Lauderhill, FL (January 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.
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, 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.
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.
About Apartment Realty Advisors (ARA)
Atlanta-headquartered Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage of multihousing properties including conventional, affordable, seniors, student 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. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com