DALLAS, 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 Timberlodge Apartments, a 216-unit property located in Dallas, TX, by San Francisco, CA-headquartered The Reliant Group to Bridge Investment Group Partners headquartered in the Salt Lake City area.
The broker team of Brian O’Boyle, Sr., Brian O’Boyle, Jr., and Richard Furr of ARA led the exclusive marketing effort of the asset, which traded at an undisclosed price.
Timberlodge Apartments, built in 1981, is a well-maintained Class ‘B’ community that was 92% occupied at time of sale. The property is easily accessible via Interstate 635 and Highway 75 and feeds into the acclaimed Richardson Independent School District. Community amenities include 2 sports courts, a swimming pool and hot tub with seating area, and a beautiful creek running throughout the property.
“This purchase by out-of-state buyers provides them with the opportunity to acquire a property that has a value-add upside potential through modest interior renovations,” says Furr. “This asset is located in an improving market, and we were pleased to represent The Reliant Group in its disposition.”
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, Richard Furr at rfurr@ARAusa.com or Robyn Randall at rrandall@arausa.com or 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 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