CHANDLER, AZ - 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 Lakeside Village, a 207-unit multifamily residential community located in Chandler, AZ.
ARA principal, Brad Goff and senior vice president David Lord, represented the seller, an affiliate of The Rose Corporation, an asset management and private equity investment firm based in Toronto, Ontario in the off-market transaction.
Lakeside Village was acquired by Seattle, WA-based Security Properties, Inc., a multifamily real estate investor, developer, and operator for $16.4 million ($79,227 per unit) or $16.8 million ($81,067 per unit) including the cash purchase of the HOA reserve account. This latest acquisition by Security Properties brings their total owned holdings in the metro Phoenix market to over 1,000 units.
Located in the 400-acre master-planned community of Andersen Springs and constructed in 1987 as apartments, Lakeside Village was converted to a condominium community in 2006, but soon after was reverted back to for-rent apartments.
"Lakeside Village is an excellent opportunity for Security Properties" said Goff. "It is one of the very few apartment properties in the state that is in a master plan, located on a lake and in an excellent location like Chandler. Lakeside Village will continue to enjoy excellent rental demographics due to the strong employment base in the area."
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, Brad Goff, at goff@ARAusa.com or 602.852.3781.
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