Land O Lakes Real Estate News - JLS Investment Realty

Palm Harbor apartments fetch $44.2M
February 2nd, 2011 1:11 PM

Sabal Palms at Boot Ranch has sold.

ARA Property Partners acquired the property for $100.25 a square foot, or $44.2 million. The multi-national investment group closed the all-cash transaction with in-place private equity funds, a company release said.

The 432-unit community is located in Palm Harbor.

Atlanta-based ARA, a large privately held, full-service investment advisory brokerage firm focusing exclusively on the multihousing assets, announced the deal.

ARA Tampa-based Vice President Patrick Dufour, ARA Orlando-based principal Kevin Judd and ARA Boca Raton-based principal Dick Donnellan represented a public REIT in the sale of the Class A investment property, the company said.

The community was built in 1996. Its average unit size is 1,021 square feet. The property was 94 percent occupied at the time of the sale.

“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,” Dufour said in a prepared statement.

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Posted by Jennifer Stepanek on February 2nd, 2011 1:11 PMPost a Comment

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