PEMBROKE PINES, FL - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the 296-unit Lakes at Pembroke, located in Pembroke Pines, FL for $42,000,000.
ARA South Florida-based Principals Marc deBaptiste and Avery Klann, along with Senior Vice President, Hampton Beebe represented LaSalle Investment Management in the sale to Atlanta, GA-based Stockbridge Capital.
Lakes at Pembroke is located in a prime infill location, set among some of the best schools in the area. Both Pasadena Lakes Elementary and Pines Middle School were ‘A’ rated for the 2010-2011 school year.
“The owners of Lakes at Pembroke have superbly maintained the property while demonstrating tremendous value-add potential,” noted Avery Klann, lead broker on the transaction. “Since 2001, nearly $3.2 million was invested in interior upgrades, $5.5 million was invested in exterior capital improvements such as resurfaced pools, monument signs, parking lot enhancements, landscaping improvements, and upgrades to amenity areas.”
Lakes of Pembroke is four miles north of the Miramar Park of Commerce, a five million square foot office park with 10,000 employees. The Miramar Park of Commerce is the largest corporate Park in Broward County, with space devoted to office, laboratory, pharmacy, light manufacturing and distribution companies. Miramar Park of Commerce is home to more than 160 national and international companies including American Express, FedEx, Nissan, Toyota, Siemens, Pepperidge Farm, Starwood Suites, Spirit Airlines and MAK (a division of Caterpillar). The vacancy rate in the Miramar Park of Commerce at year-end 2011 was 5%, suggesting strong employment growth in the area.
The asset was 96% occupied at the time of sale.
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 $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com