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 Camden South Congress, a 253-unit, community located in Austin, Texas.
ARA Austin-based Principal, Patton Jones represented the seller, a joint venture involving Houston-TX based Camden Property Trust, one of the largest publicly traded multifamily REITs in the United States.
The community was acquired by The Connor Group a Centerville, Ohio based company that owns and operates 16,000 luxury apartment units in multiple central and southeastern states. Camden South Congress represents the first apartment purchase for the buyer in the Austin area. “Camden South Congress was popular with institutional and private investors due to its irreplaceable location in the SoCo district,” said Jones. “The buyer is taking advantage of the rapid growth in rental rates that urban infill properties are experiencing in and around Austin’s CBD.”
Constructed in 1998, Camden South Congress is comprised of one, two, and three bedroom units. The property offers a variety of amenities including resort-style pool, cabana area with gas barbecue grill, clubroom with fireplace and billiards table, 24 hour state-of-the-art fitness center, and café-style coffee bar. The mid-rise apartment community is located in south Austin close to Zilker Park, Town Lake, CBD, and downtown retail/entertainment districts with convenient access to IH-35 at 1007 South Congress Avenue, Austin, Texas 78704. 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