TAMPA, FL (Nov. 11, 2010) — The Central/North Florida offices of ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the 264-unit Reflections at Carrollwood (top left photo) apartment community in Tampa, FL.
The transaction was arranged by the ARA Central/North Florida team of Kevin Judd (middle right photo) , Patrick Dufour (middle left photo), and Dick Donnellan (lower right photo).
ARA represented the seller, Jackson Square Properties, a San Francisco, CA-based privately-held real estate operating company in the transaction.
The community was purchased by an undisclosed local investor for $12,925,000.š The property was built in 1982 and features 264 units in one of the most desirable submarkets of Tampa.š
The property features a variety of one- and two-bedroom floor plans with an average unit size of 729 square feet.š
Reflections at Carrollwood is a well-located, fully-stabilized asset with strong historical operations.š The property is located in a stable, mature submarket of Tampa and has averaged well over 90% occupancy over the past three years.š Additionally, the existing owner has upgraded several unit interiors and is achieving rent premiums for those units.
“Reflections at Carrollwood provides the buyer with excellent in-place cash flow and the ability to increase rents through overall market recovery and continuing the interior upgrade program,” noted ARA’s Orlando-based Principal, Kevin Judd. “The buyerhad to assume two loans from Fannie Mae, both with favorableinterest-only financing,”
“Reflections at Carrollwood provides the buyer with excellent in-place cash flow and the ability to increase rents through overall market recovery and continuing the interior upgrade program,” noted ARA’s Orlando-based Principal, Kevin Judd. “The buyerhad to assume two loans from Fannie Mae, both with favorableinterest-only financing,” Reflections at Carrollwood is located in the heart of the Carrollwood submarket, with the easy access to major employment centers and ample shopping and entertainment venues.š Individual units at the property feature fully-equipped kitchens, walk-in closets, screened patios or balconies and additional storage. Community features include clubhouse, pool, fitness center and business center.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson (lrobinson@ARAusa.com) or Amy Morris (amorris@ARAusa.com) at (404) 495-7300; locally, please contact
For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
Marti Zenor mzenor@ARAusa.com, Director of Marketing
ARA Florida, 777 Yamato Road, Suite 140 Boca Raton, FL 33431
561.988.8800 x112 Direct 954.205.5207 Cell 561.988.8810 Fax
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