ARA’s Central Florida Team Represents T.I.C in Sale of 242-Units

Tallahassee, FL (Oct. 10,š 2011) — The Jacksonville office of 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 Jackson Square Apartments (top left photo), a 242-unit, Class “A” garden apartment community located in the Thomasville submarket of Tallahassee, FL.

 ARA Central Florida-based principal, Kevin Judd (middle right photo) and vice presidents Patrick Dufour (lower left photo) and Matt Wilcox represented the T.I.C seller in the $21.7 million transaction.š The property was 95% occupied at the time of the sale.š

 “By their nature, TIC sales can be challenging due to the high number of constituents involved in the decision making process.š In this case, the TIC was comprised of a total of 40 individual investors who had to approve the sale.š Further complicating the process was the limited reps and warranties for the buyer.š Due to the nature of the TIC structure, the seller’s ownership entity evaporates after the sale.” said Tampa-based Dufour.šš

”The Jackson Square transaction is representative of the types of deals leveraged buyers are seeking,” said Jacksonville-based Wilcox. “The property is in a ‘Core,’ infill location with immediate access to all the Class “A” retail and neighborhoods in the northern portion of the city. With some slight repositioning and capital infusion, the property stands to perform well as the Tallahassee market’s pipeline is limited and the employment sector is stable due to the Universities and State Government.”

Constructed in 1996, Jackson Square is located less than three miles from downtown Tallahassee and its largest employment sector; the state government.š As the state’s capital, the state government employs approximately 46,000.š Additionally, Florida State University, the third largest in the state, is located just three miles north of the apartment community.

 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.comš or 561.988.8800.šš

 For detailed information on ARA’s extensive multihousing investment services, visit http://www.arausa.com/.