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ARA Tapped to Market 160 Multifamily Units

ORLANDO-The firm's distressed assets group will attempt to sell the suburban condos.

By Carl Cronan | Updated on May 18, 2009

(Carl Cronan is editor of Real Estate Florida.)

ORLANDO-The local office of Apartment Realty Advisors has been hired to market 160 multifamily units at the Milan Condominiums in suburban Apopka. ARA Florida’s Distressed Assets Solutions Group as the exclusive agent for the bank-owned units, which make up two-thirds of the upscale complex.

“The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium well below replacement cost,” says Kevin Judd, vice president at ARA’s Orlando office. The units’ replacement cost may range anywhere from $125,000 to $150,000 each, he says.

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