ORLANDO, FL - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Pine Harbour, a 366-unit, Class “B” garden apartment community located in one of the strongest submarkets in the Orlando region.
ARA Orlando-based principal, Kevin Judd; ARA Boca Raton-based principal, Marc deBaptiste, and ARA Tampa-based vice president, Patrick Dufour, represented the institutional seller in the $31 million transaction. The property was 95% occupied at the time of the sale.
Pine Harbour is the second of two properties recently acquired from ARA Florida by the buyer, St-Lambert, Canada-based L.S.R. Development.
“Situated along the East-West expressway (SR 408) and near major employers, such as Lockheed Martin, Central Florida Research Park businesses, Waterford Lakes Mall and UCF, this property provides an excellent long-term stability option for the buyer,” said Kevin Judd.
Pine Harbour serves its residents with an extensive amenity package including a clubhouse, fitness center with indoor air-conditioned racquetball, children’s playground, resort-style pool with expansive sundeck, gated entry, tennis and sand volleyball courts. Units average 940 square feet and are a mix of one-, two- and three-bedroom apartments with vaulted ceilings, screened patios/balconies, carpeted living areas, full appliance packages and washer/dryer connections are included. Constructed in 1991, the property’s physical attributes and location combine to rank it among the top performing apartment communities in Orlando.
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, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com, 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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com