SAN MARCOS, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of The Palazzo, a 300-unit community located in San Marcos, Texas.
ARA Austin-based Principals, Patton Jones and Andrew Shih, represented the seller, a joint venture between Austin-based Falcon Southwest and Pennsylvania-based CenterSquare Investment Management. The property was sold to a private owner/operator.
“Palazzo was sought after by institutional and private wealthy investors seeking a value add opportunity,” said Jones. “The property presents a unique opportunity for the buyer to increase income by upgrading unit interiors to better compete with new Class A properties achieving higher rental rates.” said Jones.
Constructed in 1997 and 2001, the Palazzo is a garden-style apartment community comprised of one-, two-, and three-bedroom units. The Class A community features distinguished Italian architecture and above market amenities including two resort- style pools, a billiards room, a fitness center and yoga studio, a business center, a full size sports court and beautiful courtyard areas.
The Palazzo is situated between Austin and San Antonio in San Marcos, Texas, one of the nation’s most vibrant regional economies. San Marcos is home to Texas State University which is the 5th largest university in Texas with 34,229 students and 2,780 employees. In addition to Texas State University, the major employers in the area include San Marcos Premium Outlets, Tanger Factory Outlet Center, and Hays County Government Center offering 32,924 jobs within a 5-miles radius of the property. Located in the heart of the I-35 corridor, the residents of Palazzo enjoy short commutes to Austin, 34 miles to the north, and San Antonio, 46 miles to the south.
Occupancy at the time of sale was 95%.
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, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at ablount@ARAusa.com or 512-637-1229.
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 more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com