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 Keystone, a 166-unit 1980’s vintage property located in Austin, Texas.
ARA Austin-based Principals, Pat Jones and Andrew Shih, represented the seller, Austin-based Falcon Southwest, a major apartment property owner in the Southwest, who had purchased the property in 2007 and renovated a third of the units. Price Realty out of Addison, TX was selected as the buyer and Freddie Mac, provided agency financing. Price Realty plans on spending additional rehab dollars, predominately on the property interiors, as a further value-add upgrade. According to Pat Jones, “The seller previously performed strategic interior upgrades and the new buyer plans to continue this process by further upgrading the remaining units. Price Realty already has a significant portfolio in the Dallas – Fort Worth area and has spent years actively hunting for their first deal in Austin. Keystone finally fits their investment criteria.”
Keystone is comprised of one- and two-bedroom units. The property offers a variety of amenities including a dog park, business center, barbecue grills, and a resort style swimming pool. The garden-style apartments are located in Northwest Austin just off HWY-183 near the Arboretum at 5230 Thunder Creek Drive.
Occupancy at the time of sale was 95%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA 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