KINGWOOD, 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 250-unit Harbor View Class A multihousing community located in the northeastern Houston, TX suburb of Kingwood.
ARA Houston-based Principals Matthew Rotan, David Oelfke, David Wylie and David Mitchell represented the seller, New York City-based JP Morgan in the transaction.
Harbor View was acquired by Atlanta, GA -based Cortland Partners, a privately-held, multi-disciplined real estate investment management firm focused on investments of urban and suburban multifamily properties located throughout the southern region of the United States.
Constructed in 2010, Harbor View is located within the 14,000-acre master-planned King’s Harbor mixed-use development adjacent to the popular 12,000 acre Lake Houston. The Lake Houston/Kingwood submarket boasts an average multifamily Class A occupancy of 93.1%; average occupancy growth of 5.3% and annualized rental growth of 1.2% over the past three months.
Reported employment expansion by area employers such as Exxon and Bush Intercontinental Airport, the 8th busiest airport in the nation, are projected to continue to fuel occupancy and rent growth in the Lake Houston/Kingwood Market.
According to ARA principal Matt Rotan, “Harbor View initially struggled to reach a strong income position due to the slow rent growth experienced in the market in 2010 when the community was delivered. Cortland Partners made a strategic buy on a 4-story, high-end wrap product in Kingwood at below replacement cost at a time when market fundamentals are currently improving due to limited new supply and continued strong population and employment growth.”
Harbor View was 91% occupied at the time of the sale.
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, Yvonne Sarmiento, at sarmiento@ARAusa.com or 713.599.1800.
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