Victoria, TX (December 20, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Silvermine Apartments in Victoria, Texas.
On behalf of ARA's Secondary Markets team based in Austin, Texas, Jeff Patterson, Jon Boone and Kelly Witherspoon represented the seller, a New York-based regional investment group. A California-based private investor bought the property for an undisclosed price.
"The seller represented a pension fund that made a strategic decision to sell multiple properties," said Jeff Patterson. "Silvermine was a good sales candidate because of its location in a tertiary market and strong historical performance."
"Consistent with the trend we are experiencing this year, the buyer already owned in the market and was pleased with the performance of his other asset," added Patterson. "Existing secondary and tertiary market owners have been winning the bidding contests this year, as they demonstrate their optimism in the continued performance of the markets in which they already own."
"Silvermine is arguably the best located multifamily asset in the market," added ARA's Jon Boone. "The frontage on Navarro Street provides excellent visibility and convenient access to the mall and other retail destinations, as well as the city's major thoroughfares. Furthermore, area demographics are extremely strong with the average household income within a one-mile radius of the property at $93,700."
Silvermine Apartments is located at 6803 N. Navarro Street in Victoria, Texas. Built in 1981, the 216-unit property offers one and two bedroom floor plans averaging 746 square feet. Property amenities include beautifully landscaped grounds, two swimming pools, lounge chairs, barbeque grills and picnic area, a clubhouse, and two laundry centers. Unit amenities include spacious closets, tile floors, ceiling fans, fully-equipped kitchens with breakfast bar, and patio or balcony. Select units offer washer/dryer connections and wood-burning fireplaces.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Amy Morris at amorris@ARAusa.com or (404) 495-7300; locally, Patty Roberts at roberts@ARAusa.com or (512) 637-1295.
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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.ARAusa.com.