BEDFORD, 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 Cottages at Bedford to Dallas, a 168-unit asset located in the heart of Tarrant County’s Hurst-Euless-Bedford communities.
Cottages at Bedford was acquired at an undisclosed price by Dallas, TX-based Busboom Group who within the past six months has also closed on Glen Oaks, since renamed Highlands Creek, with ARA Dallas. Archwood Real Estate of Van Nuys, CA was the equity partner for both transactions. Says Jason Busboom, President of Busboom Group, “We are very excited to have acquired Cottages at Bedford and Highlands Creek and look forward to many more successful purchases in the Dallas-Fort Worth market.”
The ARA Dallas team of Brian O’Boyle, Sr., Brian O’Boyle, Jr., Brian Murphy, and Jakob Andersen led the exclusive marketing effort of the property on behalf of Australian fund manager Equiti Capital Limited. The property was approximately 94.6% occupied at time of sale.
Completed in 1983 and renovated in 2007, Cottages at Bedford includes amenities such as an Information Center with full kitchen, swimming pool with lounging deck, barbecue and picnic area, a creek that cuts through the property, faux wood flooring in wet areas, and interiors that lend themselves well to value-add opportunities. Its convenient location minutes from such major local thoroughfares as Highway 183 / Highway 121, TX-360, and Loop 820 NE allows quick access to top area employers such as DFW International Airport, Bell Helicopter, Northeast Mall, and Texas Health Harris Methodist Hospital. In fact, more than 34,300 jobs were created in the Fort Worth / Arlington metro area recently.
“This great, clean Class ‘B’ deal is located in a stable market with significant future upside,” offers Jakob Andersen of ARA. “It will be exciting to see how Busboom Group approaches the value-add possibilities Cottages at Bedford affords.”
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, Jakob Andersen at jandersen@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 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.