RIVER OAKS, 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 River Ranch, an 80-unit, class B value-add asset located in River Oaks, just ten minutes from the Fort Worth Central Business District and five minutes from the Fort Worth Arts District.
The ARA Dallas team of Jakob Andersen, Brian O’Boyle, Jr., and Brian Murphy led the exclusive marketing effort of the property on behalf of the seller, entities controlled by Robert Gunby and Roger Gault. Gault and Gunby pursue value-add investment and development opportunities in the multifamily, hotel and retail property classes and currently have multiple projects underway in all of the above asset groups. This is the second property the two have sold through ARA just this year; a 104-unit multifamily property located in the suburb of Grand Prairie, TX traded in August.
River Ranch was acquired for an undisclosed price by Bozeman, MT-based Southwest Montana Properties LLC. Southwest Montana Properties specializes in multifamily real estate investment in emerging markets throughout the United States and Canada. This is the their first acquisition in the Fort Worth, TX suburb of River Oaks. Chad Laird, Managing Director at Southwest Montana Properties, comments, “We are pleased to advance our focused effort on acquiring undervalued, stabilized assets in strategic Texas markets with the acquisition of River Ranch. This is a solid asset in a submarket with high apartment occupancy and limited new supply. We expect River Ranch to continue to benefit from strong demand for a central living option priced lower than many multifamily communities in nearby submarkets.”
River Ranch was completed in 1985, features market-leading interior upgrades, and faces limited competition within its submarket. It is adjacent to a newly constructed elementary school and is within walking distance of the 40-mile long Trinity River Hike and Bike Trail which connects Fort Worth citizens with important destinations such as the Fort Worth Botanic Garden, the Fort Worth Zoo, the Stockyards, and downtown Fort Worth. Recent upgrades at River Ranch include solar screens on all exterior windows, new building and entry signage, new stone retaining walls, new gutters, and HVAC replacements, among others. Southwest Montana Properties plans to embark on a capital improvement plan specifically targeted to enhance the physical presence and desirability of River Ranch, setting it apart as the premier multifamily community in the area.
“River Ranch provides a great value-add opportunity for the new owner, and the offers reflected that,” stated Jakob Andersen of ARA. “It is conveniently located near downtown Fort Worth in a neighborhood with very little competition, and yet Southwest Montana Properties was still able to offer aggressive terms that led to a smooth closing for the transaction.”
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.