ARA closes $43M institutional sale

ORLANDO - Apartment Realty Advisors closed the the sale of The Estates at Park Avenue, a 432-unit Class “AA”, ultra-luxury garden and townhome apartment community at 2801 Biltmore Park Drive in the MetroWest area of Orlando.

ARA Orlando-based Principal Kevin Judd, Tampa-based Vice President Patrick Dufour and Boca Raton-based Principal Richard Donnellan represented an institutional fund advised by Prudential Real Estate Investors in the sale of the property, which was 93% occupied.

Selling for $43,250,000, “This sale represents one of the few institutional quality, non-distressed properties to trade over the past 18 months,” noted Judd. ARA secured more than 30 written offers.