Florida Apartments Sell for $33.5M

By Dees Stribling, Contributing Editor Palm Harbor, Fla.—Lakes of Palm Harbor, a 292-unit garden-style apartment property in Palm Harbor, Fla., has traded hands for $33.5 million. ARA, A Newmark Company, facilitated the disposition of the property, which was 96 percent occupied at the time of the sale. RADCO, which focuses on opportunistic

Palm Harbor PoolPalm Harbor, Fla.—Lakes of Palm Harbor, a 292-unit garden-style apartment property in Palm Harbor, Fla., has traded hands for $33.5 million. ARA, A Newmark Company, facilitated the disposition of the property, which was 96 percent occupied at the time of the sale.

RADCO, which focuses on opportunistic real estate, was the buyer. The Atlanta-based firm, founded in 1994, has a portfolio of nearly 50 multifamily assets. Lakes of Palm Harbor is the third multi-housing asset in the Tampa MSA that the investor has purchased in the past 10 months.

ARA Newmark Executive Managing Director Patrick Dufour, along with Associate Scott Ramey, Executive Managing Director Kevin Judd and Vice Chairmen Richard Donnellan and Marc deBaptiste,  represented the seller, Robbins Property Associates, in the deal. Tampa-based Robbins is a multi-housing specialist that has acquired and sold over 10,000 units since its inception in 2009.

Originally developed in 1984, Lakes of Palm Harbor is in the Tampa MSA. “Palm Harbor is one of the most sought-after submarkets of Tampa Bay,” said Dufour. “The high barriers to entry, combined with the affluent demographics of Palm Harbor, contributed to the strong buyer interest in the property.”

The property features one-, two-bedroom units, along with three-bedroom units with solariums off the living room. Common amenities include views of Lake St. George with a boat ramp to the 60-acre lake, a recently renovated clubhouse, a fitness center, a pool, lighted tennis courts, a picnic area with a gas grill, a volleyball court, a dog park, a putting green and a playground.

In a separate transaction, ARA Newmark oversaw the sale of The Timbers Apartments, a 208-unit apartment property in the North County San Diego submarket of Oceanside, Calif. A private equity real estate firm purchased the property from Timbers Strata L.P. for an unspecified price. ARA Newmark’s LA-based Directors Tyler Martin and Bryan Schellinger served as advisers to both the buyer and the seller in the off-market transaction.

Built in 1975, Timbers is located at 550 Los Arbolitos Blvd., within five miles of the Pacific Ocean. It consists of 18 two-story buildings with 64 one-bedroom, one-bathroom units; 108 two-bedroom, two-bathroom units; and 36 three-bedroom, two-bathroom units. Common amenities include two swimming pools, a hot tub, a playground, on-site laundry facilities, a fitness center and covered parking.