Apartment Realty Advisors Reps the Orlando Sale of Ultra-Luxury Class AA Garden and Townhome Community in Orlando

Highest Price Orlando MF Trade in 18 Months

Orlando, FL (May 10, 2010) — 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 Estates at Park Avenue (middle left photo) , a 432-unit Class “AA”, ultra-luxury garden and townhome apartment community located in the prestigious MetroWest area of Orlando, Orange County, Florida.š

ARA Orlando based principal, Kevin Judd, (top right photo) Tampa based vice president, Patrick Dufour (top left photo) and Boca Raton based principal, Richard Donnellan, (middle right photo)  represented an institutional fund advised by Prudential Real Estate Investors in the sale of the property which was 93% occupied at the time of the sale.

Selling for $43,250,000, “This sale represents one of the few institutional quality, non-distressed properties to trade over the past 18 months,” noted Kevin Judd.šš The quality of the asset and its location in one of Orlando’s most desirable, core submarkets enabled ARA to secure over 30 written offers.šš

“ARA prides itself on identifying the most aggressive buyers in the market. In today’s capital constrained environment, accessing a wide base of potential investors is critical in getting deals done. ARA’s national database has over 26,000 registered apartment investors from all over the globe, which is a unique advantage we offer our clients,” said Dick Donnellan, immediate past-president of ARA.

The Estates at Park Avenue is located at 2801 Biltmore Park Drive within the master-planned MetroWest community, an 1,800-acre, $960 million mixed-use development which, 20 years after breaking ground, is approximately 95% built out.š MetroWest is home to thousands of single-family and multifamily dwellings, 750,000 square feet of retail space, 1.5 million square feet of office space and 590 acres set aside for golf courses, lakes and roads.

“The Estates at Park Avenue was the last rental project built within MetroWest, and no land is available for future multifamily development,” noted Judd.š “This results in a significant barrier-to-entry for future competition in the immediate area.”

Built in 2004, the property’s many high-end unit features, variety of floor plans and extensive community amenities are superior to most rental properties in Greater Orlando, placing it among the most luxurious rental communities in the Greater Orlando market.

 In addition to granite-accented kitchen counters, full size washer/dryers, 17- or 9-foot ceilings with crown molding, French doors, ceiling fans in most rooms and garden tubs, most units are front-to-back “through units.”š Additionally, 80 of the 170 townhome units offer one- or two-car direct-access garages, while optional detached garages and storage units are also available for rent.

“The combined innovative design, quality of construction and extensive amenities of Estates at Park Avenue provide exceptional value for the buyer,” noted Kevin Judd.š

šTo schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@arausa.com or 561.988.8800, or Amy Holland at aholland@arausa.com 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