Beaumont, TX (August 16, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Greentree Village Apartments in Beaumont, Texas.
On behalf of ARA's Secondary Markets team based in Austin, Texas, Jeff Patterson and Jon Boone represented the buyer, a Massachusetts-based regional investment group. A California-based private investor sold the property for an undisclosed price.
"Greentree is a unique, B-class apartment community in Beaumont, and offers attributes not available elsewhere in the market," said Jeff Patterson. "The property is three stories, with interior hallways and elevators. The average size of the apartment units is 948 square feet, which is larger than most of its competitive set."
"The buyer assumed an existing HUD loan and the seller provided a small, secondary loan to improve the buyer's leverage," added Patterson. "The loan assumption process took a long time and the transaction was not without its share of roadblocks, but both buyer and seller remained very committed to the deal and completed the transaction. I think Greentree will prove to be a good investment for the buyer, and the seller had other plans for their equity."
"The buyer is very familiar with Beaumont and its fundamentals, already owning several properties in the market," said ARA's Jon Boone. "Although there has been an increased level of apartment construction over the past three years, most properties have leased-up well and are now stabilized. The average occupancy in Beaumont was 91.9% as of our 1Q 2010 Market Survey."
Greentree Village Apartments is located at 520 Dowlen Road in Beaumont, TX. Built in 1974, the 250-unit property offers studio, one and two bedroom floor plans averaging 948 square feet. Property amenities include a swimming pool with large sun deck, two tennis courts, fitness center and club room, as well as elevators, laundry facilities and mail centers in each building. Unit amenities include intercoms to each apartment, spacious closets, private patios or balconies, fully-equipped kitchens and tile baths.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Amy Holland at aholland@ARAusa.com or (404) 495-7300; locally, Patty Roberts at roberts@ARAusa.com or (512) 637-1295.
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 average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.ARAusa.com.