CASSELBERRY, 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, recently brokered the sale of Newport Colony, a 476-unit garden apartment community located in one of the strongest submarkets in Central Florida, East Altamonte/Casselberry.
The Central Florida-based sales team of Principal Kevin Judd, Patrick Dufour and Matt Wilcox, represented a real estate investment advisor in the sale. IMT Capital, LLC, a private real estate investment and management company, together with its affiliate IMT Residential, a leading nationwide apartment operator with multi-family properties that extend throughout California, Arizona, Texas, and Florida, acquired Newport Colony for an undisclosed amount.
Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.
“Newport Colony has been one of the top performing apartment communities in the East Altamonte/Casselberry submarket for years,” noted ARA’s Kevin Judd. “Further, its infill location provides a true opportunity to significantly increase rents through strategic unit upgrades.”
Newport Colony represents the first institutional multifamily sale in Seminole County in 2012. One of the strongest submarkets in the region, occupancy within the area averaged 94% at the time of sale.
Newport Colony is located close to The University of Central Florida, Full Sail University and Rollins College. Significant employers such as Siemens, Winter Park Memorial Hospital and Florida Hospital are also nearby.
“The sale proved challenging because of the road construction on Semoran Boulevard (SR 436), but will ultimately prove to be a strategic purchase for the new owners,” added Principal Richard Donnellan of ARA’s Boca Raton office.
Newport Colony offers residents convenient access to downtown Orlando, Winter Park and Altamonte Springs, allowing the Property to serve all areas of the Orlando MSA.
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.
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 average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com
About IMT Capital
IMT Capital, LLC is a private real estate investment firm based in Los Angeles, CA, with offices in San Francisco, CA and Austin, TX. The company’s principals have made investments in excess of $2 billion in value since 1992. The company is a specialized manager concentrating in multifamily opportunities in major U.S. markets. Additional information on IMT Capital can be obtained by going to www.imtcapital.com
About IMT Residential
IMT Residential is a Los Angeles based privately held full-service operator of multi-family residential communities. The company currently manages over 17,500 residential units and 85 communities in four U.S. states. Founded in 1992, IMT Residential has been recognized on the lists of Top 50 multifamily firms nationally by the National Multi-Housing Council (NMHC) and Multi-Family Executive Magazine. Additional information on IMT Residential can be obtained by going to www.imtresidential.com