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 Briar Meadows Apartments, a 256-unit, value-add community located in the rapidly growing Energy Corridor of the West Memorial/Briar Forest Houston submarket.
ARA Houston-based Principal, David Mitchell, represented Austin, TX-based Falcon Southwest, a real estate investment firm focused on value-added acquisition and repositioning opportunities, in the sale.
Situated along Houston’s most rapidly growing corridor both in terms of population and employment, Briar Meadows offered potential investors excellent visibility, accessibility and strong demographics. The combination of various business parks, prominent international corporations, healthcare facilities and high end retail boast almost 85,000 employees located less than a mile and a half from the property. According to David Mitchell, “Briar Meadows generated over 20 tours and offers due to its all brick architecture, Energy Corridor location and value-add opportunity. Stockbridge, a private equity fund based in San Francisco, California, was ultimately chosen as the buyer and performed extremely well closing all-cash in 45 days.” Constructed in 1992, the buyer’s plans for the property include a clubhouse renovation and significant upgrades to the interiors.
Briar Meadows is located at 1414 S. Dairy Ashford in Houston and was 94% occupied at the time of the sale. Garden tubs and wood-burning fireplaces are among the many interior amenities the property has to offer while a pool, heated outdoor spa, indoor dry sauna, tennis courts and business center are among the amenities offered throughout the community.
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, Yvonne Sarmiento, at sarmiento@ARAusa.com or 713.599.1800.
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