Killeen, TX (April 4, 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 the Arbors of Killeen Apartments in Killeen, Texas.
On behalf of ARA's Secondary Markets team based in Austin, Texas, Kelly Witherspoon and Jeff Patterson represented the seller, an Arlington, Texas-based private investor. Place Properties, an Atlanta, Georgia-based national investment group, focusing on off-campus student housing and luxury off-post housing near major military installations, purchased the property for an undisclosed price.
"Arbors of Killeen is a well-located community off of Highway 190, the area's main thoroughfare, near all the major employers and retailers," said Kelly Witherspoon. "The property's excellent location and the continued growth of the Central Texas area, including Fort Hood, Texas A&M–Central Texas, among others, were all important factors related to the purchase of the community by the buyer."
"The Arbors of Killeen was well maintained by the seller, and the buyer intends to bring the community to a different level with several upgrades planned for the community," added Witherspoon. "They have had success doing this in the past, and the Arbors will help complement the Class 'A' community they already own closer to the base."
"We believe in the Central Texas region and its long-term fundamentals moving forward," stated Jeff Patterson. "The area will continue to benefit from the troops and respective family members in Killeen, as well as other businesses opening or expanding their footprints, helping to diversify the market and add jobs at the same time."
Arbors of Killeen is located at 2801 O. W. Curry Drive in Killeen, Texas. Built in 1996, the 160-unit property offers one, two and three bedroom floor plans averaging 768 square feet. Property amenities include beautifully landscaped and wooded grounds with pool and fountain, 24-hour fitness room, 24-hour laundry care center, community center with Internet Café, playground, picnic areas, and a limited access gate system. Unit amenities include washer/dryer connections, fully equipped kitchen, ceiling fans, walk-in closets, built-in desk and shelving, vaulted ceilings, covered patio, private locking storage, and covered parking.
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.