ORLANDO, FL - 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 Highland Pointe, a 272-unit multihousing community located in the Southeast/Airport submarket of Orlando, FL.
Completed in 1986, Highland Pointe consists of one-, two- and three-bedroom apartment units each with an average unit size of 975 square feet.
The Central Florida-based sales team of Principals Kevin Judd, Patrick Dufour, and Richard Donnellan, represented the seller, TIAA-CREF, a national financial services organization that is the leading provider of retirement services in the academic, research, medical and cultural fields. Tampa, FL-based Robbins Property Associates purchased the property for $19,500,000 or $71,691 per unit.
“Highland Pointe is a high-quality stabilized asset that offers several opportunities for significant value-add interior enhancements,” noted Kevin Judd, lead advisor on the transaction. “Comparable properties in the same submarket are able to achieve rents $100 higher than Highland Pointe.”
Orlando International Airport (MCO) is located just 15 minutes to the south of Highland Pointe. MCO is the 29th busiest airport in the world and the 13th busiest in the United States, as well as the 11th fastest growing major airport in the world.
According to REIS, the Southeast/Airport submarket’s occupancy was 94.8% as of 1Q14, reflecting the strong demand for rental apartments within Highland Pointe’s immediate area. In addition, rents in the Orlando MSA increased a solid 3.4% in 2013 and are projected to continue to grow by 3.6% for 2014.
Highland Pointe is located only 7.5 miles east of downtown Orlando, which accounts for more than 13 million square feet of office space with 4,400 businesses and 65,000 employees.
The University of Central Florida, the largest university in the nation, is only 15 minutes northeast of Highland Pointe. The school has a current enrollment of 59,770 students and employs over 11,000 people, making it one of the top employers in the Orlando MSA. Highland Pointe is also only 15 minutes from Valencia Community College and Full Sail University, and 10 minutes from the Downtown Orlando CBD.
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, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.