LAKE WORTH, FL (July 25, 2011) — Atlanta-headquartered 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 Esperanza apartments (top left photo), a 218-unit garden style apartment community located in the desirable Lake Worth market in Palm Beach County, FL. The South Florida ARA sales team, led by Principal Avery Klann (middle right photo) and Senior Vice President Hampton Beebe (lower left photo), represented Chicago, IL-based Waterton Associates, LLC in the sale of the $9.3 million, 218-unit community.
“As a value-add investment, Esperanza offers the buyer significant upside potential,” said ARA Boca Raton Principal Avery Klann.š “With the implementation of a comprehensive interior and exterior upgrade program, the buyer should achieve substantive NOI growth and the property will be well positioned to compete with newer Class B properties in the Palm Beach County market.”
Avery added that the Palm Beach County rental market experienced a positive shift in occupancy in 2010, after trending downward in the previous years.š MPF Research is predicting rent growth of at least 4% annually from 2011-2013 in all of Palm Beach County.
The property was acquired by Newton, MA-based Robbins Property Associates for $9.3 million or $42,660 a unit.
Constructed in 1972 and 93% occupied at the time of the sale, the community is located minutes from the major employment centers in the suburban areas of West Palm Beach and only 10 minutes from the downtown West Palm Beach CBD.š
For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
Contact:
Marti Zenor, mzenor@ARAusa.com
561.988.8800 x112 Direct 954.205.5207 Cell 561.988.8810 Fax
No comments:
Post a Comment