AUSTIN, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Summer Wind, a 156-unit property located in Austin, Texas.
ARA Austin-based Principal, Andrew Shih, represented the undisclosed seller, who had foreclosed on the property.
The property was acquired by Kansas City, MO-based Spectrum Business Ventures (SBV) who plans on investing heavily in a rehab program to address deferred maintenance issues at the property.
According to Shih, “The community was foreclosed on by our client who then stabilized the occupancy. This was a value-add purchase for the buyer to spend major capital improvement dollars to upgrade the property.”
Shih added, “The buyer completed the purchase at the terms they originally offered within a rather short timeframe. They closed all cash and did not require financing.”
Constructed in the ‘80s, Summer Wind was 93% occupied at the time of the sale.
The community is comprised of two bedroom, one bathroom units and offers a variety of amenities including a swimming pool, wood-burning fire places, and bay garden windows overlooking private patio decks. The garden-style apartments are located at 883 Fairfield Drive in north Austin near Highways 183 and 290 and IH-35.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA and the ARA Private Client Services Group, locally, please contact Rachel Jonkers at rjonkers@arausa.com or 512.637.1229, or nationally, Amy Morris at amorris@arausa.com or 678.553.9366.
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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com