Monday, June 17, 2013

ARA’s Central and North Florida Team Completes 142-Unit Sale in Winter Park, FL

  
Oak Reserve at Winter Park apartments, Winter Park, FL

  
Winter Park, FL (June 17, 2013) — The Orlando office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, has arranged the sale of Oak Reserve at Winter Park, a 142-unit multihousing community located in the affluent city of Winter Park, FL, within the Orlando, FL MSA.

Kevin Judd
The Central Florida-based sales team of Principals Kevin Judd, Patrick Dufour and Senior Vice President Matt Wilcox, along with Principal Marc deBaptiste, represented Aventura, FL-based Trade Street Residential, Inc. in the sale.

The REIT sold the property in order to reallocate capital to newly constructed assets.  Rockville, MD-based BAF Associates purchased the property for $11,710,000.

Patrick Dufour
Though originally constructed in 1973, the property underwent a substantial $5 million renovation in 2007 which significantly reduced its effective age.

The property enjoys a superb location less than ten minutes from major employment, world-class entertainment, shopping and dining in downtown Orlando. 

  Oak Reserve at Winter Park enjoys excellent accessibility throughout the Orlando MSA. Downtown Orlando, Central Florida Research Park and the University of Central Florida, which are the area’s major employment and educational centers with a combined total of over 70,000 employees, are all located within minutes from Oak Reserve at Winter Park.

Matt Wilcox
“Demand for infill product in core locations is unprecedented in today’s market. We had over 160 requests for investment packages on this asset,” noted Kevin Judd, lead advisor on the transaction.

“Full Sail University is located less than one mile south of Oak Reserve. The University of Central Florida -- recently named Florida’s largest state university with enrollment of 58,500 -- is just over six miles from the property,” he added.

 “The property has a history of strong rental occupancy, which was 92% at the time of sale,” added Tampa-based Patrick Dufour.

Marc deBaptiste
Greater Orlando’s apartment market continues to show signs of growth as occupancy rates have increased a substantial 590 basis points since its trough in 1Q 2010 to 94.7%, as of 4Q 2012. Occupancy is expected to continue increasing over the next two years.


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




Local                                                               National             :

Marti Zenor                                                   Amy Morris or Lisa Robinson
ARA Florida                                                  ARA National
(561) 988-8800                                              (404) 495-7300
mzenor@ARAusa.com                                  amorris@ARAusa.com
www.ARAusa.com                                        lrobinson@ARAusa.com



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