Atlanta, GA (October 4, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of River Heights Apartments, a 381-unit garden-style community located on Columns Drive - one of Atlanta's most prestigious and desirable addresses in Northeast Atlanta.
ARA Atlanta, GA-based principals Sean Henry, Derrick Bloom and John Weber represented GE Capital Real Estate in the sale of the foreclosed community which was constructed in 1987 and was 92% occupied at the time of the sale.
Located at 3702 River Heights Crossing, the community is situated next to the Chattahoochee River National Recreation Park in tony East Cobb County.
The property was acquired by Marietta, GA-based Walton Communities, a privately held company that develops, owns and manages apartment communities throughout the metro-Atlanta area.
The $31 million transaction was executed in a compressed time period with only 30-days from the buyer selection date to transaction close.
According to ARA principal, Sean Henry, "This is a true win-win scenario - Walton Communities acquired a high quality asset in one of Atlanta's most desirable neighborhoods and GE was able to close the transaction in a very short period of time."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Holland at aholland@arausa.com or 678.553.9366.
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, distressed, affordable, seniors, student, manufactured housing, note sales 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.