Dallas, TX (November 8, 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 the Upper E Apartments, a unique 466-unit asset located in 15 buildings along Gaston Avenue and Live Oak in the East Dallas area of, Texas.
ARA Dallas exclusively represented an affiliate of the Archon Group in the sales transaction. The community was acquired by New York-based Rolling Cash Opportunity Fund and was 92% occupied at the time of sale. It traded at an undisclosed price.
"The response to this opportunity was overwhelming. The property had been renovated a few years ago and, for its vintage, was in excellent shape. Investors saw the chance to own a critical mass in a great infill location, with proximity to the Central Business District, Lower Greenville, and the Lakewood submarket. It's also a great future redevelopment opportunity. The asset has carved a niche in the submarket as an affordable option to the numerous newer and higher-priced developments scattered in the immediate area," said ARA Dallas founding principal and managing broker, Brian O'Boyle.
"It was obvious that this is the type of asset for which buyers are searching" added O'Boyle, "as we received numerous offers within the initial marketing period. With a stabilized income stream, bidding quickly became extremely competitive."
The leasing office for the Upper E is located at 6127 Gaston Avenue, northeast of Downtown Dallas and within close proximity to the Baylor Hospital Dallas, the flagship of the Baylor University Medical Centers and Health Care System, White Rock Lake, and Fair Park. Principals Sam Liebman and Sutton Wheeler are extremely pleased to add this institutional asset to their growing portfolio of well-located properties.
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 Morris at amorris@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.