ARA Brokers Sale of 168-Unit, Value-Add Opportunity in Winter Park, FL

WINER PARK, FL (Sept. 13, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, brokered the sale of Woodbridge Apartments (top left photo); a 168-unit multifamily community located in Winter Park, Florida, just west of Orlando.

ARA Orlando-based principal, Kevin Judd (top right photo), Tampa-based vice president, Patrick Dufour (middle left photo) and Boca Raton-based principal, Marc deBaptiste, (lower right photo)  represented an undisclosed loan servicer in the sale of the property which was 91.7% occupied at the time of the sale. The property was sold out of receivership.

Selling for $7,780,000, “This sale represents significant upside potential, from both property performance improvements and value-add physical enhancements.,” noted Judd of ARA Florida’s Central and North Florida Team.

“The location in one of Orlando’s most desirable core submarkets enabled ARA to secure nearly 30 written offers.”

The distressed, garden-style apartment community is located in the City of Winter Park, one of the most affluent areas within the Orlando MSA. Completed in 1986, Woodbridge offers an excellent opportunity for an investor to generate significant long-term returns in a core Orlando MSA location.

Woodbridge Apartments community amenities include clubhouse, fitness center, swimming pool and tennis court. Interior features include washer/dryer, ceiling fans, vaulted ceilings and garden tubs.

“Woodbridge offers an excellent site plan and unit designs,” said Judd. “This, plus its location within walking distance from Full Sail University, will ensure a strong tenant base for years to come. Expected improvements to the property will further enhance its desirability,” Judd added.

Woodbridge’s infill location in upscale Winter Park is proximate to one of the largest concentrations of employment in the Orlando region.

The property is situated five miles from the University of Central Florida, Central Florida Research Park, and Rollins College.

The property is only 15 minutes from downtown Orlando and just one mile from Full Sail University, one of the world’s educational leaders for degrees in the entertainment industry.

Local Contact: Marti Zenor, (561) 988-8800, mzenor@arausa.com

National Contacts: Amy Holland or Lisa Robinson, (404) 495-7300 aholland@ARAusa.com,   lrobinson@ARAusa.com
http://www.arausa.com/