Boynton Beach, FL (September 27, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced that ARA's Florida Division facilitated the sale of the substantially-completed Peninsula on the Intracoastal multifamily community located in Boynton Beach, Florida. The non-fractured, direct Intracoastal Waterway community is comprised of 50 residential units and 20 townhome sites.
The transaction was arranged by ARA Florida's Boca Raton-based team of Hampton Beebe, Avery Klann and Marc deBaptiste.
The asset was purchased by Boca Raton-based Altman Development for $8,300,000.
Peninsula on the Intracoastal, located at 2649 North Federal Highway in Boynton Beach, features a luxury, five-story mid-rise residential building containing 40 spacious units with a spectacular water view on three sides. The property also includes 10 nearly complete two-story coach homes, all with three bedrooms and two-car direct-access garages. The large space between the mid-rise building and the coach homes have infrastructure in place, substantial portions of which have been completed, to build 20 additional townhomes.
"The unique waterfront location was a draw for investors," said Senior Vice President Hampton Beebe, of ARA's Boca Raton office, who brokered the deal. "ARA completed an unprecedented 85 property tours during the marketing process."
Units in the mid-rise building feature floor-to-ceiling tinted hurricane-impact glass sliding doors in living rooms, oversized sunset terraces with aluminum railings, double-door entries leading to spacious entry foyers, 8'8" textured ceilings in living areas, European kitchen/bathroom cabinets, granite kitchen/bathroom countertops and whirlpool tubs. The building also features a pool and spa overlooking the Intracoastal and covered parking on the first floor, as well as a potential clubroom that can be finished with fitness equipment, multimedia amenities and lounge area.
"Peninsula on the Intracoastal offers an irreplaceable site and unsurpassed Intracoastal Waterway views," noted Beebe. "The purchaser was able to acquire this non-fractured, waterfront multifamily community for substantially less than replacement cost."
"Altman Development's vertically-integrated platform and experience in the Boynton Beach market made them an ideal candidate for Peninsula on the Intracoastal," added Boca Raton-based principal Avery Klann.
The ARA South Florida team of Klann and Beebe brokered a bulk sale of units at Olivine at the Township in Coconut Creek in August where Forest Properties Management purchased 272 units out of a total 372 units for $22,500,000. Additionally, Atriums of Plantation was sold in May to Covenant Capital for $16,810,000 and Eden Condominiums in Boca Raton to Priderock Capital for $28,000,000 in March of 2010.
"This exclusive listing assignment was an ideal fit for our team," said Marc deBaptiste, one of ARA's founding partners. "Our experience encompasses multifamily development, capital and financial structuring, and distressed asset solutions. This combination of talents paved the way for the successful marketing of this unique investment sales assignment."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson, at lrobinson@ARAusa.com or 678.553.9360.
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.