is focused,” said Avery Klann, (middle left photo) also of ARA Florida’s DASG division.

The property consists of superior unit features and community amenities rivaling the most exclusive country clubs in the area.

Select unit features include energy-efficient appliances, nine-foot ceilings, large walk-in closets and Roman tubs. Some of the many amenities include gated access, oversized pool and spa, fitness center and clubhouse with TV/club room.

To schedule an interview with an ARA executive regarding this opportunity or for more information about Apartment Realty Advisors, please contact Kevin Judd at 407-514-2681 or Avery Klann at 561-988-8800, or via email at judd@arausa.com and klann@arausa.com .

Contact: Marti Zenor, mzenor@ARAusa.com; 561.988.8800 x112 Direct; 954.205.5207 Cell; 561.988.8810 Fax