DALLAS, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry announced the sale of the multi-state, 1,397-unit Flournoy multi-housing portfolio.
The seller, 45 year-old Columbus, GA-based Flournoy Development Company, was exclusively represented by a team of ARA specialists that was led by ARA’s Dallas, TX-based principal Brian O’Boyle, along with Nashville, TN-based Scott Tyrone, Houston, TX-based David Oelfke and Kansas City, KS-based Mac Crowther.
The portfolio was acquired by Kansas City, MO based JTL Real Estate Partners, a real estate development and management company, for an undisclosed price.
This Class ‘A’ portfolio was offered for sale on a ‘cash-to-notes’ basis and was comprised of four well-located properties within their respective markets. Built in the early 2000s, the portfolio offered the potential for a new buyer to assume in-place debt. All four properties were in excellent condition with no deferred maintenance.
The portfolio is comprised of:
Sandstone Creek – Overland Park, KS - 364 units
Stoneridge Farms – Nashville, TN - 364units
The Vineyards – Katy, TX - 369units
Estancia at Vista Ridge – Lake Lewisville, TX – 300 units
“Sandstone Creek is located in one of Kansas City’s historically stable submarkets. Rents were running below their direct competitors, so a true ‘value-add’ opportunity existed with minimal physical improvements and a more aggressive marketing program” said Mac Crowther.
According to Scott Tyrone who heads up the Nashville ARA office and who worked closely with John Weber on this sale, the Stoneridge Farms community enjoys a great location on the northeastern edge of the Nashville MSA. “The property is located in Nashville’s path of growth, approximately 20 miles northeast in the City of Gallatin,” he said, “and Nashville’s employment demand produces a strong multi-family market that will continue to boost property performance in the outlying areas.”
“The Vineyards also enjoys a great location in one of the nation’s hottest markets” said David Oelfke. “Katy, Texas ranked second in the nation in 2009 as one of America’s ‘boomtowns’ and offers great schools, clean neighborhoods, and a thriving business climate due to its proximity to Houston.”
“Estancia at Vista Ridge was a solid component of the portfolio,” said Brian O’Boyle, “as it is located in the back yard of one of the largest and most popular lakes in North Texas – Lake Lewisville. The city itself is conveniently located about 10 minutes from DFW International Airport and is part of one of the fastest growing regions in the U.S.”
“Further,” O’Boyle added, “the sale of the portfolio was a win-win for the buyer and seller. The seller is an award-winning developer and manager of multi-family and commercial properties throughout the United States and the buyer is an established owner/operator who recognized the outstanding locations and their significant upside potential.”
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 Murphy at Brian.Murphy@ARAusa.com or Linda Dugo at Linda.Dugo@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 $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com