Apartment Realty Advisors (ARA) Reps the Sale of The Lakes of Margate, FL

MARGATE , 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 the sale of The Lakes of Margate, a 280-unit multifamily community located in Margate, Broward County, Florida.š

ARA Florida based principal, Avery Klann, (middle left photo) senior vice president, Hampton Beebe (bottom left photo)  and principal, Richard Donnellan, (middle right photo)  represented an institutional investor in the sale of the fully stabilized Lakes of Margate, which was 95% occupied at the time of the sale.

“Institutionally owned and meticulously maintained, Lakes of Margate was pursued by numerous investors during our marketing effort,” said ARA Florida principal Avery Klann.

“The property was purchased by a private South Florida-based investor, Advenir, who utilized agency financing from Freddie Mac,” added Klann.

Capital improvements made over the previous four years include new roofs on all buildings, exterior painting, tennis court resurfacing, new children’s playground, renovation of both swimming pools, an upgrade of the bathrooms, new poolside furniture, seal coating paving and renovation of the fitness center with new equipment and flooring.š

“Broward County continues to be in high demand because the fundamentals remain strong,” said Hampton Beebe, of ARA Florida, also brokering the deal.

The Lakes of Margate, built in 1986/1987, features extensive landscaping, two swimming pools with cabanas, heated spa, tennis court, clubroom, fitness center and a fishing dock. Units feature full-size washers and dryers, European cabinetry, ceiling fans and private screened patio or balcony.

Located at 5750 Lakeside Drive in Margate, Florida, the property is strategically located immediately east of U.S. Highway 441, a major six-lane commercial corridor in central/western Broward County.š The property offers convenient access to Florida’s Turnpike via Coconut Creek Parkway only two miles to the east.šššš

The Property is located adjacent to the new Margate City Center. The City Center is planned to include over 1.3 million square feet of retail and office space, along with a City Hall, fire station and residences.

šTo schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at HUmzenor@arausa.comUH or 561.988.8800, or Amy Holland at HUaholland@arausa.comUH or 678.553.9366.šš

Contact:
Marti Zenor mzenor@ARAusa.com, Director of Marketing, Apartment Realty Advisors  Florida
777 Yamato Road, Suite 140 Boca Raton, FL 33431, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax