Ormond Beach, FL (Oct. 10, 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 Shadow Lakes Apartments (top left and bottom left photos), a 184-unit REO community located just north of Daytona Beach, FL.š
ARA Orlando-based principal, Kevin Judd; ARA Tampa-based vice president, Patrick Dufour, and ARA Jacksonville-based vice president, Matt Wilcox, represented the undisclosed seller in the transaction which marks only the second multifamily transaction of 2011 in the Melbourne- Daytona area.š Shadow Lakes was 92% occupied at the time of the sale.š
“The REO asset, which was foreclosed upon in June 2010, provides significant upside potential from both property performance improvements and value-add physical enhancements presenting an excellent opportunity for the buyer to generate significant long-term returns,” noted Kevin Judd.š Beachwood, OH-Based Soclof Enterprises, a local commercial real estate investment firm, purchased the property for an undisclosed amount.
Located less than three and one-half miles from the beach, Shadow Lakes is also within close proximity to major thoroughfares including US-1 & I-95, and employers such as the Ormond Beach Municipal Airport, Ormond Beach Airport Business Park and Ormond Crossings, a 3,000-acre planned mixed-use development set to include 4.8 million square feet of industrial, commercial and office space.š
Ormond Crossings has the potential to create 11,000 new jobs with nearly $93 million in total economic impact.
Built in 1975 and located at 500 Shadow Lakes Boulevard in Ormond Beach, the Shadow Lakes community offers six floor plans which average 813 square feet and unit amenities which include large screened in porches, laminate flooring, ceramic tile, breakfast bars, ceiling fans, oversized closets, lake views, dishwashers and more.š A clubhouse, pool, fitness center and laundry facilities are included as part of the community amenity package.š
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 or 561.988.8800.šš
For detailed information on ARA’s extensive multihousing investment services, visit http://www.arausa.com/.
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