Apartment Realty Advisors (ARA) Brokers Sale of 280-Units in Northwest Tampa, FL

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, recently brokered the sale of Lofton Place (top right photo) ; a 280-unit multifamily community located on an 17-acre site in one of the most desirable submarkets of Tampa. The property address is 5412 Deerbrook Creek Circle.

ARA Orlando-based senior vice president, Kevin Judd,(middle right photo)  ARA Boca Raton-based principal, Dick Donnellan, (middle left photo) and ARA Tampa-based vice president, Patrick Dufour, represented the seller in the sale of the class B+ value-add investment community.

“Lofton Place is a well-positioned community in an infill, high barrier-to-entry location,” said ARA Orlando Senior Vice President Kevin Judd.š “The property was built in 1988 and features one-, two-, and three-bedroom floor plans with an average unit size of 945 square feet.”

Lofton Place is a stabilized asset with strong historical operating performance and occupancy level. Lofton Place offers some of the best interior amenities in the market, including 9-foot and vaulted ceilings in select units, washer/dryer connections and fireplaces. In addition to the property’s individual unit features, Lofton Place’s community amenity package features a resort-style swimming pool, spa, sand volleyball court and fitness center.

Lofton Place was acquired by Northview Realty Group for $16,000,000 or $57,143 per unit and $60.47 per square foot. The property was 97% occupied at the time of the sale.

The transaction was financed by ARA Finance, a joint venture with CWCapital. ARA Finance leverages ARA’s on-the-ground multihousing brokerage expertise and CWCapital’s full suite of debt products including Fannie Mae DUS, Freddie Mac, and FHA Programs.š CWCapital is a vertically integrated commercial real estate finance and investment management company that has closed approximately $10 billion of loans since 2002 and services over $10 billion of loans in 48 states.

ARA Finance, in collaboration with Brush Island Investments, also sourced the joint venture equity from a private REIT.

The 10 year loan was 75% of the $16,000,000, $57,143/unit purchase price and the Borrower locked in a rate of 5.66% with the first two years interest only followed by 30 year amortization. Private funds were used for equity in the transaction.

Contact: Marti Zenor, mailto:mzenor@ARAusa.com,
561 561.988.8800 x112 Direct,  954.205.5207 Cell 561.988.8810 Fax