DALLAS, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing on the multihousing industry, is pleased to announce the sale of Alexan Southwestern Apartments, a 396-unit multi-family asset that enjoys a prime urban infill location within the Medical District of Dallas, TX. ARA Principal Brian O’Boyle led the exclusive listing marketing effort on this assignment. The transaction traded at an undisclosed price.
Developed and built in 2009, Alexan Southwestern is a Class ‘A’ community with an impressive average unit size of 954 SF. At time of sale, the property was 96.5% leased. Its location is surrounded by the economic engine that is the largest assemblage of medical facilities in North Texas, including Parkland Memorial Hospital, Children’s Medical Center, the University of Texas Southwestern Medical Center, the Laser Center for Vision Care, and more. Within a two mile radius of the property, approximately 100,000 people are employed by roughly 6,800 businesses.
“Because of its prime location, there was a tremendous amount of interest in the property,” said O’Boyle. “The opening of the new Parkland Hospital, which will positively impact the dynamics of the future employment base within this immediate submarket, created a lot of excitement. As a result, hungry buyers generated extremely competitive offers during the marketing period.”
According to Sue Vickery of Trammell Crow Residential, the seller of Alexan Southwestern, “This property represented the best that TCR has to offer – quality construction, loads of amenities, and an up-and-coming urban location. Riverstone Residential did an outstanding job of growing the rents over the last twelve months, making the deal an excellent opportunity for a new owner’s future returns. The ARA team did a great job generating a strong pool of interested investors as well as facilitating a smooth transaction.”
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, Brian O’Boyle at oboyle@ARAusa.com or Robyn Randall at rrandall@arausa.com, 972.934.3400.
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