MIAMI, (Press Release) — ARC | TREO, LLC (the “Company”), a privately held real estate investment firm headquartered in Miami, Florida announced today the sale of Villa Cortez apartments, a 138-unit / 252-bed student housing community located near the campus of Florida State University in Tallahassee, Florida. In addition to its outstanding location, the property offers residents one, two, and four bedroom units with traditional student-oriented amenities, including two swimming pools. The buyer was a Tallahassee-based real estate investment company focused on owning and managing student housing communities.
According to Mr. Otto Boudet-Murias, co-founder and managing member of ARC|TREO, “Villa Cortez is a prime example of our opportunistic investment strategy at work. We acquired the property’s underlying debt at a substantial discount to unpaid principal balance in June of 2010. Immediately thereafter, we began the systematic implementation of a value enhancement strategy that quickly enabled us to achieve increases in both occupancy and net operating income that far exceeded our expectations.” Mr. Carlos A. Ortega, co-founder and managing member added, “this transaction is indicative of our primary business objective which seeks to capture long-term value for our capital partners through the strategic disposition of assets at the appropriate time.”
This is the Company’s second recent disposition in Tallahassee. In October, the Company sold its Chartre Ridge community comprised of 20-units / 40-beds for $1,450,000 to a local real estate investment firm. The Company currently owns four other student housing communities in Tallahassee for a combined 659-units / 1,116-beds.
About ARC | TREO, LLC
ARC | Treo, LLC is a privately held real estate investment firm focused on creating diversified investment opportunities for its capital partners by combining opportunistic acquisition strategies with proven value enhancement platforms. To learn more about ARC | Treo or for loan sale and property disposition opportunities, please contact us at firstname.lastname@example.org or visit our website at www.arctreo.com.