Beaumont, TX (March 7, 2011) — 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 two multifamily communities in the Beaumont-Port Arthur MSA – The Preserve at Old Dowlen with 304 units in Beaumont, TX, and Normandy Townhomes, with 143 units in Port Arthur, TX.
On behalf of ARA's Secondary Markets team based in Austin, TX, Jeff Patterson and Jon Boone represented the sellers of both assets. A national investment group based in Houston, TX, sold The Preserve at Old Dowlen to a regional investment firm, also based in Houston, which focuses on investing in multifamily properties throughout the southern United States. A local private investor sold Normandy Townhomes to a Houston, TX-based regional investment group, with multifamily investments concentrated in the Sunbelt states. The purchase price for both assets were undisclosed.
"This is the third Class A community that the buyer of The Preseve at Old Dowlen has purchased in Beaumont, so they are obviously pleased with their previous investments in the market and optimistic about the future of Beaumont," said Jeff Patterson. "In Preserve, they have acquired the premier multifamily asset in Beaumont and I expect that it will continue to hold this designation for some time. The common area amenities are unmatched in the market, with the pool and outdoor entertainment area being one of the most impressive features of the property. The clubhouse is also extremely impressive, with a state-of-the-art business center, media lounge, fitness center and tanning booth."
According to Patterson, demand for high-end housing continues to grow due to the expansion of several refineries in Port Arthur. The number of Class A multifamily units in southeast Texas has more than doubled in the past five years, but much of this new inventory has been absorbed. There is currently only one new asset under construction in Beaumont that will begin leasing shortly and about three others in the market that are close to stabilizing. Patterson doesn't think the market is ready for more units at this time, but is impressed with how the market has absorbed so many units and maintained relatively high rental rates.
The Preserve at Old Dowlen is located at 5350 Old Dowlen Road in Beaumont, Texas. Built in 2008, the 304-unit property offers one, two and three bedroom floor plans averaging 959 square feet, with superb community amenities including pristine landscaping, resort-style pool, gourmet outdoor grilling area and fireplace, fitness center, tanning salon, cyber café, activity lounge with billiards, media center, gated access, detached private garages and covered parking. Unit interiors feature custom cherry cabinetry, stainless steel appliances, ceramic tile entryways, faux hardwood floors, 9 foot ceilings, as well as fireplaces with natural stone in select units.
Normandy Townhomes is located at 3800 Normandy in Port Arthur, Texas. Built in 1975, the 143-unit property offers one, two and three bedroom floor plans averaging 971 square feet. Community amenities include covered parking, outside storage, pool, barbeque grills, picnic areas, and on-site laundry facilities. Unit amenities include spacious floor plans with washer/dryer connections in select units.
"Normandy Townhomes was owned by the same family since it was constructed," said Jon Boone. "The family clearly took pride in ownership of the property as evidenced by the excellent condition of the grounds and exteriors, in addition to the fact that nearly two-thirds of the interiors have been heavily rehabbed."
"This is the first asset that Normandy's buyer has purchased in the Beaumont-Port Arthur MSA," added Boone. "They were attracted by the excellent condition of the asset as well as the ongoing expansion of the petrochemical industry in Port Arthur."
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, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; 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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.