HOUSTON, TX - 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 Creekstone Apartments, a 338-unit garden-style apartment community located in the West Memorial/Briar Forest Submarket in between the Energy Corridor and the Westchase Business District.
ARA Houston-based principals Matthew Rotan, David Oelfke, David Wylie and David Mitchell represented Texas-based Greystar in the transaction.
Constructed in 1998, the 15-building community underwent extensive renovations while under Greystar’s ownership including individual unit interior renovations of $7,000 per unit; $80,000 in clubhouse renovations and $70,000 in pool upgrades.
The community was acquired by Boca Raton, Florida-based Southstar Capital Group, a private owner/operator who financed the transaction through Freddie Mac.
According to ARA’s Matthew Rotan, “Creekstone is well positioned in the Briar Forest/Memorial Submarket and Greystar’s extensive renovation of the property only enhanced its position which made it a compelling acquisition for Southstar Capital Group who will capitalize on the market’s continued solid rental growth.”
The community was 97% occupied at the time of the sale.
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, Elizabeth Ahow at ahow@ARAusa.com, 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