FRISCO, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing on the multihousing industry, is pleased to announce the sale of Broadstone Stonebriar, a 208-unit multi-family asset located minutes away from Frisco’s influential business parks and the well-renowned Stonebriar Centre. The Dallas, TX-based team of Brian O’Boyle, Sr., Brian O’Boyle, Jr., and Brian Murphy led the exclusive listing marketing effort on this property, which traded at an undisclosed price.
Broadstone Stonebriar, which was developed and built in 2010, is an attractive Class ‘A’ community located in the Plano-Frisco corridor. At time of sale, the asset was 92% occupied. The property enjoys an incomparable location with easy access to major thoroughfares such as Highway 121, the Dallas North Tollway, and Legacy Drive. Because of the property’s proximity to some of the area’s largest economic drivers, more than 61,000 people are employed within a three-mile radius of the asset. Frisco itself has been enjoying a major population boom, as the number of residents has increased 210% since 2000. This, in addition to the city’s recognition by Money magazine as one of the top 100 places to live in the US and by Forbes as one of the top places to relocate, makes it is easy to see why Broadstone Stonebriar was so irresistible to potential buyers. In fact, the property was already enjoying increasing rental rates on renewals and new leases.
“Broadstone Stonebriar is a well-located asset that enjoys quality construction,” said Murphy. “Investors were clamoring to add this to their portfolio.”
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, Brian Murphy at brian.murphy@ARAusa.com or Robyn Randall at rrandall@arausa.com, 972.934.3400.
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