PHOENIX, AZ - The Phoenix office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory firm in the nation focusing exclusively on the multi housing industry recently brokered the sale of two properties: Missouri Meadows (62 units) and Missouri Crest (29-units), both located in Phoenix, AZ.
The ARA team of Senior Associate Ryan Ash and Associate Mike Woodrick of represented both the buyer and seller in both transactions.
Sold on behalf of S Com-Alderwood, Inc. (Dennis Stearns, President/Director) of Searcy, AR, Missouri Meadows was acquired by Ennabe Financial LP (Fares Ennabe, President) in an all cash transaction for $1,426,000 or $23,000 a unit.
Missouri Crest was sold on behalf of CM Missouri, LLC (Cristian Covaciu, Manager) of Phoenix, AZ, and acquired by Simi Valley Investment Group and Cerebro Capital, LLC (Christopher Hays, Manager) for $1,420,000 or $48,965 a unit. The buyer obtained a new first mortgage loan from Washington Federal Savings in the amount of $1,000,000.
Constructed in 1979, Missouri Meadows was 85% occupied at the time of the sale while Missouri Crest, constructed in 1963 and renovated in 2011, was 100% occupied at the time of the sale.
“Missouri Meadows was a value-add deal with significant deferred maintenance,” said Ryan Ash, “while Missouri Crest was a stabilized turn-key investment property.”
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, Ryan Ash ryan.ash@ARAusa.com at 602-852-3784.
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