Apartment Realty Advisors (ARA) Reps the Sale of Arbor Oaks at Boca Raton

Private Canadian Buyer Purchases Institutional Quality Multifamily Propertyš

BOCA RATON, FL— Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Arbor Oaks at Boca Raton, (top right photo) a 360-unit multifamily community located in exclusive Boca Raton, Palm Beach County, Florida.

ARA Boca Raton based principal, Avery Klann, (middle right photo) senior vice president, Hampton Beebe (bottom left photo) and principal, Richard Donnellan, (top left photo) represented an institutional investor in the sale of the class A value-add investment opportunity which was 91% occupied at the time of the sale.

This property enjoys a strategic location along the east side of U.S. Highway 441, south of Glades Road.š West Boca Medical Center is immediately adjacent to the community of eighteen, two- and three-story garden apartment buildings, which offers residents maximum privacy combined with water or recreational views.

Additionally, Arbor Oaks maintains superior construction quality with cast-in-place concrete

floors, concrete reinforced masonry block walls and textured stucco.

“The combined innovative design, quality of construction and extensive amenities of Arbor Oaks provide exceptional value for the undisclosed, private Canadian-based buyer who purchased the deal for $40,000,000,” noted Klann.

“As a newcomer to this market, they plan to take advantage of the interior and exterior ‘value-add’ opportunities and benefit from increasing premium rental rates as a result.

“ARA prides itself on uncovering unique international buyers that are new to the Florida market.

" In today’s capital constrained environment, accessing a wide base of potential investors is critical in getting deals done. ARA’s national database has over 26,000 registered apartment investors from all over the globe, which is a unique advantage we offer our clients,” said Donnellan, the current president of ARA National.

Located at 9817 Arbor Oaks Lane in Boca Raton, Florida, the property offers extensive amenities including ceramic tile floors, screened patios/balconies, washers & dryers, gated entry, business center, clubhouse, spa, fitness center, resort-style heated swimming pool, lighted tennis and basketball courts and barbeque/picnic areas throughout the community.

To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@arausa.com or 561.988.8800, or Amy Holland at aholland@arausa.com or 678.553.9366.

Contact: Marti Zenor mzenor@ARAusa.com
561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Apartment Realty Advisors Brokers Sale of Remaining Units in LaVia Condominium

PEMBROKE PINES, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announceS that ARA’s Florida division arranged the sale of the 26 remaining units at La Via Condominium (top right photo) community located in Pembroke Pines, FL.

The transaction was arranged by ARA Florida’s Boca Raton-based Avery Klann. (top left photo)

Shaoul Mishal, President of Israel-based Gamla-Cedron Group purchased the remaining units for $1,430,000 or $55,000 per unit in January 2009.

The 250-unit property was converted to condominiums in 2005 and a total of 224 units were sold over the past three years. After paying off the senior debt and achieving strong profits, the owner decided to bulk sale the remaining inventory in the La Via Condominium. The seller desired a fast closing with a strong all-cash buyer.

š“We worked under a very tight timeframe to identify a buyer who could close as quickly and efficiently as possible,” said Avery Klann, of ARA’s Boca Raton office, who brokered the deal.š “We expect to see several more fractured condo sales in Florida in 2009.”

Klann is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

Marc deBaptiste,(bottom right photo) one of ARA Florida’s founding partners said, “This is one of several transactions where we have recently sourced unique, foreign-based buyers that are now capitalizing on the tremendous buying opportunities in multifamily product throughout Florida.”

To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@ARAusa.com or 561-988-8800 ext. 112.

Apartment Realty Advisors Distressed Assets Solutions Group Arranges Sale of 405-Unit Villas at Lauderhill, FL

LAUDERHILL, FL Jan. 19, 2009— ARA’s Florida division arranged the sale of the 405-unit Villas at Lauderhill multifamily community located in Lauderhill, FL. The transaction was arranged by ARA Florida’s Boca Raton-based Hampton Beebe.(top right photo)

The 405-unit property was purchased in 2005 with the intent to convert it to condominiums, but the development never materialized. New York-based Intervest National Bank subsequently filed for foreclosure and took back title of the community in September of 2008.

West Palm Beach, FL-based Priderock Capital Partners sponsored the purchase from Intervest National Bank for an undisclosed price in December of 2008.

“This 1988 constructed property will be brought back to life by Priderock Capital,” said Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal. “Priderock has approved plans in place for an extensive rehab, including building a new clubhouse and re-construction to the existing apartment buildings.”

Beebe is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

Marc deBaptiste, (top left photo) one of ARA Florida’s founding partners said, “This transaction represents a trend toward developers and apartment operating companies finding unique opportunistic deals in the market. We expect to see several more ‘value add’ transactions in 2009.”

The sale of Villas at Lauderhill tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.

DASG Retained to Market Sale of Distressed/Fractured Condominium Project

COCONUT CREEK, FL, Jan. 19, 2009--sed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 272 multifamily units in a high-quality, 372-unit garden and townhome condominium community located within The Township master-planned development in the rapidly growing city of Coconut Creek.

"The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium at well below replacement costs," said ARA Florida’s Hampton Beebe of ARA’s DASG team. "Replacement costs on a similar type of product can range from $140,000 to $180,000 per unit."

The 100 sold units averaged a sales price of $227,415 per unit. The remaining 272 units are currently 95% occupied and offering rents at $1.12 per square foot, reflecting strong demand for rental housing in the area.

"The converter implemented an extensive improvement program to both the exterior and interiors of the property totaling over $4.5 million since 2005," said Avery Klann, also of ARA Florida’s DASG division.

Contacts:
Marti Zenor, Amy Holland or Lisa Robinson, Apartment Realty Advisors,
(561) 988-8800 ext. 112; (404) 495-7300
mzenor@arausa.com, aholland@ARAusa.com,
http://www.arausa.com/, lrobinson@ARAusa.com