Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the exclusive opportunity to acquire Bel Aire Terrace, a 324-unit apartment community in Crestview, Florida. The price is open bid.
“Bel Aire Terrace is a stabilized asset with inherent upside,” says Frank Carriera, senior director. “During the past 12 months, the property has seen a more than 14 percent gain in effective gross income.”
“Strategic apartment upgrades can position this asset in line with or above its top competitor,” adds Michael Regan, senior director.
Carriera, Regan and Stephen Perlis, senior associate, are representing the seller, a South Florida-based building contractor. Ryan Nee, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office, is the firm’s broker of record in Florida.
Completed in 2010 on just less than 30 acres at 100 Bel Aire Drive in Crestview, Bel Aire Terrace consists of 16 three-story residential buildings and a clubhouse. The property is easily accessible from Interstate 10. Eglin Air Force Base is five miles from the community and the North Okaloosa Medical Center is approximately 10 minutes away. The complex featuresconcrete frame construction and a diverse mix of one-, two- and three-bedroom apartments.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.