Boca Raton, FL (Jan. 30, 2012) — 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 the The Fountains at Delray Beach (top left photo) (149 units) and Water’s Edge (top right photo) (148 units). Each asset was 94.6% occupied at the time of sale.
The Boca Raton-based sales team of Principal, Avery Klann (middle left photo), Senior Vice President Hampton Beebe (lower right photo), and Principal Marc deBaptiste represented Archon Group in the sale.š Acumen Real Estate purchased the property.šš
“The Fountains at Delray Beach and Water’s Edge are situated in an ideal location in the Delray Beach rental submarket,” noted Avery Klann, lead broker on the deal.š “These highly desirable communities are proximate to several dynamic employment centers including Boca Raton, downtown West Palm Beach, and Fort Lauderdale.”
The Fountains at Delray Beach offers resort-style amenities including a swimming pool, sundeck, hot tub, clubhouse, fitness center, club room, tot lot, tennis court, picnic gazebos with barbecue grills, storage spaces and attached and detached garages.š
The oversized units feature full size washer/dryers, large covered balconies/patios, ceramic tile kitchens and baths, walk-in closets, dishwashers/disposals, track lighting in dining/kitchen areas, vaulted ceilings in top floor units and available intrusion alarms.š
Water’s Edge features a low density design at only eight units per acre.š Its amenity package includes a pool with a sundeck, walking trail around the lake, clubhouse, fitness center, picnic area with grills, tennis court, sand volleyball court and children’s playground.š
The functional floor plans feature full size washer/dryers, ceramic tile kitchens and baths, patio/balconies, walk-in closets, vaulted ceilings in top floor units and dishwashers/disposals.šššššš
“The properties are only a five-minute drive from the bustling Downtown Delray Beach entertainment district,” noted Hampton Beebe.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš
