ARA Reports Sale of the East Orange/UCF Multi-family Community of Pine Harbour in Orlando, FL

Orlando, FL (Sept. 6, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Pine Harbour (top left photo), a 366-unit, Class “B” garden apartment community located in one of the strongest submarkets in the Orlando region.

 ARA Orlando-based principal, Kevin Judd (middle right photo); ARA Boca Raton-based principal, Marc deBaptiste (middle left photo), and ARA Tampa-based vice president, Patrick Dufour (bottom right photo), represented the institutional seller in the $31 million transaction.š The property was 95% occupied at the time of the sale.

 Pine Harbour is the second of two properties recently acquired from ARA Florida by the buyer, St-Lambert, Canada-based L.S.R. Development.

 “Situated along the East-West expressway (SR 408) and near major employers, such as Lockheed Martin, Central Florida Research Park businesses, Waterford Lakes Mall and UCF, this property provides an excellent long-term stability option for the buyer,” said Kevin Judd.

 Pine Harbour serves its residents with an extensive amenity package including a clubhouse, fitness center with indoor air-conditioned racquetball, children’s playground, resort-style pool with expansive sundeck, gated entry, tennis and sand volleyball courts.

Units average 940 square feet and are a mix of one-, two- and three-bedroom apartments with vaulted ceilings, screened patios/balconies, carpeted living areas, full appliance packages and washer/dryer connections are included.

Constructed in 1991, the property’s physical attributes and location combine to rank it among the top performing apartment communities in Orlando.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com, 561.988.8800.

http://www.arausa.com/.