TEMPLE, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Twin Oaks Apartments in Temple, TX.
On behalf of ARA’s Texas Secondary Markets team based in Austin, Jeff Patterson and Kelly Witherspoon represented the seller, WeldenField of Birmingham, AL and its subsidiary, BREC Development, LLC specializing in the investment of value-added acquisition and redevelopment of apartment communities as well as new construction projects in the Southeast and Mid-Atlantic regions.
The buyer, a California-based private investor, has invested in multiple apartment communities in California, Texas and New Mexico. Twin Oaks marks the investor’s second asset in Temple.
“Most of the growth in Temple continues to take place on the west side of town where Twin Oaks is located,” said Patterson. “The property is located near all of the major commercial development, offers immediate access to the loop, and is within a three-mile radius of Temple’s top ten private employers, which bodes well for future stability in the immediate area.”
“The buyer is a seasoned secondary market owner in Texas and will continue to preserve the integrity of Twin Oaks as one of the nicest Class B communities in Temple,” added Patterson.
According to Kelly Witherspoon, “Temple will always benefit from being less than three hours from Texas’ four major cities including Austin, Dallas, Houston and San Antonio, which encompasses 80% of Texas’ total population. Its convenient location along I-35, low cost of doing business relative to the major markets, rail access and pro-growth mentality, shines a bright light for continued growth among many business sectors in the region.”
Twin Oaks is located at 601 North Twin Oaks Drive in Temple, TX. The 224-unit property was built in 1984, and offers one, two and three bedroom floor plans averaging 823 square feet. Community features include a swimming pool with sun deck and outdoor patio furniture, gazebo with picnic tables, clubhouse, on-site clothes care facility, on-site management with 24-hour maintenance, beautiful landscaping with matured trees and large courtyards. Unit interiors feature washer/dryer connections in each unit, private patio or balcony, large closets, fireplaces in select units, and vaulted ceilings in second floor units. The property was 92% occupied at the time of closing.
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, Patty Roberts, at roberts@ARAusa.com or 512.637.1295.
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