HOUSTON, 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 portfolio sale of the 181-unit Capital Estates and 151-unit Harbortree apartment communities, both located in Houston’s southeastern submarket of Clear Lake.
ARA Houston-based Principal, David Wylie along with Houston-based Vice Presidents Russell Jones, Zach Springer and Matt Saunders represented the un-named seller, in the transaction.
The portfolio was acquired by Houston, TX-based Dakota Enterprises – a privately owned company.
The REO/distressed portfolio offered below market rents and occupancies making it an attractive investment with substantive up-side potential. Additionally, the Clear Lake submarket posted rent and occupancy growth of 5.7% and 3.8% respectively over the past twelve months.
According to ARA principal David Wylie, “Investor interest in the portfolio was strong as evidenced by the more than 20 offers we received from the investment community who recognized the value-add opportunity this portfolio offered.”
Constructed in 1968, Capital Estates was 78% occupied at the time of the sale while Harbortree, constructed in 1973, was 73% occupied at the time of the sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact Yvonne Sarmiento at sarmiento@arausa.com or 713.599.1800 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