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 South Congress Commons, a 68-unit multifamily community constructed in 1979-1981 and located on 1.98 acres in Austin, Texas.
Matt Pohl and Andrew Shih, both of ARA Austin, represented the seller, Seamless Capital LP, a privately-held investment firm located in Austin, TX. The community was the first acquisition in Austin by DeLavaco Properties, a privately-held investment firm located in Fort Lauderdale, FL.
“South Congress Commons drew attention from investors across the country due to its considerable upside in rental rates and its infill, South Austin location”, said Pohl. “DeLavaco made it very clear to us that Austin was a target market of theirs for future acquisitions and performed tremendously throughout the process. We were very pleased to welcome them to town and assist in the close of their first Texas deal.”
“The ARA Florida office referred the DeLavaco Group to our office after recently closing a deal with them as well,” said Shih. “This shows the power of the ARA platform.”
Occupancy at the time of sale was 96%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact Patty Roberts at roberts@arausa.com or 512.637.1295, 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