KILLEEN, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of The Bridgemoor at Killeen Apartments in Killeen, TX.
On behalf of ARA’s Texas Secondary Markets team based in Austin, Jeff Patterson and Kelly Witherspoon represented the seller, an Oregon-based regional investor. The property was purchased by a Chicago-based private investor at an undisclosed price.
“The seller originally purchased Bridgemoor from the construction lender as an incomplete, age-restricted community,” explained Patterson. “Less than two years later, the property was completed as a market-rate, conventional community with a fully-leveraged assumable loan in place. And while the seller produced a significant return on their investment, we believe the buyer will benefit from a more stable military market and a unique Class A property in a market with limited options.”
“Bridgemoor is a unique community to the Killeen multifamily market,” stated Patterson. “Interior and exterior features such as granite countertops, real wood-plank flooring, single-story townhome living, a movie theater and gaming rooms are a few of the amenities and finishes that set Bridgemoor apart from many other communities in the region. The property also enjoys visibility from Highway 190, the major east-west arterial through the city, providing residents with convenient access to Fort Hood and all shopping and dining destinations in the city.”
“Killeen is home to Ford Hood, the largest Army base in the world by troop count,” added Witherspoon. “And while the apartment market has historically endured substantial occupancy fluctuations due to troop movements, the reduction in active military engagements overseas has had a positive, stabilizing effect on the multifamily fundamentals in Killeen.”
The Bridgemoor at Killeen is located at 2710 Cunningham Road in Killeen, TX. The 180-unit property was built in 2009, and offers one- and two-bedroom floor plans averaging 820 square feet. The community offers exceptional amenities including a salt-water pool and therapeutic spa, elegant clubhouse with Xbox and Wii game rooms, billiards room, poker room, Movie Theater, business center, fitness center, Yoga studio, limited access gates and garages. Unit interiors feature modern white GE appliances packages, granite countertops, built-in microwave & dishwasher, kitchen pantry, solid wood oak cabinets, wood laminate flooring, custom two-tone color schemes, built-in computer desk and bookshelves, washer/dryer connections, covered patio, exterior storage area and more. The property was 96% occupied at the time of closing.
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, Patty Roberts, at roberts@ARAusa.com or 512.637.1295.
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