LAKE WORTH, FL - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Esperanza apartments, a 218-unit garden style apartment community located in the desirable Lake Worth market in Palm Beach County, FL.
The South Florida ARA sales team, led by Principal Avery Klann and Senior Vice President Hampton Beebe, represented Chicago, IL-based Waterton Associates, LLC in the sale of the $9.3 million, 218-unit community.
“As value-add investment, Experanza offers the buyer significant upside potential,” said ARA Boca Raton Principal Avery Klann. “With the implementation of a comprehensive interior and exterior upgrade program, the buyer should achieve substantive NOI growth and the property will be well positioned to compete with newer Class B properties in the Palm Beach County market.”
Avery added that the Palm Beach County rental market experienced a positive shift in occupancy in 2010, after trending downward in the previous years. MPF Research is predicting rent growth of at least 4% annually from 2011-2013 in all of Palm Beach County.
The property was acquired by Newton, MA-based Robbins Property Associates for $9.3 million or $42,660 a unit.
Constructed in 1972 and 93% occupied at the time of the sale, the community is located minutes from the major employment centers in the suburban areas of West Palm Beach and only 10 minutes from the downtown West Palm Beach CBD.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor of ARA Florida 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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com