HOUSTON, TX - 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 a 3.17 acre site in the desirable Galleria submarket of Houston, TX.
ARA Houston’s land brokerage specialists, David Marshall and Tim Dosch, represented the Hunnicut Family, a private, local area developer, in the sale.
Located at on S. Post Oak Lane, the 3.17 acre site is one of the few remaining in-fill development sites in the much sought-after, affluent Galleria submarket. The site currently houses a circa 1960’s 78-unit multifamily development, which was originally developed by the Hunnicut Family, and will be demolished to make way for a new 270-unit multihousing community.
The site was acquired by Newport Beach, CA-based The Greystone Group for an un-disclosed price.
Investor interest in the site was heightened largely due to both timing of the sale and the site’s location. “The marketing effort for the site was initiated in June when the sales cycle was really hitting full-speed and a number of developers and equity and debt sources were competing for deals in the Houston market” said ARA’ David Marshall. ARA’s Tim Dosch added, “We received 20 offers on the site in just a 30-day period.”
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, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, David Marshall, firstname.lastname@example.org or Tim Dosch, email@example.com both at 713.599.1800.
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 has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com