HOUSTON, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, an Alliance Residential project located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston, Texas.
ARA Houston, TX-based Vice President, Adam Allen and Principal, Matt Rotan, represented Phoenix, AZ-based Alliance Residential in the transaction. A large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance.
Plans call for the development of a four story wrap development with luxurious interior finishes and resort-style community amenities. The project’s outstanding location adjacent to over 77,000 jobs made the project an attractive investment opportunity for the institutional investor in the project.
“This project is truly located at a Main and Main location in the heart of the Energy Corridor, adjacent to major employers such as BP, Mustang Engineering, Shell, Dow Chemical and Gulf States Toyota. For renters, it offers direct access to both Memorial Drive and Eldridge Parkway and additionally is in close proximity to Interstate 10. Alliance builds a market-leading product in terms of quality and innovation and should do very well with this investment” noted Adam Allen, lead broker on the deal.
In addition to the plethora of major employers nearby, the location is zoned for Spring Branch ISD, an excellent school district. The Texas Medical Center’s West Campus is just a few miles west of the property, and multiple retail centers such as CityCentre and Memorial City Mall are also within close proximity.
Construction is slated to commence in the next 30 days and will be completed in early 2014.
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