NORTH LAUDERDALE, 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 Lakeview Cove, a 224-unit garden style apartment community located in the desirable Cypress Creek submarket in Broward County, FL.
The South Florida ARA sales team, led by Senior Vice President Hampton Beebe and Principal Avery Klann, represented New York City-based Lexin Capital in the sale of the $26.4 million, 224-unit community.
“Lakeview Cove is an institutional-quality asset in close proximity to the Cypress Creek Office District, which is one of the largest in South Florida,” said ARA’s Hampton Beebe. “The buyer was successful in acquiring a quality product in an excellent location below replacement cost.”
The property was acquired by Chicago, IL-based Waterton Associates, LLC for $26.4 million or $117,857 a unit. Waterton financed the acquisition with Fannie Mae debt through ARA’s debt platform, ARA Finance.
Constructed in 1997 and 92% occupied at the time of the sale, the community is located on the north side of Cypress Creek Road, only one mile east of the thriving Cypress Creek office market, containing approximately 4.8 million square feet of office space and over 15,000 employees. This market is home to large corporate headquarters and major employers such as Citrix Systems (1,428 employees), BankAtlantic (2,569 employees), Kaplan Higher Education (2,800 employees), Humana, Brown & Brown Insurance, CBS Interactive, Liberty Power Corporation, DataCore Software Corporation and numerous other well-known national companies.
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.
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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com