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 the 380-unit, AMLI Towne Square community in Houston, TX.
ARA Houston-based Principals Matthew Rotan, David Oelfke, David Mitchell and David Wylie represented the seller, Chicago, IL-based REIT, AMLI, in the transaction. Baron Properties, a Colorado-based real estate company with multi-family assets in Arizona, Colorado and Texas, was selected as the buyer. According to Matt Rotan, “This is Baron Properties’ first Houston acquisition, and it was an excellent transaction for the buyer and seller; a true win - win deal. AMLI Towne Square was built by TCR in 1999 and although it was at the top of the market at that time, it offered a significant exterior and interior upgrade play for Baron.”
AMLI Towne Square is strategically located half of a mile east of downtown, allowing residents easy access to major employment centers and high-end retail centers. Due to the property’s location, the market’s explosive job growth and the lack of new infill supply, the property has experienced strong effective rent growth over the past year. Matt Rotan noted, “AMLI Towne Square is a well-located core asset with a value add component to it. Baron acquired a solid anchor for its first introduction into the Houston market, and AMLI was able to sell a twelve-year old asset and replace it with a newer core ++ asset.”
AMLI Town Square was 98% 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, Yvonne Sarmiento, at sarmiento@ARAusa.com or 713.425.5407.
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