Virginia Beach, VA — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Pembroke Lakes, a 300-unit, garden style community located in Virginia Beach, Virginia.
ARA Mid-Atlantic-based Principals Drew White and Mike Marshall and Richmond/Norfolk-based Broker, Wink Ewing represented the seller, Norfolk, VA-based Harbor Group International, LLC, a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $3.8 billion, in this transaction. Theproperty was acquired by Virginia Beach, VA-based Breeden Realty, LLC. Since 1961, The Breeden Company has developed, built and operated in excess of 6,000 apartments, two million square feet of commercial shopping center and office space, 1,700 residential homes and three timeshare resort hotels.
Constructed in 1974, Pembroke Lake is a class “B” value-add investment opportunity located in a consistently strong apartment market surrounded by many large employers. The property is situated off of Pembroke Boulevard, less than two miles from Interstate 264, offering residents outstanding proximity to the major east-west thoroughfare that connects all of Hampton Roads and provides access to all of the area’s retail, entertainment and attractions.
According to Wink Ewing, “Similar to Chase Arbor which we sold earlier this year, Pembroke Lake Apartments offer an extremely compelling unit-upgrade potential with its proximity to Town Center at Virginia Beach—one of the fastest growing areas in Hampton Roads. With strong fundamentals and a wide spread between Class A and B rents, Breeden will do very well with their planned capital improvements.”
Occupancy at the time of the sale was 97%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Drew White at white@ARAusa.com or 703.575.2151, Mike Marshall at mmarshall@ARAusa.com or 703.575.2152, or Wink Ewing at ewing@ARAusa.com or 703.575.2157.
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 resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visitwww.arausa.com.