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| 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.
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| 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.
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| 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.
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| 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.
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| 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
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