ORLANDO—Located within the largest single-site residential development in the U.S., ARA brokered the disposition of Courtney Villages, a 356-unit multifamily complex in Lady Lake, FL for $30.25 million. Lady Lake is in the Orlando MSA.

The ARA Central and North Florida-based sales team, led by principals, Kevin Judd and Patrick Dufour, along with senior vice president Matt Wilcox, represented the seller, Orlando-based Contravest. Judd tells GlobeSt.com the sale, “underscores the increased interest in assets located in secondary markets.”

The class A resort-style garden multifamily community is located in the high barrier-to entry northwest section of the Orlando MSA. Jacksonville, FL-based GMC Property Management purchased the multifamily asset, which is 96% occupied. GMC owns and operates multifamily properties in New York, Pennsylvania, North Carolina, and Florida, with plans to add additional properties.