Saturday, January 12, 2013

ARA Executes Sale of 166 Remaining Units in Downtown West Palm Beach, FL High-Rise



The Strand Apartments, West Palm Beach, FL
West Palm Beach, FL  — The Boca Raton, FL 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 166 available units in The Strand, a 275-unit luxury high-rise multihousing community located in downtown West Palm Beach in Palm Beach County.

 ARA South Florida-based Principals, Avery Klann and Marc deBaptiste, along with Senior Vice President, Hampton Beebe, represented Boston-MA-based Cross Harbor Capital Partners in the transaction.

The MORE Group, a Delray Beach, FL-based multifamily organization led by Principal Victoria Wood, provided asset management advisory services for The Strand.

Jeff Greene
 Palm Beach resident Jeff Greene purchased the property for $28,500,000 and plans to continue to rent out the units, which are currently 95% occupied.

 “As one of the last remaining fractured condominiums in South Florida, the buyer saw the intrinsic value of this trophy property,” noted Avery Klann, lead broker on the deal. 

Avery Klann
“In addition to spectacular water and cityscape views, the property is located within the Clematis District, which offers numerous fine dining and shopping opportunities and major employment centers are also just minutes away. ”

 Constructed in 2002, The Strand features high-quality concrete block construction, high-rise design, controlled access garage parking, wide array of floor plans and a myriad of community amenities. 

Marc deBaptiste
The property stands out as one of the few waterfront communities in downtown West Palm Beach featuring unobstructed views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean.

 The 15-story building includes 9’3” and 10’5” ceilings and a six-story enclosed garage parking structure.

For a complete copy of the company’s news release, please contact:

Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360
 Amy Morris at amorris@ARAusa.com, 678.553.9366;
locally, Marti Zenor, at mzenor@ARAusa.com or 561.988.8800.

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