Boca Raton, FL (August 16, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of the 272 remaining units at Olivine at the Township Condominiums in Coconut Creek, FL. The transaction was arranged by ARA Florida's Boca Raton-based team of Hampton Beebe and Avery Klann.
Private investors closed on the purchase July 30, 2010, and paid $22,500,000. The purchase reflected a per unit price of $82,720. The property previously closed 100 units with an average sales price of $227,415.
The units, 95 percent of which are rented out, were sold in a short sale-style workout deal with lenders, according to broker Hampton Beebe, senior VP of Boca Raton-based ARA Florida, which represented Prestige Builders Group in the sale.
"Pulling all the pieces together was complex," Beebe said.
"The transaction was challenging because there were so many parties involved: seller, buyer, a lead lender and two participating lenders," he said. "Ultimately, the property sold because it's a high-quality asset in a great location. It terms of rental income, expenses and condition of the property, it is one of the healthiest fractured condo properties in South Florida."
"Olivine is adjacent to the Tradewinds Park Forest Preserve. The 'for sale' quality units, extraordinary amenity package within The Township development and the proximity to major employment centers and entertainment venues in Broward County position Olivine as an ideal multifamily investment opportunity."
Marc deBaptiste, one of ARA Florida's founding partners said, "This exclusive offering received offers from 38 bidders. The ultimate buyer was new to purchasing in South Florida and was sourced through ARA's National Buyers list."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor at mzenor@ARAusa.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 has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.