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| Quiet Waters at Coquina Lakes, Deerfield Beach, FL |
Deerfield Beach, VL and Margate, FL — The Boca Raton office
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 Quiet Waters at Coquina
Lakes (200 units) in Deerfield Beach and The Fairways of Carolina (208
units) in Margate.
Quiet Waters at Coquina Lakes, built in 1995, was 95%
occupied at the time of sale; The Fairways of Carolina, built in 1993, was 96%
occupied at the time of sale.
The Boca Raton-based transaction team of Principals Avery
Klann, Hampton Beebe and Richard Donnellan represented a pension
fund advisor in the sale.
San Diego,
CA-based Fairfield Residential, among the most experienced multifamily real
estate operating companies in the United States, was selected as the
buyer.
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| Hampton Beebe |
The properties have been institutionally owned by the same
owner for the past 12 years, and select units have been renovated over the last
two years in order to achieve rental premiums.
“The acquisition
represents a tremendous opportunity to gain significant market share within the
strong performing northwestern area of Broward County (Fort Lauderdale MSA).
Both garden-style apartment communities are well-positioned, offering excellent
value-add opportunities, top-quality concrete block construction and stabilized
long term historical occupancy,” said Avery Klann, lead advisor on the
transaction.
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| Richard Donnellan |
Quiet Waters at Coquina Lakes features 20% townhome units
and is located only one mile from Quiet Waters Park, a 427-acre park which
includes five lakes, miniature golf, camp sites, swimming, bike trails,
fishing, water skiing and picnic areas. Amenities include a renovated clubhouse
(2005), gated entry with coded directory, business center, pool with heated
spa, playground, fitness center, indoor air-conditioned racquetball court,
lighted tennis court, detached garages and carports, car care area and valet
trash.
The Fairways of Carolina is beautifully landscaped and
adjacent to the Carolina Golf Club, which provides golf course and lake views.
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| Avery R. Klann |
The current owner replaced the roof in 2006 and has completed upgrades on 36
units (17%) over the last two years, including new granite-look laminate
countertops, new cabinet door fronts, stainless steel appliances, new
carpeting, six-paneled interior doors throughout, new kitchen/bath/entry
lighting and plumbing fixtures, new ceiling fans, faux wood blinds throughout,
white vinyl verticals and decorative track lighting in dining rooms.
“With a large
average unit size of 1,037 square feet, these Class “A” properties are in
demand by families looking for a convenient location close to employment,
shopping and entertainment options in Broward County,” remarked Richard
Donnellan.
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
561.988.8800.
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