Beaumont, TX (December 20, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of two multifamily communities in Beaumont, TX - West End Lodge Apartments with 360 units and The Harbour Apartments with 232 units.
On behalf of ARA's Secondary Markets team based in Austin, Texas, Jeff Patterson and Jon Boone represented the sellers of both assets.
West End Lodge is a class "A", luxury, garden-style apartment community built in 2007 and is located in the highly desirable northwest submarket of Beaumont. The seller was a Houston, Texas-based national investment group. Also based in Houston, a private multifamily investment firm, which owns a number of assets throughout Texas and the southeastern US, purchased the property for an undisclosed price.
"The most competitive bidders for several assets that we have marketed recently in Beaumont have been existing owners, demonstrating their optimism in the continued performance of the markets in which they already own," said Jeff Patterson.
"The Beaumont-Port Arthur MSA has maintained high rental rates for more than five years while absorbing over 2,000 units. There continues to be significant demand for luxury rental housing in the area, which I believe will continue to increase as petrochemical jobs are added in Port Arthur."
The Harbour, a 232-unit apartment community built in 1981, was one of ten assets in a portfolio marketed while in receivership. While technically a distressed asset, the property was actually well occupied and attracted significant attention from value-add investors. The purchaser, a Houston, Texas-based private investor, assumed the existing loan with very attractive terms.
"The Harbour used to have a great reputation in Beaumont," stated Patterson. "After years of neglect and mismanagement, the new owners are investing significant capital into the physical property which is just what it needs. I think the buyers are going to get the results they are looking for after the capital improvements are complete."
"The Harbour's location was very attractive to the buyer," said ARA's Jon Boone. Situated on Crow Road and just blocks west of U.S. Highway 69/287, the property offers convenient access to Parkdale Mall, as well as other retail and employment centers in the area. "The property's proximity to such a large concentration of retailers is not only appealing to current and potential residents, but also provides a solid employment base that will continue to push demand for multifamily housing in the area," added Boone.
West End Lodge is located at 4215 North Major Drive in Beaumont, TX, and offers one- and two- bedroom units averaging 805 square feet. The property has private, gated access with the finest in community amenities and unit floor plans featuring incredible attention to detail. Occupancy was approximately 92% at the time of sale.
The Harbour is located at 4040 Crow Road in Beaumont, TX and offers a variety of one and two bedroom floor plans averaging 797 square feet. The property was approximately 85% leased at the time of sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Amy Morris at amorris@ARAusa.com or (404) 495-7300; locally, Patty Roberts at roberts@ARAusa.com or (512) 637-1295.
About ARA
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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.ARAusa.com.