Jacksonville and Tampa, FL (Dec. 5, 2011) — The Jacksonville and Tampa offices of 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 336-unit Circle at Bartram Park in Jacksonville and 300-unit Circle at Crosstown (middle right photo) in Tampa. The Central and North Florida-based sales team, led by Principal, Kevin Judd (lower right photo), Senior Vice President, Patrick Dufour (lower left photo) and Vice President, Matt Wilcox represented an institutional seller in the $64,500,000 portfolio sale which was purchased by Atlanta-based JMG Realty.
Both properties were constructed in 2009 by Crescent Resources and feature best-in-class amenities and several “Green” features including a LEED-Certified “Green” clubhouse and 100% smoke-free communities.
“Circle at Crosstown is located in Brandon, currently one of Tampa’s strongest performing submarkets, and offered the buyer an excellent opportunity to acquire an exceptional apartment community with near-term upside as the submarket continues to improve,” commented Patrick Dufour.
“Circle at Crosstown recently completed lease-up, providing this ’Core‘ quality asset with additional upside potential to continue to increase effective rents on renewals.”
“Circle at Bartram Park, is located in Jacksonville’s most desirable submarket, Southeast Jacksonville,” noted Wilcox.š “The Class ’A’” property featuresš one of the most luxurious amenity packages in the region, which is known for its high growth potential, white collar employment and affluent demographics.”
“Multifamily fundamentals continue to improve throughout Central and North Florida, and we are seeing a growing number of both institutional and private buyers interested in these markets,” said Dufour.š “Occupancy has increased nearly 300bps in Tampa over the past 12 months and now boasts 6 consecutive quarters of effective rent growth.”š
“Jacksonville is expected to reach 93% occupancy market-wide by the end of 2011 with 3.5% effective rent growth projected for 2012,” observed Wilcox.š “We are receiving more investor interest in Jacksonville as the market recovery story continues to prove out.š With extremely limited supply and strong employment and population growth potential, now is a good time to buy in Jacksonville,” Wilcox concluded.
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
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