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 Bella Vita Place, a 192-unit multihousing community located in the northwestern submarket of Orlando, FL, less than six miles from Downtown Orlando and three miles from MetroWest, a 1,805-acre mixed-use community located southwest of downtown Orlando.
The Central Florida-based sales team of Principals Kevin Judd, Patrick Dufour and Senior Vice President Matt Wilcox, along with Principal Richard Donnellan, represented Orlando, FL-based Eenhorn Development in the sale. Miami, FL-based Rivergate Partners purchased the property for $11,600,000 or $60,417 per unit.
“Bella Vita Place was a former tax credit property, having recently reverted to market rate rental structure. Although a majority of units have now been leased at close to market, additional upside exists in continuing to move rents,” noted Kevin Judd, lead advisor on the transaction. Rivergate Partners will perform a number of value add upgrades to enhance the community. Principals of Rivergate Partners are Jay Massirman & Oscar Vila.
Constructed in 1996, the property was 96% occupied at the time of sale. Bella Vita Place features a mix of two- and three-bedroom floor plans with a large average unit size of 1,102 square feet.
Bella Vita Place is less than a 10-mile drive from downtown Orlando’s Central Business District (CBD). The CBD accounts for more than 13 million square feet of office space, 1,100 businesses and over 65,000 employees. It also boasts over 1.75 million square feet of retail and entertainment including venues such as the Amway Center, Florida Citrus Bowl and the soon to be completed Creative Village and Dr. Phillips Center for the Performing Arts.
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 Rivergate Partners
Rivergate Partners is a Miami based investor focused on acquiring multifamily communities in the Southeast and Southwest US where they specialize in enhancing asset value by utilizing their intrinsic management and repositioning strengths. www.rivergatere.com
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 resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.