ARA Executes Sale of Luxury Multifamily Property in Palm Harbor, FL

TAMPA, FL— The Central and North Florida offices of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Sabal Palms at Boot Ranch (top left photo), a 432-unit community located in Palm Harbor, an infill affluent submarket within the Tampa Bay MSA.

 The North Florida Team of ARA Tampa-based vice president, Patrick Dufour (middle right photo), ARA Orlando-based principal, Kevin Judd (middle left photo), and ARA Boca Raton-based principal, Dick Donnellan (lower right photo)  represented a public REIT in the sale of the Class A investment property.

“Sabal Palm at Boot Ranch represents a ‘best in class’ property with significant potential going forward,” said ARA Orlando Principal Kevin Judd.š “The property exhibits an excellent opportunity to lead the submarket in rent growth while generating significant long-term returns through property performance.”

 AREA Property Partners acquired the property for $44,200,000 or $100.25 per square foot.

The multi-national investment group closed the all-cash transaction with in-place private equity funds.

“This buyer, like many other investment groups, is allocating more of their portfolio to multifamily properties due to the strong underlying fundamentals today and anticipated performance increases in the near-term,” noted ARA Tampa Vice President Patrick Dufour.šš

 The community was built in 1996 and features one-, two-, three and four-bedroom floor plans with a large average unit size of 1,021 square feet.

Unit amenities include vaulted ceilings, walk-in closets, washer/dryer hookups and several units feature water or pool views. Garages and covered parking are available as well. Community amenities include two swimming pools, tennis court, basketball court, fitness center, business center and clubhouse.

The property was 94% occupied at the time of the sale.

 “Sabal Palm at Boot Ranch is located in an affluent residential area with good schools, several golf communities and strong household demographics," noted Dufour.

“The property also features a strong local employment base with a large concentration of medical employment and an average household income approximately 20% above the MSA average ”

 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.