ARA’s Hampton Beebe and Avery Klann Arrange Sale of 272 Remaining Units

BOCA RATON, FL, Aug. 9, 2010— Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of the 272 remaining units at Olivine at the Township Condominiums in Coconut Creek, FL.

 The transaction was arranged by ARA Florida’s Boca Raton-based team of Hampton Beebe (top right photo) and Avery Klann (top left photo).

Private investors closed on the purchase July 30, 2010, and paid $22,500,000. The purchase reflected a per unit price of $82,720. The property previously closed 100 units with an average sales price of $227,415.

The units, 95 percent of which are rented out, were sold in a short sale-style workout deal with lenders, according to broker Hampton Beebe, senior VP of Boca Raton-based ARA Florida, which represented Prestige Builders Group in the sale.

“Pulling all the pieces together was complex,” Beebe said.

“The transaction was challenging because there were so many parties involved: seller, buyer, a lead lender and two participating lenders,” he said.

“Ultimately, the property sold because it’s a high-quality asset in a great location. It terms of rental income, expenses and condition of the property, it is one of the healthiest fractured condo properties in South Florida.”

“Olivine is adjacent to the Tradewinds Park Forest Preserve. The ‘for sale’ quality units, extraordinary amenity package within The Township development and the proximity to major employment centers and entertainment venues in Broward County position Olivine as an ideal multifamily investment opportunity.”

Marc deBaptiste, one of ARA Florida’s founding partners said, “This exclusive offering received offers from 38 bidders.š The ultimate buyer was new to purchasing in South Florida and was sourced through ARA’s National Buyers list.”

National Contacts:

Amy Holland or Lisa Robinson, ARA National, (404) 495-7300
aholland@ARAusa.com
lrobinson@ARAusa.com

Marti Zenor mzenor@ARAusa.com

Director of Marketing, ARA  Florida, 777 Yamato Road, Suite 140 Boca Raton, FL 33431, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax