Tampa, FL (Dec. 5, 2011) — The Tampa 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 Monterey Lakes (top left photo), a 324-unit community located in the Tampa submarket of Largo.
ARA Boca Raton-based Principal Richard Donnellan (middle right photo), along with ARA Tampa-based Senior Vice President, Patrick Dufour, ARA Orlando-based Principal, Kevin Judd, and ARA Jacksonville-based Vice President, Matt Wilcox represented Waterton Residential in the sale.
“Monterey Lakes represents a well-positioned, stabilized property with significant barriers to entry and diverse employment drivers,” said Patrick Dufour.š
The property was completed in two phases in 1984 and 1992 respectively and features CBS construction, a low density residential setting with substantial water features and large over-sized units. Current unit features include full size washers and dryers, walk in closets, fireplaces, stunning lake views and screened patios or balconies.
A private, Florida-based buyer acquired the property for $23,625,000 or nearly $73,000 per unit.š
“This buyer, like many other investment groups, is making a strategic move into multifamily properties due to the strong underlying fundamentals today and anticipated performance increases across this sector in the near-term,” noted Dufour.šš
“The North St. Petersburg submarket is one of the top-performing apartment markets in Tampa Bay, featuring ideal rental demographics, excellent demand drivers and strong underlying fundamentals," noted Orlando-based principal Kevin Judd.š The submarket’s average occupancy of 93.6% is 120 bps higher than the MSA average, and market rents are approximately 3% higher than the overall Tampa Bay market, according to REIS.
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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