Houston, TX (May 16, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of three REO land sites - Pearland, Trails at Seabourne and Village East, all of which occurred in less than one month's time.
ARA Houston's land brokerage specialists, Tim Dosch and David Marshall, represented the seller, BBVA Compass Bank, in all three of the transactions. Both Trails at Seabourne and Village East were purchased by local buyers, Woodcreek Mortgage Corporation and Larry Hollman respectively, who plan to develop the sites for single family homes. The 40-acre Pearland site, however, was purchased by Parkside Capital, LLC, a Houston based company that focuses on land investment opportunities in Houston, Austin, San Antonio, and Dallas, TX. Parkside Capital, LLC plans to develop the land and sell sites for retail use.
According to David Marshall, also noteworthy regarding the 40 acre Pearland land site, is the fact that it is situated at the next major intersection along SH 288 south. "We received a ton of interest on the property but ultimately the seller wanted a quick close which the buyer, Parkside Capital, LLC was able to execute in 45 days. The buyer will begin site development soon and is already in contact with major retailers about the new development," said Marshall.
There was a great deal of interest in the Pearland land site in particular. "Prime locations like this one are driving developer and investor interest in land assets in today's market. Buyers are willing to pay cash and close quickly for marginal discounts when they know that securing end-users is a near term possibility," said Tim Dosch.
Pearland land site is located on the northwest corner of SH 288 and CR 59 in Pearland, TX and it was purchased through an all cash transaction.
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, Ryan Murray at rmurray@ARAusa.com or 713.599.1800.
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.