TEMPLE, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Bridge View Apartments in Temple, TX.
On behalf of ARA’s Texas Secondary Markets team based in Austin, Jeff Patterson and Kelly Witherspoon represented the seller, a Texas-based regional investment firm, which has developed, owned and managed over 27,000 apartment units over three decades.
The buyer, also Texas-based, is a national investment group, which has acquired over 14,000 apartment units in twelve states since 2000. Bridge View marks the investor’s third asset in Temple, with two additional properties in Killeen and several throughout Central Texas.
“Bridge View is a prime reposition candidate due to its excellent location in Temple,” said Patterson. “You’re in the heart of the medical and education district with large employers all around you including Scott & White, the VA, Temple College, Temple Mall, as well as visibility and access off of Dodgen Loop. The entire area will benefit from this rehab.”
“This is an experienced secondary market owner who has done many successful renovations to older communities in the Temple-Killeen MSA, and throughout the country,” added Patterson. “They understand Temple and its market fundamentals well.”
According to Kelly Witherspoon, “Temple has historically been a very stable, consistent multifamily market. We are definitely believers in the long-term vitality of Temple, and the Central Texas region.”
Temple’s location, less than 180 miles from 80% of Texas’ total population, including Austin, Dallas, Houston and San Antonio, is ideal for many large distribution and manufacturing companies to access major cities while enjoying the lower costs of doing business in Temple. The medical sector, notably Scott & White, continues to experience significant growth as a large portion of the population nears retirement age.
Bridge View is located at 400 Fryers Creek in Temple, TX. The 129-unit property was built in 1976, and offers efficiency, one, two and three bedroom floor plans averaging 649 square feet. Community features include a swimming pool with sun decks, clubhouse with outdoor furniture and grilling area, two central laundry facilities with attached postal centers, large tree shaded picnic area with BBQ grills, and on-site management and maintenance. Unit interior features include neutral color schemes and large closets.
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, 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 $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com