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 the 190-unit Bay House in Houston, TX.
ARA Houston-based Principal, Cliff McDaniel, along with Vice President, Russell Jones and Vice President, Zach Springer represented the seller, New York-based Whitney Capital Company, L.L.C., in the transaction. Whitney Capital is a national player specializing in the development, renovation and acquisition of affordable housing.
Constructed in 1967, Bay House is in a desirable location with excellent accessibility to major employment centers, retail & entertainment venues and I-45, Houston’s largest north/south artery. The property underwent major renovations in 2002 including new roofs, light fixtures and appliances as well as crown molding in the living rooms and ceiling fans in the bedrooms; therefore, is in good condition and can offer major upside in rents.
Houston-based Midas Equity was selected as the buyer.
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, Ryan Murray, at rmurray@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