AUSTIN, 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 Middle Brook Gardens, a 416-unit, community located in Austin, Texas.
ARA Austin-based Principal, Patton Jones represented the seller, Baltimore-MD based Alex. Brown Realty, Inc. The community was acquired by Northland Investment Corporation based out of Newton, MA.
“Middle Brook Gardens was popular with institutional and private investors due to its value-add upgrade opportunity, said Jones. “The buyer owns thousands of units in Austin and is expanding their foot print to take advantage of the tight apartment fundamentals and rapid growth in rental rates.”
Constructed in two phases, 1998 and 2003, Middle Brook Gardens is comprised of one, two, and three bedroom units. The property offers a variety of amenities including two resort-style swimming pools, heated spa, fitness club center, playground, sand volleyball court and beautiful landscaping with brook and pond. The garden style apartment community is located in Cedar Park with easy access to major thoroughfare Highways 183 (Research Blvd) and Highway 45 at 335 Cypress Creed Road Cedar Park, TX 78613.
Occupancy at the time of sale was 97%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact Rachel Jonkers at rjonkers@arausa.com or 512.637.1229, or nationally, Amy Morris at amorris@arausa.com or 678.553.9366.
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