GLENN HEIGHTS, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of a 163-site REO community located in Glenn Heights, TX, a suburb in south Dallas.
ARA National Manufactured Housing Group Co-Directors, Andrew Shih (based in Austin, TX) and Todd Fletcher (based in Denver, CO), represented the Dallas-based special servicer in the transaction. The asset was acquired by a private, local investor from east Texas.
Built in 1969, Town and Country is an infill, all age community with public utilities. Once roughly 75% occupied, a large number of homes were removed after foreclosure and occupancy dropped drastically. "This is an excellent management turnaround scenario," said Shih. "Despite its recent struggles, there is a tremendous opportunity to purchase the community at an attractive basis and implement a sales or leasing program to bring it back up to market occupancy, which is what we expect this Buyer to do."
Town & Country is located 20 miles south of downtown Dallas and provides convenient access to major thoroughfares such as Interstate-35 and Interstate-20. Additionally, it is in close proximity to three major industrial business facilities and several quality retail centers. The community contains paved streets, off-street parking and an on-site leasing office. However, economic occupancy had dropped to nearly 20% at the time of sale.
"Due to the community's recent history, location, and upside potential, Town & Country received quite a bit of attention from investors," said Fletcher. "We concluded the marketing process with nearly 20 offers and eventually exceeded the asking price during 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, Rachel Jonkers at rjonkers@ARAusa.com or 512-637-1229.
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 $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com