PALM BAY, 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 The Pines Apartments, a 216-unit garden style apartment community located in the coastal town of Palm Bay, Florida. Palm Bay is next to Melbourne and due east of Orlando.
The Orlando, FL-based sales team, led by Principal, Kevin Judd and Vice Presidents Patrick Dufour and Matt Wilcox, represented the seller in the sale of the $3.175 million community. Cincinatti, OH-based Green Realty Corporation purchased the property with all cash.
“The Pines offered the buyer an excellent opportunity to acquire a well located garden apartment community with significant upside potential,” noted Judd. “And this sale is a testament to ARA’s shared buyer platform and broker cooperation across the system because Green Realty had also purchased properties through ARA Chicago-based Principal, Debbie Corson.”
Constructed in 1986, The Pines Apartments are located at 3016 Pinewood Drive NE in Palm Bay, FL and include a unit mix of one and two-bedroom units. The property was 92% occupied at the time of the sale.
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 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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com