Apartment Realty Advisors (ARA) Arranges Sale at Foreclosure Auction

Tampa, 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, represented the seller in the foreclosure sale of Spring Glade, a 78-unit multifamily community located in Tampa, FL.

The seller was represented by ARA’s Tampa, FL-based Patrick Dufour and ARA’s Orlando, FL-based Kevin Judd (top right photo)

“Through our extensive buyer relationships, we were able to bring multiple qualified, all-cash buyers to the foreclosure auction, “said Patrick Dufour, of ARA’s Tampa office.š “Our aggressive marketing campaign resulted in a successful foreclosure sale at a purchase price that exceeded the lender’s unpaid loan balance.”

Elster/Rocatica purchased the property at foreclosure auction for $915,000, $11,731 per unit, $21.47 per square foot. The private buyer purchased the property all-cash and funded the acquisition solely with internal equity.

The buyer has an established presence in the Florida market and is intimately familiar with the product type and the local market.

Dufour also noted that the property, formerly a rent-restricted affordable housing community, immediately reverted to market rate rents at the close of the foreclosure sale, providing additional upside for the new buyer. The property, located at 2232 North Spring Glade Circle in Tampa, FL, was 50% occupied at the time of the sale.

“We were able to facilitate physical inspections prior to the auction, “said Kevin Judd, of ARA’s Orlando office, who also brokered the deal.š “This allowed buyers to complete up-front due diligence prior to the auction.” The lender disclosed their maximum bid price prior to the auction to set a floor for pricing expectations.

ARA also recently closed on the sale of Lofton Place, a 280 unit multifamily property in Northwest Tampa.

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