Apartment Realty Advisors Distressed Assets Solutions Group Brokers Sale of Remaining Units in Madison Oaks Condominium Conversion, Palm Harbor, FL

PALM HARBOR, 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 arranged the sale of the 199 remaining units at Madison Oaks in Palm Harbor, FL.

 ARA Tampa-based vice president, Patrick Dufour, (bottom right photo) ARA Orlando-based senior vice president, Kevin Judd, (top right photo) and ARA Boca Raton-based principal, Avery Klann, (middle left photo)  represented the seller, a financial institution. J

udd, Dufour and Klann are members of ARA’s National 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.

“ARA generated a tremendous amount of interest in this property,” said Judd. “ARA’s unique marketing platform, proprietary and extensive database of prospects, and multitiered marketing strategy were implemented for this offering,” Judd added.

“We have seen a tremendous amount of capital return to the market in the past 90 days,” noted ARA Tampa Vice President, Patrick Dufour. “There is a general feeling in the market that the worst is behind us, and as a result, we have seen a significant increase in the number of qualified buyers for both distressed and stabilized multifamily properties.”

Although Madison Oaks was an REO fractured condominium project, the remaining 199 units were approximately 90% occupied at the time of sale. The remaining 199 units represent 80% of the total property, giving the purchaser control of the homeowner’s association. The buyer plans to continue to operate the property as rentals.

Individual units at Madison Oaks sold for an average price of $172,419 from 2007 to 2008. The remaining units at Madison Oaks were acquired by Rohman Development and RAS Management in partnership with a Private Equity Group for an undisclosed amount.

Madison Oaks represents a class B+ asset in an infill, high barrier-to-entry location in Palm Harbor, a northern suburb of Pinellas County within the Tampa Bay MSA.

The remaining 199 units out of 250 total units at Madison Oaks feature a large average unit size of 1,063 square feet including five different floor plans with one- or two-bedroom flats as well as 2-story townhomes.

Local Contact: Marti Zenor, Apartment Realty Advisors, (561) 988-8800, mzenor@arausa.com
National Contacts: Amy Holland or Lisa Robinson, Apartment Realty Advisors, (404) 495-7300
aholland@ARAusa.com, lrobinson@ARAusa.com