EL PASO, 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 Mountain Shadows Apartment Homes in El Paso, TX.
On behalf of ARA’s Texas Secondary Markets team based in Austin, Jeff Patterson and Kelly Witherspoon represented the seller, a Colorado-based private investor.
The buyer, a local private investor, adds to an existing apartment portfolio in El Paso, solidifying confidence in the market.
“The seller did a good job of maintaining and improving the property over time,” said Witherspoon. “The curb appeal, immaculate grounds and city-wide views are hard to beat, especially in northeast El Paso.”
According to Witherspoon, “The buyer plans to implement an interior and exterior value-add program to further enhance the operational cash flow, which we believe will be successful.”
“El Paso continues to be an attractive multifamily investment market with growth in the military, medical and education sectors continuing to drive economic growth throughout the city,” added Patterson.
Mountain Shadows is located at 2500–2624 Morehead Avenue in El Paso, TX. The 103-unit property is collectively made up of Mountain Shadows (72 units), Sun City (28 units), and three single-family homes. All properties are adjacent to each other allowing seamless operation of the assets as one community. Originally built in the 1960s, the property offers one-, two- and three-bedroom floor plans averaging 812 square feet. The community features impeccably landscaped grounds with mature trees and foliage throughout the property, with stunning views of the Franklin Mountains. Amenities include a sparkling pool, four laundry facilities, picnic areas, and convenient location close to Fort Bliss, William Beaumont Army Medical Center and downtown El Paso. Unit interiors include walk-in closets, ceiling fans, and storage units. The property was 94% 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 an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com